First Time Buyers

First Time Buyer Mortgages in Bristol

First Time Buyer Mortgages

Bristol Mortgages Online is an independent, whole of market, mortgage broker that focuses on finding a great deal and the best mortgage for you and your personal circumstances. Our expert team will guide you through the whole process, all the way through to completion.
Due to the excellent relationships we have with many lenders, we can offer the most attractive first time buyer mortgages on the market, some of which are only available through broker routes. 
Contact

Step One - Free initial consultation

Call or email us to book an appointment with one of our Advisers. Depending on location and availability we can either come to see you at home or you can visit us by appointment at our offices in Henleaze, Bristol. 
Our Adviser will discuss with you any specific requirements, including your current circumstances, how much you can afford and your deposit. Your current employment status and earnings plus your credit history will also have a bearing on the type of mortgages we will recommend. Our Adviser will also give you expert advice about Protection insurance and other costs.

What is an affordability check?

Lenders investigate your finances - your income, your bills, and any other debts or commitments. This will include your lifestyle - your dependents and your spending. They have to be sure that you're not over-stretching yourself. Our Advisers and Administration team will guide you through this process as well as help with any forms and paperwork.

Step Two - How much deposit will I need?

Typically, First-Time Buyers will have a small deposit to put towards their first mortgage. The smallest deposit you can usually use to get a mortgage in the current market is 5%.

Step Three – Let us arrange for an Agreement in Principle for You.

Few lenders offer actual mortgages if you've no property in place - they offer a “Mortgage in Principle” (MIP) or an “Agreement in Principle” (AIP). This provisionally lets you know how much you can borrow, subject to finding a suitable property in a specified time.
An Agreement or Mortgage in Principle is an important step in applying for a mortgage. It gives an indication of whether a lender could lend you the amount you need to borrow. Lenders use a soft credit check to do this, which has no impact on your credit file. The process is relatively speedy and requires some personal information, including details of your income and financial commitments, this information is used in the strictest confidence.
Getting an Agreement/Mortgage in Principle does not mean you are committing to apply to that lender for a mortgage. However, once you have one, you'll be ready to discuss all the options we can offer. We do not charge for this service.

Step Four – Making an application.

Once you have found your property, you are then in a position to make a formal application. At this point we will review the market for you to ensure you have the best and most suitable product.
We very much hope that you will appoint us as your chosen Mortgage Advisers. As part of the service we offer, we have a team of expert support and administration staff who will process your application, progress your offer and chase any queries. We will hold your hand through to completion, working with you, your Estate Agents and Solicitors, making the process as smooth as possible. This saves hours of your time waiting on calls and chasing a wide circle of people during office hours and most importantly takes the stress away from you and makes the process much more efficient.
Our fees will be initially £195 which is payable when we submit your application form to the lender and the balance of £295 will be payable within 14 days of you receiving the mortgage offer.

Step Five - Move into your new house!

You have completed! Pick up the keys and enjoy your new home!!

You may wish to consider the Help to Buy Scheme

You only need a 5% deposit thanks to Help to Buy and with the recent changes to Stamp Duty, it’s so much easier to get the home you want for less. 
Start your search now and Contact Us today for help with financing your purchase.

