First Time Buyers Alternative2023-08-11T10:42:49+00:00

Mortgage advice for First Time Buyers

first time buyers mortgage advice
first time buyers mortgage advice

Mortgage advice for First Time Buyers

Congratulations on taking this momentous step onto the property ladder!

Now that you’re ready to buy your first home you may have lots of questions. I know that a first time buyer mortgage can be daunting or confusing, I've been there! My aim is to guide you through it from start to finish so you know exactly what’s happening, and how much it will all cost.

Remember, I never charge for any mortgage or protection advice, so don’t hold back from asking anything that’s on your mind.

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MK Mortgages5.0
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Sarah Cox
1 month ago
Marc provided helpful and reliable advice, and showed genuine care towards us throughout. He was responsive and timely and offered flexible hours for appointments that could accommodate our working hours. I would absolutely recommend MK Mortgages.
Response from the owner:Thank you Sarah. Always happy to work around client diaries to enable things to progress.
Olly Smith
2 months ago
Amazing services for first time buyers. Marc is extremely efficient and provided great, honest communication throughout our whole mortgage process. Highly recommend.
Response from the owner:Thank you Olly, its been a pleasure to help you both with your first purchase.
Adam
2 months ago
I’ve now used Marc for two mortgages and a renewal, and I wouldn’t go anywhere else. He’s always been brilliant to deal with. The process is straightforward, communication is great, and he’s always on hand to answer questions, no matter how silly they might seem. As someone who likes to understand what’s going on, I’ve asked plenty over the years, and he’s always taken the time to explain things clearly and patiently. Buying a home can be stressful, but having someone you trust makes a huge difference. He’s knowledgeable, responsive, and genuinely cares about getting the best outcome for his clients. Most importantly, he’s just a genuinely nice guy and a pleasure to work with. I wouldn’t hesitate to recommend him to anyone looking for a mortgage broker.
Response from the owner:Thank you Adam, thats an amazing review. I look forward to helping you on the next mortgage.
Genevieve Thompson
3 months ago
Marc provides an excellent service. From the initial phone call he was clearly very knowledgeable and effectively communicated everything we needed to know which put us at ease as first time buyers. Throughout the process he was quick to respond to any queries or concerns we had. We had a very smooth experience with out first house purchase thanks to Marc.
Response from the owner:Thank you Genevieve. Really happy the whole process went so smoothly for you both and thank you for the positive review.
Paul Barnes
4 months ago
Thank you Marc for your excellent knowledge of the mortgage market and finding the best deal for me. It was better than other mortgage consultants could find. Also for keeping your eye open to look for any better deals coming on the market and finding an even better deal whilst I was going through the mortgage application of the original mortgage.
Response from the owner:Thank you for using MK Mortgages Paul. Knowledge and technology working well together. And all without paying a broker fee.
aneta ginda
5 months ago
Truly amazing and professional service! The sale and purchase of my property was truly a nightmare. During the process, I had to apply for a mortgage several times. After two valuations and a change in the purchase price, the mortgage offer expired, and I had to apply for a new one. This made the entire experience extremely stressful. However, MK Mortgages supported me throughout this very difficult time. I believe I must have been a nightmare client, yet Marc remained patient, helpful, and supportive from the very beginning. He not only supported me with the mortgage application but also emotionally. Hearing Marc say, “Everything will be okay, don’t worry,” meant a lot to me. You don’t often hear such reassuring words from brokers. The service and support from MK have been outstanding – always quick to respond, offering excellent advice, and providing friendly support during such a challenging time. I highly recommend them; you won’t be disappointed. I look forward to working with Marc again in the future. Thank you!
Response from the owner:wow, thank you Aneta for this latest review. It was a pleasure to help you and get you into your new home and new start. Thank you for this amazing review Aneta. Good luck in the new home.
chrisdolan74
5 months ago
Marc has provided Mortgage guidance to us for several years now and provides excellent advice and insights to help you make good informed decisions. He is always contactable, approachable, and very prompt in getting back to messages or provide further information where needed. I highly recommend MK Mortgages.
Response from the owner:Thank you Chris, very kind words.
Nick Elloway
6 months ago
Marc has been very helpful and knowledgeable over the years to arrange the best mortgage for my circumstances. Highly recommend
Response from the owner:Thank you Nick, its been a pleasure to help you over the years.
Jonathan Lingard
7 months ago
Marc is a phenomenal mortgage advisor with a wealth of experience. We were making a difficult move from one part of the country to another. Marc made the process of getting the right mortgage easy through clear advice.
Response from the owner:Wow, thank you Jonathan. It's great to hear that my advice has supported you in your moving home journey. I look forward to helping you further in the future.
hannah elizabeth Jones
8 months ago
Marc is wonderful. Marc has sorted all our very complicated mortgages out and always has the best results for us. I can’t imagine remortgaging without Marc. Highly recommend.
Response from the owner:Thank you Hannah, great to hear and have an amazing Christmas.
