Welcome First Time Buyers!
If you are thinking about purchasing your first home, it can be a daunting task and feel like a bit of a minefield. You are not alone with these thoughts and you have come to the right place! We understand it is an exciting time and a lot to think about. Our aim is to help you through the whole process from finding out how much you can potentially borrow to getting those keys in your hand!
Mortgages for First Time Buyers
As one of the biggest financial commitments you will ever make it is important to understand the process and ensure you receive the most suitable advice on products that are best suited to your needs and circumstances.
As part of our job, we are here to help you get onto that property ladder. With constantly changing lending criteria and government schemes there may be options available to you that you did not know about.
Getting on the ladder
Government Help
Why Carnegie Mortgage & Protection?
Flexible
We cover all parts of UK. Face to face and telephone appointments are available.
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Best deal for the client that suits their needs and
circumstances, we are not affiliated to any one lender.
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Advice on a comprehensive range of products from across the market
Getting on the ladder
As a first-time buyer you are in a great position from the fact that you have no chain due to having no previous property to sell and interest rates are currently low.
The first steps to help you get onto the property ladder are:
- SAVE, SAVE, SAVE – The bigger deposit you have the better. Depositing monthly amounts into a savings account can also help to prepare you for the monthly outgoings you will endure once you have a property of your own.
- Work out a budget and speak to a mortgage adviser – As mortgage advisers we will look at your incomings, outgoings and deposit amount allowing us to give you an indication of how much you could potentially borrow.
- Have your paperwork ready – As part of the mortgage process you will need various documents such as ID, payslips or SA302’s and tax year overviews for self-employed, bank statements and P60s to name a few. It is a good idea to ensure you have these available and are in date (ID).
- Happy house hunting!!
Government Help
There are government schemes available to assist first-time buyers in purchasing their first property.
Low-cost Initiative for First Time Buyers (LIFT)
The Lift scheme is aimed at people who are unable to afford the full price of a property. The scheme is a Scottish Government Scheme that contributes between 10% and 40% towards the price of a property on the open market. An example would be if you could afford £100,000 from the deposit you have and the amount of mortgage a lender is willing to lend, however the house you have seen is £120,000. You could use the lift scheme to borrow an extra 20% and once you sell the property the Scottish Government would receive 20% of the sale price. This
is only appliable to those also planning to buy a property in Scotland and are
a UK citizen aged 18.