Holding your hand through the whole mortgage process!
Mortgages are considered to be pretty massive financial commitments. Because of this, if you are a first time buyer in London, getting the process started can be daunting. As an open & honest mortgage broker in London, it’s our job to reduce your stress levels and support you throughout your mortgage process.
It’s about more than just the mortgage; it’s about the journey you took to get there. We will do our best to simplify the process, keeping you informed at all times. You will have a mortgage advisor in London by your side, from the beginning until the end.
How much deposit do I need for a mortgage in London?
This is dependant on how your credit score is looking, as well as how low you want your monthly mortgage payments to be.
Usually, we tend to find that first time buyers in London who have a good credit score, have access to much better rates and can put down a lower deposit, such as 5%.
On the flip side, if you happen to be a first time buyer in London with a lower credit score, you may only be able to access lower rates and be required to put down a higher deposit, perhaps around 10-15%.
You may also want to put down a higher deposit if you wish to lower your monthly repayments. The less you need to borrow, the less you need to pay back overall.
The amount of deposit you put down will also depend on the value of the property you buy. If you require a larger mortgage for a more expensive property, you will have to put down more deposit.
Are there ways to help me get onto the property ladder in London?
If you are unable to save up for the minimum deposit required, there are some government mortgage schemes that could help. They were brought in as a means of helping first time buyers to get onto the property ladder.
These schemes include the Help to Buy Equity Loan Scheme, Help to Buy Shared Ownership Scheme, Mortgage Guarantee Scheme, the First Home Scheme and a handful of others. Of course, you’ll have to qualify for each of these schemes first. This is where an experienced mortgage broker in London can help.
For additional first time buyer Mortgage Advice in London and to discuss any of the government mortgage schemes if you need them, book your free mortgage appointment and speak to a mortgage advisor in London today.
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