Derek Rawle
8 months ago
Got good advice and an efficient service for the second time. I'll definitely be using MK again
Response from the owner:Thank you Derek, much appreciated.
Emily Townsend
10 months ago
We would recommend Marc to anyone! Marc has helped us with buying our first home and a more recent house move. He has your interests at heart, very informative and super quick at responding. Thank you Marc!
Response from the owner:Thank you Emily and I look forward to working with you again.
Debby Wooding
10 months ago
Marc has managed our mortgages for years and we wouldn't go anywhere else. He’s utterly committed, resourceful, knowledgeable, he cares about getting the right product for you and your circumstances and he strives to get you the best deals he possibly can. He’s also super patient when reworking numbers over and over again!! Thanks Marc you’re a star.
Response from the owner:Hi Debby, always a pleasure to help you both. Thank you for the review.
Callum Johnston
10 months ago
Marc was extremely helpful. He gave me a whole introduction to applying for a mortgage and was very nice about the whole process. He understood the time constraints that I had and was able to assist in a timely manner.
Response from the owner:Thanks Callum. Good luck in your new home.
Louise McInnes
10 months ago
MK Mortgages were extremely professional and very knowledgeable. I can highly recommend their services. I wouldn’t go go anywhere else for advice going forward.
Response from the owner:Thank you Louise.
Laura Howling
10 months ago
Marc was so helpful and personable, and so generous with his time. It wasn’t the most straightforward purchase and Marc was always able and keen to provide sensible, measured and useful counsel. We would definitely recommend Marc to anyone buying a house and we will be using him in future for sure!
Response from the owner:Thank you and I wish both of you all the best for the future.
Sarah Sprintall
10 months ago
Marc at MK Mortgages has helped us with a number of our new mortgages and remortgages. He goes out of his way to understand each application and its differences. His experience is extense and his professionalism ensures your supported every step of the way. Makes the process painless and convenient. Thank you Marc as always.
Response from the owner:Thank you Sarah. Wishing you all the best with the move.
Joff Cheney
11 months ago
Marc was very helpful, professional and knowledgeable. By getting all the paperwork he knew would be needed early in the process made the actual mortgage application very simple, so simple I had an offer in 1 day. I would highly recommend Marc and his team.
Response from the owner:Thanks Joff. Although I will of course take the credit, the lender did its bit! It was easy though as you sent everything I required so was well positioned to deal with any lender questions.
Vanessa Pearson
12 months ago
Marc was very communicative and provided a great service. We would not hesitate to use him again to remortgage.
Response from the owner:Thank you Vanessa. I look forward to working with you again on the remortgage.
Max Brayson
1 year ago
Marc at MK has been an incredible help for my wife and I in the process of buying our first house. He is extremely knowledgeable and always made himself available to answer questions or queries. I would happily recommend Marc to anyone in need of his services.
Response from the owner:Thank you Max and enjoy the new home
Joe Smee
1 year ago
Great service, Marc really pulled out all the stops and made complicated processes simple for me. He also got me a good rate with a niche lender when the high street lenders said no.
Response from the owner:Thanks Joe and good luck in the new home.
Samantha Morgan-Harris
1 year ago
I was introduced to Marc Kavanagh through my Solicitor in 2016 after my divorce. During a difficult time of upheaval, Marc dealt with the remortgage of our family home into my sole name, carrying out work behind the scenes to then give me options to continue to allow my children and I to stay in our family home. Apart from being a nice guy to deal with, he was understanding, had empathy, gave sound advice and did everything in a most professional way. We have been in our family home now for 25 years - the only one my children have ever known. The process helped to give them stability during a time of emotional upheaval and I cannot thank Marc enough. I would recommend him in a heartbeat and indeed, will do so when my children want to buy homes of their own.
Response from the owner:Thank you for your kind words Samantha and its been great to help you and the family over the years.
Caroline Berry
1 year ago
Working with Marc was a pleasure. He was very supportive and encouraging, which was very valuable for me as a first time buyer, taking a lot of pressure out of a dauting experience. Marc ensured all our communications were easy and efficient, and took the time to answer all of my questions. A very welcomed human approach, thank you!
Response from the owner:Thank you Caroline. Its been a pleasure to help you with your first purchase and I look forward to working with you again.
AJ Woods
2 years ago
Marc was fantastic - patient and helpful finding me the right product for my needs. Would highly recommend.
Response from the owner:Thank you for the review and kind words.
Dipesh Shah
2 years ago
From the beginning Marc has delivered 5 star service. We have had a few complicated transactions and Marc has used his experience, knowledge, patience and relationships to deliver some fantastic solutions for us. Having dealt with a few people in this industry I haven’t come across someone like Marc who has a personal approach to delivering what you need. Even though Marc doesn’t charge a fee, you would not be disappointed by the value he provides. Thank you Marc and I look forward to the upcoming transactions with you.
Response from the owner:Thank you Dipesh, and I'm really happy that we found the right solution. Onto the next purchase!

