How to Secure Competitive First Time Buyer Mortgage Rates
Buying a home for the first time can be confusing, with so many lenders, rates, and terms available to choose between.
Our advice is always to seek independent advice from a whole-of-market broker such as the Revolution team before making any decisions about a long-term financial obligation!
There are thousands of first-time buyer mortgages and incentives, which need careful comparison to ensure you're paying the most competitive first-time buyer mortgage rates you qualify for.
Many high street banks will offer first-time buyer mortgages, often supported by a government initiative such as Help to Buy or the mortgage guarantee scheme.
However, lenders have vastly different criteria, and it's common to find that rates from mainstream lenders are substantially more expensive than those an experienced broker can negotiate on your behalf.
If you'd like more information about the rates available for cheap first-time buyer mortgages or to discuss which lenders are suitable for you, please give us a ring on 0330 304 3040, or email the Revolution Brokers team at [email protected].
How Does a Mortgage Work for First-Time Buyers?
The first step to securing a first-time buyer mortgage is to work out how much you can borrow and how much you'll need if you have a rough idea of the property you'd like to buy (or already have a dream home in your sights!).
Mortgage calculators are helpful but only ever indicative, so it remains crucial to seek advice before submitting an application that could be rejected.
Affordability assessments look at things like:
- Your annual income
- Any other earnings
- Your credit history
- Existing debts
- Dependents and financial obligations
Therefore, you'll need to know what you earn per year (or an average income if you're self-employed) before you can start comparing mortgage rates and arrangement fees.
2023-05-09 
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