First Time Buyer Mortgage Advice in Harrogate

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Working With You Every Step of Your Mortgage Journey

Here at Harrogatemoneyman, we help first time buyers in Harrogate to find their place on the property ladder.

 

Our experienced team of mortgage advisors in Harrogate are here to answer all of your queries and concerns throughout the process, as we move together in tandem, to achieve your home buying goals.

 

For many looking at first time buyer mortgages in Harrogate, the process can seem a little unpredictable, maybe even a little scary at first.

 

This is no surprise, after all, you have never done this before! Worry not, as we are here to alleviate stress and calm your mind as you get ever closer to becoming a first time homeowner.

 

As a proud and customer focused mortgage broker in Harrogate, we have had the sincerest pleasure of helping many first time buyers in Harrogate, many in similar positions to you, to achieve the goals they had in mind.

 

Through experienced, quality mortgage advice, patience and hard working team at your disposal, we aim to make your journey as a first time buyer significantly easier, than it otherwise would’ve been.

Can I get a first time buyer mortgage in Harrogate?

Anyone who has never owned a home before and is making a purchase for the first time, is a first time buyer in Harrogate. The same will apply to anyone who has owned commercial property, but has never had a residential property.

 

For couples, it unfortunately won’t work the way you might hope it would. If you are both first time buyers, you will qualify. If only one of you is, you will not.

How can we help you get a first time buyer mortgage in Harrogate?

As a long-serving, hard working team of expert mortgage advisors in Harrogate, Harrogatemoneyman has a lot to offer that would benefit a first time buyer in Harrogate. The first thing that we are able to do, is see if you are even eligible to take out a mortgage.

 

This can save you so much time and energy that would otherwise be redundant if you were to try your luck and get declined, by going direct.

 

It’s much more than that, however. Our service is not just about finding out your eligibility to take out a mortgage, but to find a mortgage that is eligible for you.

 

We match you up against the mortgage lending criteria of a large panel of mortgage lenders, searching through thousands of deals to find one that is right for you.

Making Sure You’re On The Best Mortgage Deal

Even then, it’s not just what’s right for your circumstances, but about what’s right financially too. Your first mortgage in Harrogate is likely the biggest financial outgoing you will ever have, overall.

 

As such, you want to make sure that it is the best deal, the best interest-rates, maybe even that you’re fixed-in (if your mortgage advisor in Harrogate feels that is best for you) for outgoings consistency. We make sure that your deal is, unequivocally, both right for your needs and with the best deal you can get.

 

Of course when looking at what is right for you, our fantastic mortgage advice team are able to assess your affordability (can you afford a mortgage and the maximum amount you can afford), by checking your annual salary and any other income you have, as well as how sensible you are with outgoings, your credit history and how well you manage your finances overall.

 

They will likely need to see the last 3 months’ bank statements and payslips, so make sure you have those to hand!

 

Not only will affordability have an impact on the route your mortgage process takes, but your deposit will too. Specifically, it will affect what mortgage deals are actually available to you. The minimum requirement for most mortgage lenders is a 5% deposit, though some may have higher minimums.

 

Generally speaking, the higher the deposit, the less you are going to borrow, which reduces the risk to a mortgage lender of potential missed payments, thus better rates for you.

You Can Get Help With Your Deposit

As a mortgage broker in Harrogate that has experienced all kinds of mortgage situations in our tenure, with a large portion of those being first time buyers in Harrogate, we also know that sometimes deposit can be the first and most difficult hurdle.

 

The good news, is that there are ways around that for first time buyers in Harrogate, such as a gifted deposit, wherein a family member or friend gives you the funds to put down an amount (they have to declare it as a gift, it cannot be a loan), to help you get onto the property ladder.

Are there any schemes to help first time buyers in Harrogate?

Gifted deposits aren’t the only way a first time buyer in Harrogate can get help onto the property ladder, however, as there are a variety of government schemes, some of which do help with deposits as well, to ensure you have the best chance of owning your own home.

 

Some of these include Help to Buy: Equity Loan, Help to Buy: Shared Ownership, Lifetime ISAs, and the Right to Buy Scheme.

 

The Help to Buy: Equity Loan allows you to put down a minimum of 5% deposit (this can be gifted too), in order to receive a loan from the government (which you do need to pay back), up to 20%, allowing you to overall put down a 25% deposit.

