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Organising a MortgageBuying your first home is an exciting prospect and probably one of the biggest decisions you will ever make. With years of experience helping buyers just like you begin the process, we’re here to help you make those first steps on the property ladder as hassle-free as possible.

To help you along this journey, we have put together our guide to some common questions that first time buyers face when organising a mortgage.

What government schemes are available?

First time buyers have access to several government-backed schemes. These properties are advertised with the scheme that is available, but it costs nothing to check with the agent. These include Help To Buy and Shared Ownership. Check with your mortgage broker for more information.

How much can I afford?

You will need to consider the following as they will affect how much you can afford:

Stamp Duty

This is a land tax paid when you buy a property or land. First time buyers currently pay no stamp duty on the first £300,000. If you pay between £300,001 – £500,000 the rate is 5% on that part of the sale.

Broker/Mortgage fee

Most mortgage lenders will charge a fee for arranging the mortgage, depending on who you go with. They should make these clear when placing the mortgage application at the beginning.

Is there only one type of mortgage?

A mortgage is a loan that you will have for many years, so you should think carefully about your future and what your long term plans are. There are many types of mortgages to suit different situations and lifestyles.

19 Tips for First Time Buyers

More help for first time buyers

For more tips on how to buy your first home, make sure you download our FREE first time buyers guide, which we’ve designed to support you throughout the process – from the initial property searches to completion. It also includes a handy checklist that you can print and refer to throughout!

Be sure to check out our latest properties for sale too – we might just have the perfect home for you!

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