How much will I be able to borrow?

The way a lender determines how much you can borrow on your first time buyer mortgage depends on a number of things:

  • The property: House or Flat

  • Employment status: Employed or self employed? How much you earn and if there are any additional income streams like overtime or bonuses

  • Financial commitments: Current, and future, to include; credit cards, loans, car finance, student loans and pension payments. And don’t forget that latest phone contract may well show as a small loan on your credit file, which is why we ask clients to obtain a copy of their credit report

  • Term of the mortgage: How long you borrow the money for.

There is now more focus on affordability and expenditure. The process to working out how much you can afford is very different to the traditional approach of simply multiplying your annual personal (or rental) income by a pre-set multiple to obtain a maximum lending amount.

What we do

I pride myself on being up to date with regulation, legislation and the economic market. I work to understand your needs, match that to the requirements of lenders, and protect you and your dependants once you have bought your property.

This way, I can help you save time and money in the new world of mortgage advice.

Common Faqs

When I give you advice, I encourage you to continue asking any mortgage related questions. The more you understand the better I can help you. Below are some typical questions first time buyers ask.

Will a mortgage in principle affect my credit score?2025-01-27T12:06:34+00:00

No. A mortgage in principle is either a soft or hard credit check and so does not really affect your credit score. These types of check don’t really harm your report but if you were to complete three or more in one day then you may see your overall score drop, but that's normally a temporary thing.

Check your credit score here.

 

How long does it take to get a mortgage in principle?2025-01-27T11:58:00+00:00

Some lenders can make mortgage in principle offers in as little as 20 minutes. This does depend on your financial circumstances and being able to provide the required information for all persons to apply.

Mortgage in principle – What is it and why do you need one?

Does a mortgage in principle include a deposit?2025-01-27T11:53:50+00:00

Yes. When keying the details the lender will ask what size deposit you are putting in. This then provides them with the loan to value information and this forms part of the risk assessment that is carried out when completing your Mortgage in Principle.

What exactly is a mortgage in principle?2025-01-27T11:51:48+00:00

A mortgage in principle is the first step to applying for a full mortgage loan. It includes gathering financial information such as income and spending, and a soft or hard credit check, depending on the lender. Lenders confirm they will provide you with a mortgage for a specific value as long as the information you provided does not change. A mortgage in principle typically lasts for 60 to 90 days and is not legally binding.

