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.
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