 

Shared Ownership allows you to purchase only a portion of a property, with the percentage of that varying, paying the remaining amount percentage to a third party as a rental fee (you may be able to increase shares in the future.

 

Lifetime ISAs are a way for you to deposit money into a savings account, specifically intended for home buying in the future, with the government topping up your savings by a set amount each year. Right to Buy allows eligible tenants to buy their rental property, potentially at a discounted price.

 

All of these schemes can be incredibly useful if you would like some assistance in buying a home, providing you are eligible for them.

 

To learn more about the schemes, feel free to take a read of our handy mortgage guides, or give us a call and speak with a member of our team. They’ll gladly answer any answers you have!

Start Your First Time Buyer Journey Today

To get started on your first mortgage experience, book your free mortgage appointment today.

 

A friendly face will be there to talk you through every step and ensure you know everything that is going on, that your stress and anxiety levels are greatly reduced, and that you are one step closer to your dream of owning a home in Harrogate.

 

How does it work?Book My AppointmentMeet Your Advisor

We search 1000s of mortgage deals across a large number of lenders, including:

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Common First Time Buyer Mortgage Questions

As a company, Harrogatemoneyman has well over 20 years of experience in providing first time buyers with top level mortgage advice in Harrogate.

 

Throughout our time in the world of mortgages, we have helped countless first time buyers in Harrogate like you, to finally achieve their dream of getting a home.

 

When we speak to first time buyers in Harrogate, it’s always the same questions we find cropping up time after time, so we thought we’d do our best to answer some of these for you below.

 

If you want to discuss one of these further with a mortgage advisor in Harrogate, or you have a question that isn’t listed, give us a call and we’ll answer it for you.

How much can a first time buyer in Harrogate borrow?

The most commonly occurring question we probably hear, is how much can I borrow?

 

This makes sense, as first time buyers in Harrogate have likely never had any type of loan like this before, so you’ll want to know what you can have, what it might cost and what your limitations could be.

 

To get an approximate view of the maximum amount you are able to borrow, you could take a look at our mortgage calculators page.

 

That being said, a calculator can’t get to know you as a person, unlike a mortgage advisor in Harrogate, who can get to know your situation a little better and more accurately advise on how much you could potentially borrow.

Ready to Make an Offer on a Mortgage in Harrogate

Sometimes, you might get in touch with us at the point where you have found a property you already like, you’ve had the foresight to do this ahead of time.

 

This is a great time to get in touch, as you will need to obtain a mortgage agreement in principle (often shortened to AIP) in order to make any offers on a property.

 

An AIP shows that a mortgage lender, in principle, is willing to lend you a particular amount for a property purchase.

 

This is something we are more than happy to help you out with, as we are typically able to get an agreement in principle sorted within 24 hours of your initial appointment, sometimes within the same day if we can!

 

Your offers will be better supported in having this document, as it shows a seller you are in a position to move forward with the purchase.

 

Furthermore, you’ll be a step ahead of other first time buyers in Harrogate who perhaps have made an offer, but the seller is having to wait for them to even see if the mortgage lender is willing to lend to them.

You’ve Had an Offer Accepted on a Property in Harrogate

Quite regularly we even come across particularly savvy first time buyers in Harrogate who have already gotten to the point of finding a property, making an offer on it and having that offer accepted!

 

This is great, as it means we can get the ball rolling for you, finding you the best mortgage deal and getting your full mortgage application underway.

Declined By Your Bank For a Mortgage in Harrogate

Alas, not everything goes to plan and we do come across first time buyers in Harrogate who are finding it a little difficult to apply for a mortgage.

 

Generally, your first thought when it comes to finances, will probably be to go to your bank. This is perfectly fine, unless you find yourself being declined. Unfortunately, banks aren’t always clear on why you were declined.

 

For a first time buyer in Harrogate, it could be a number of things. You might have poor credit, you might have no credit, you might just not be able to borrow the amount you initially wanted to.

 

Whilst frustrating, it’s important not to stress or worry, as there may still be options for you!

 

As a mortgage broker in Harrogate, we have access to a large collection of different mortgage lenders, many with niche or specialist products on offer to customers who need a little benefit of the doubt.