Mortgage in principle – What is it and why do you need one?

Will a mortgage in principle confirm how much I can borrow?2025-01-27T11:51:20+00:00

Yes. The purpose of a mortgage in principle is to confirm what the lender is prepared to lend based on your earnings and debts. This allows you to search for your new home with confidence. You will need to make a full mortgage application within 60 to 90 days to retain the offer.

How much can I borrow?

I’m self-employed, can I still get a mortgage?2023-07-10T14:25:23+00:00

Yes, you can. You just have to prove your earnings to the lender in a different way. Read more about mortgages for the self employed in the news section.

How can I check my credit score?2024-09-23T13:58:53+00:00

Your credit score has an impact on how much you could borrow. My advice is to improve that score where possible by clearing credit cards, shopping accounts and cancelling any unnecessary memberships. You can check you score with Checkmyfile*.

 

*By clicking the link, you will need to register your details with Checkmyfile and enter into a free 30-day trial period. This will allow enough time for you to register your information and download your report. You are free to cancel this trial period at any time during the 30-day free trial period without penalty. Should you fail or choose not to do so, Checkmyfile will charge you a subscription fee of £14.99 per month thereafter. To get the best from this service, please ensure you register all of your primary and/or associated addresses within the last 6 years. MK Mortgages will receive a payment of £12 per free trial entered into via the link to Checkmyfile’s website. This is payable whether you cancel the trial period or not.

It should be noted that lenders will not be assessing the report produced from Checkmyfile and will undertake their own research and assessment. Neither MK Mortgages nor Quilter Financial Planning are responsible for the accuracy of the information contained within their site. Details of how to unsubscribe or cancel this service, is available directly from the Checkmyfile website under their T&C’s which states “If you wish to cancel your subscription, please log in and send us a Secure Message at any time, email us, or call us on our Freephone telephone number 0800 086 9360 during normal office hours. In all cases we will provide you with a cancellation reference code in confirmation.”

 

What does Loan-to-Value (LTV) mean?2023-07-10T14:20:22+00:00

This is mortgage adviser speak for how much the lender is willing to lend you in relation to the value of the property you wish to buy. A 5% deposit results in 95% LTV. Lender LTVs vary so it’s best to ask for advice before setting your sights on your first home.

How much deposit do I need as a first time buyer?2023-07-10T14:33:04+00:00

You should really aim for a minimum deposit of 5% of the value of the property you would like to buy. However, I would not advise searching for your home before finding out how much you can borrow, as that can lead to disappointment.

Does your no-fee mortgage advice limit my options?2023-07-10T14:13:56+00:00

Not at all. All mortgage advisers are paid a commission from the lender when we arrange a mortgage. I accept this to cover my costs and choose not to add a 'mark-up' cost to you. Paying for mortgage advice in no way opens the door to more lenders or products, and certainly cannot reduce your interest rates or monthly payments.

First Home

When Suzi and Josh were ready to have their first home, MK Mortgages helped them cut through the jargon, the paper work and the hassle.

No Fee Help

The no-nonsense approach to mortgage advice

Contact MK Mortgages

Please use the contact form to get in touch. The earlier you start the process the better.

Marc Kavanagh is a non-fee charging, whole of market mortgage adviser, providing advice purely for your benefit.

I cannot recommend Marc and his team highly enough. They helped and supported me throughout the whole process of buying my first home and were always kind and professional.

Marc and Sooz made everything as simple as possible and went above and beyond to help. They were always there for guidance and to answer any questions, which was amazing as I was embarking on a process I had very limited knowledge about. I’m not sure I would have been able to do it without them!

E Brooks

Fantastic experience – Marc and Sooz have been outstanding from start to finish in helping guide me through the complex process of finding a suitable mortgage for a first-time buyer. Marc even helped guide me on what best/worst attributes to look out for when house hunting, and what kind of offers should be pitched to the vendors in the current market.

Other additional services such as mortgage cover were offered, but never pushed – which I appreciated.

Very easy to deal with and get in contact with when needed, professional at all times – Highly recommend MK Mortgages.

C Richards

The guidance and/or information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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