Help to Buy Equity Loan
  • With an Equity Loan the Government lends you up to 20% of the cost of your newly built home, so you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest.
  • You won’t be charged loan fees on the 20% loan for the first five years of owning your home.
  • Equity loans are available to first time buyers as well as homeowners looking to move. 
  • The home you want to buy must be newly built with a price tag of up to £600,000.
  • You won’t be able to sublet this home or enter a part exchange deal on your old home. 
  • You must not own any other property at the time you buy your new home with a Help to Buy: Equity Loan.
Help to Buy ISA
If you are saving to buy your first home, save money into a Help to Buy ISA and the Government will boost your savings by 25%. So, for every £200 you save, receive a government bonus of £50. The maximum government bonus you can receive is £3,000. 
Open: The Help to Buy: ISA is available from a range of banks, building societies and credit unions.
The accounts are available to each first-time buyer, not each household. This means that if you are planning to buy with your partner, for example, you could receive a government bonus of up to £6,000 towards your first home.
Save: Save up to £200 a month into your Help to Buy: ISA. To kick start your account, in your first month, you can deposit a lump sum of up to £1,200. The minimum government bonus is £400, meaning that you need to have saved at least £1,600 into your Help to Buy: ISA before you can claim your bonus. The maximum government bonus you can receive is £3,000 – to receive that, you need to have saved £12,000.
Receive bonus: When you are close to buying your first home, you will need to instruct your solicitor or conveyancer to apply for your government bonus. Once they receive the government bonus, it will be added to the money you are putting towards your first home. 
The bonus must be included with the funds consolidated at the completion of the property transaction. 
The bonus cannot be used for the deposit due at the exchange of contracts, to pay for solicitor’s, estate agent’s fees or any other indirect costs associated with buying a home.
To qualify for a Help to Buy ISA you must: 
• be 16 or over
• have a valid National Insurance number be a UK resident 
• be a first-time buyer
• not own a property anywhere in the world
• not have another active cash ISA in the same tax year 
To qualify for the government bonus, the property you are buying must:
• be in the UK
• have a purchase price of up to £250,000 (or up to £450,000 in London)
• be the only home you will own
• be where you intend on living
• be purchased with a mortgage

For more information, please visit http://www.helptobuy.org.uk

Gifted Deposits

A gifted deposit is a sum of money that is typically given by a family member forming all or part of a deposit for somebody wanting to buy a property. It is possible for friends to gift money to enable someone to buy a property, but is less favourable for lenders.
There are some points to consider
• The person gifting the money should seek independent legal advice to understand they will have no interest in the property and no right to get their money back.
• It is possible to loan money to family and have it repaid on sale of the property i.e. take a legal charge over the property. Again, seeking independent legal advice is a must and this would also have to be agreed by the mortgage provider.
• The mortgage product won’t change because of the gifted deposit as most lenders are ok with family gifts however, not all will be happy with 3rd party gifts (friends).
• The person gifting the money will need to complete a gifted deposit letter or sometimes lenders have their own form to complete.
• The lender and or solicitor may wish to see a bank statement or something to confirm where the gifted money is coming from (standard money laundering checks).
• The gifted deposit can be used in conjunction with the applicant’s own savings or the help to buy scheme.

Please see the details below of how to Contact Us and we will be delighted to help you with any specific queries you may have regarding deposits or any other matter relating to your house purchase..

Problems with Adverse Credit?

A poor credit rating can be a major barrier to getting a mortgage, but the good news is there are lenders who are prepared to help those whose applications may be refused elsewhere. It might not seem fair but even having a big deposit in place and a decent salary isn't enough to guarantee you a mortgage. If you have a bad credit score, then your application is likely to be refused. Banks and building societies are cautious about who they lend to, so they always check credit reports carefully to see if potential mortgage customers have defaulted on any debt payments in the past. They will also look for any County Court Judgments (CCJs) against you, or if you have ever filed for bankruptcy. In any of these scenarios apply, the chances are you won’t be eligible for most mortgage deals – even if your financial problems occurred a long time ago.
There are some mortgages however, which are specifically designed for those whose credit history is far from perfect. These are often known as ‘sub-prime’ mortgages or ‘adverse credit’ mortgages, and are generally offered by lenders specialising in this market.
If you think you may have a poor credit history or an adverse credit rating, you can obtain a free credit report from one of the following:

Once you have your report, email it to us at info@swmortgages.com giving details of the type of mortgage you require and your personal circumstances, and one of our specialist advisors will be in contact to discuss your specific situation.


Your property may be repossessed if you do not keep up repayments on your mortgage

To speak to any of our mortgage advisers about a first time buyer mortgage.

Call Bristol Mortgages Online on 0117 325 1511

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