 

We have the ability to search through thousands of deals, in order to find the perfect deal. No matter your situation, you can rest assured that your mortgage advisor in Harrogate has found the best one that you can get.

 

If you relate to any of these situations and need some helpful first time buyer mortgage advice in Harrogate, please don’t hesitate to give us a call and speak to one of our mortgage advisors in Harrogate.

 

Our team work every day of the week, so there will always be someone to ty and answer your questions if you need us.

 

To get started on your mortgage journey, book your free mortgage appointment today and we’ll bring you ever closer to your dreams of owning a home in Harrogate.

Why choose us for first time buyer mortgage advice in Harrogate?

Our brilliant team of mortgage advisors in Harrogate are available every day of the week from early until late. Can’t do those times? Some of our advisors may even be able to work later in order to help you achieve your dream.

 

Concerned about your situation? We’re able to search through thousands of deals, so chances are there’s something out there for you – Don’t worry, we’ve got your back on this!

 

Everything we do is in your best interests. Our advisors and admin staff will keep up their communication with you answering any questions you may have, avoiding jargon to make it as simple as possible for you.

 

The last thing you need as a first time buyer is to be stressed out, so our team are always on hand to reassure you when things get overwhelming.

Reviews Stars4.93 Rating28 Reviews

Common mortgage
questions

Your free mortgage consultation with a Mortgage Advisor in Harrogate will last for approximately one hour. They will then recommend a mortgage for you, one that you have no obligation for you to accept if you do not wish to. Proceeding with the mortgage is completely your choice.

As a part of our service as a fast and friendly Mortgage Broker in Harrogate, we carry out a Fact Find to establish your personal needs before we recommend the most suitable mortgage for you and your personal circumstances. A credit check will then required ahead of obtaining an Agreement in Principle. Once you have provided all the relevant documentation and a valuation of the property has been taken out, a formal mortgage offer can then be issued to you.

To avoid being disappointed part way into your process if you don’t get the property you had eyes on, we recommend you obtain an Agreement in Principle ahead of schedule, before you begin viewing properties in Harrogate. At the very latest you should obtain one prior to making any offers to a vendor, as this can aid with your bargaining position.

An Agreement in Principle will generally have a shelf life of between 30 and 90 days, depending on the lender used. If your Agreement in Principle expires, get back in touch with your mortgage advisor and they can get this refreshed for you.

If you are looking to do something like debt consolidation or any potential home improvements, you may have the option of taking out a second mortgage in Harrogate. It may also be possible to take out a mortgage on a second property for other uses, such as for yourself, a family member, a holiday home or a Buy to Let.

The minimum deposit a customer will be required to have when purchasing a house in Harrogate with a mortgage lender, is typically 5%. This figure can be somewhat higher if you have had any previous credit problems.

If you have had any kind of credit problems previously, there is a chance you can still get a mortgage. Unfortunately for this, you may possibly be required to put down a higher deposit than usual, typically 15% of the property purchase price.

Once you have submitted at least one year’s accounts to the lender, you may then be able to obtain a mortgage on the property you wish to buy. Most lenders will use a combination of your salary plus dividend to calculate the maximum mortgage, whereas others may go off your net profit.

An employee will generally be required to submit at least three payslips for an employee to prove income and the latest 2 years’ accounts if they are Self Employed. You will also need to provide your mortgage lender with proof of ID, address and the last 3 months’ bank statements.

Our free mortgage consultation offered to all customers will typically last somewhere near an hour or so. The members of our dedicated mortgage advice team are able to turn round an agreement in principle within 24 hours, with a formal mortgage offer taking roughly about three weeks on average.

We make it so easy!
Our 4 step process

Step 1

A telephone test call where we can take some initial details and find out about your plan of action.

Step 2

Enjoy finding a property!

Step 3

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Step 4

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

A telephone call where we can take some initial details and find out about your plan of action.

Enjoy finding a property!

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

Handy quick links

Harrogatemoneyman.com & Harrogatemoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
www.financial-ombudsman.org.uk

© 2023 Harrogatemoneyman

Harrogatemoneyman – Workhub Harrogate, C/O Umbrella Property Group, 12 Station Parade, Harrogate, HG1 1UE.

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