First Time Buyers

It’s all very well getting approved for a mortgage, but you need to have a realistic idea of what income and outgoings are going to be so you are able to work out what you can really afford to pay out on a mortgage – without overstretching yourself. Arrange a callback with one of our mortgage team for more help and advice with your first mortgage.

Much has occurred in recent years to support the First-Time Buyer such as; a low interest rate environment, the Bank of Mum & Dad, and various government schemes.

There are numerous government schemes across the UK to assist first-time buyers.  Generally, they open up the opportunity to secure a property for possibly a smaller deposit (around 5%), or may offer a discounted purchase price.  Understandably, there are various rules regarding eligibility, with certain strings attached.

Read our blog on the 10 common mistakes First Time Buyers make

Additionally, a less complicated approach may be to try to access some of the higher loan-to-value deals available in the wider marketplace, assuming the borrower can meet the deposit and affordability criteria.

Elsewhere, there are other types of schemes that could be considered.  One example is Shared Ownership (if applicable), should you be unable to afford 100% of a home.  In which case, you could buy a share of its value (between 25-75%) and pay rent on the remaining share.  Later on, if you can afford it, you could buy a bigger share.

With the first Bank Rate rise in over 10 years, the hunt for a suitable deal may become harder should lenders start to pull back from offering the lower deposit requirement deals, or start upping their interest rates.

Contact one of our advisers to find out more about how we can help you with your first mortgage or download our free first time buyer guide, which provides more information on the different types of mortgage, how much you could borrow, what the typical costs associated with buying a new home are likely to be and some key advice when it actually comes to applying for a mortgage.


Arrange a callback from one of our mortgage advisers

Mortgage Team

Kay Brown

Mortgage Consultant (North England)

Richard Rutherford

Mortgage Manager (North England)

Christine Ward-Foxton

Mortgage Consultant (North England)

Elaine Snow

Mortgage Consultant (London & South England)

Regulatory Statement

Gale and Phillipson Investment Services Ltd, Gale and Phillipson Advisory Services Ltd, Gale and Phillipson General Financial Services Ltd and Gale and Phillipson (SE London) Ltd are all authorised and regulated by the Financial Conduct Authority (Reference Numbers 431387, 142752, 195080, 195522).  Gale and Phillipson (Herts) Ltd and Gale and Phillipson Consulting Ltd are appointed representatives of Gale and Phillipson Advisory Services Ltd.  Gale and Phillipson (Surrey) Ltd is an appointed representative of Gale and Phillipson Investment Services Ltd. (Reference Numbers 615821, 811525, 703337). All companies trade under the name Gale and Phillipson and are registered in England and Wales numbers 05409822, 02232959, 03751076, 04077157, 08864945 and 04823391.  Registered office for all companies is Gallowfields House, Fairfield Way, Richmond, DL10 4TB.