First Time Buyer

Bespoke First Time Buyer Mortgage Advice Tailored to suit you

Book Appointment

We will contact you initially to confirm your mortgage appointment.

Why use Clark Shaw Associates for your first Mortgage?

The thought of buying a house for the first time can be a daunting experience, looking for your perfect home, saving for a deposit, organising a solicitor and that is just the start of it. Here at Clark Shaw Associates we will be with you every step of the way. With so many mortgage options available to you and constant changes to lending criteria and government incentive schemes, finding the right mortgage can be confusing and time-consuming. We are here to hold your hand and guide you through the process of buying your first home. As a whole-of-market mortgage Advisory Firm we have access to thousands of products. We can also access exclusive rates that are not available to all Advisors. This means you can rest assured that we will find the most suitable and cost-effective mortgage for you.

It’s also important to note, that your Home may be repossessed if you do not keep up repayments on your mortgage.

Being A First Time Buyer

Congratulations on taking the exciting step of owning your first home! Buying your first home is a significant milestone, and it's completely normal to feel a mix of excitement and a hint of anxiety. Seeking help from your Mortgage Advisor is the first step and with our expert market knowledge, we can help you secure the perfect mortgage for your new home with minimum stress and effort.

Mortgage Repayment Calculator

Our calculators are for illustrative purposes and to give you an idea of what you might be able to borrow from a lender to buy a home, and what your monthly and total mortgage payments could be, for different types of mortgages.

How Much Can I Borrow as a First-Time Buyer?

Determining how much you can borrow as a first-time buyer involves several factors, including your income, expenses, and financial history. Lenders typically use the following considerations to assess your borrowing capacity.

Lenders will evaluate your income, including salary, bonuses, and other sources. They may also consider future earning potential and stability of income.

They will look at your regular monthly outgoings and your living expenses play a crucial role in the borrowing calculation. Lenders want to ensure that you have sufficient income to cover your mortgage repayments and other financial commitments. The amount you can borrow is also influenced by the size of your deposit. Generally, a larger deposit increases your borrowing capacity.

A positive credit history enhances your borrowing capacity. Lenders will assess your credit score to determine your creditworthiness and may offer better terms to those with a strong credit profile. Lenders use affordability calculators to ensure that your mortgage repayments are manageable. They consider factors such as interest rates, loan term, and potential future changes in your financial situation.

How Much Deposit Do I Need as A First Time Buyer?

Some mortgage providers require a 5% deposit but all lending is subject to credit score and affordability. Generally, you need to try to save at least 5% of the cost of the home you’d like to buy. For example, if you want to buy a home costing £200,000 you’ll need to save at least £10,000 (5%) for the deposit. The more you are able to save the more access you will have to a wider range of cheaper mortgages available on the market and a lower interest rate.

We Keep You Informed With Every Step Of The Mortgage Process

At Clark Shaw Associates, we provide a bespoke mortgage advice service, completely tailored to you, ensuring you are always kept up to date throughout the mortgage advice process. Here at Clark Shaw Associates, we cover all aspects of mortgages and pride ourselves on giving you the best possible mortgage assistance.

Do I Need a Decision in Principle (DIP)?

Absolutely! Getting a Decision in Principle (DIP) is like having a sneak peek into your mortgage future. Though not mandatory, it's a smart move for first-time buyers and anyone looking for a mortgage. Here's why - A DIP tells you how much the lender might lend you. It's like having a budget range for your house hunt. Sellers love serious buyers and having a DIP makes you one. It shows sellers that you’re ready to roll. With a DIP the early checks are already done so it really helps to speed things up which, makes a smoother and quicker mortgage application process. A DIP shows clear affordability and clarifies if you dream home fits your budget, considering your income, expenses, and credit history. In short, not a must, but a DIP is your home-buying sidekick, making things clearer and smoother.

How Can Improving My Credit Score Help with My Mortgage?

Improving your credit score is a proactive step that can significantly impact your ability to secure a mortgage as a first-time buyer. A higher credit score increases your chances of qualifying for lower interest rates on your mortgage. This can result in substantial long-term savings. Lenders often provide better terms, including a higher loan amount to individuals with excellent credit scores. This can expand your options when searching for a property.

A strong credit history streamlines the mortgage application process. Lenders are more likely to approve your application promptly, especially if your credit report reflects responsible financial behaviour. A good credit score opens doors to a broader range of mortgage products and lenders. This flexibility allows you to choose a mortgage that aligns with your specific needs and preferences.

To improve your credit score:

Check that your current address appears on all accounts in your name
Ensure you’re on the electoral roll at the correct address.
Pay instalments on any credit agreements on time and in full, where possible
Reduce outstanding debt.
Regularly check your credit report for inaccuracies.
Avoid opening unnecessary credit accounts.

Alongside your income, your credit score has the most impact on whether or not your mortgage application will be accepted, so it’s important to make sure you are doing all the above.

What fees are involved in buying a home?

Arrangement Fees

Most mortgage lenders charge an administrative fee for the arrangement of the mortgage. This will vary from lender to lender. You may even find that some specialist lenders offer no arrangement fees for those in certain jobs.

Valuation Fees

You will need to have your chosen property independently valued, again, these fees will vary depending on the lender chosen.

Legal Fees

The mortgage application process requires the appointment of a solicitor, who will arrange conveyancing and local authority searches, usually payable directly to the solicitor.

Stamp Duty

Under normal circumstances, Stamp duty is due on the purchase of all properties and is based upon the value of your home, amongst other things. For anyone meeting the definition of a first-time buyer, a higher stamp duty land tax Under normal circumstances, Stamp Duty Land Tax (SDLT) is due when you purchase property or land in England or Northern Ireland, and the amount you pay depends on the purchase price and whether you are a first-time buyer. If you are a first-time buyer purchasing a property for £300,000 or less, you will not pay any SDLT. If the property costs between £300,001 and £500,000, you will pay SDLT at a reduced rate on the portion above £300,000. If the purchase price is over £500,000, first-time buyer relief does not apply and standard SDLT rates are charged.