Mortgage advice for First Time Buyers
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.
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.
He was recommended to me by a friend and did not disappoint. He made time for us, answered questions promptly and fitted in appointments around our working schedules, including in evenings, at no extra cost.
Ours wasn’t a straightforward mortgage to obtain but Marc was reassuring and active throughout to get us the best deal possible. When our circumstances changed, he independently chased better deals as the interest rates reduced without our prompting.
We have recommended him to family and friends and will certainly ask him to help us again when the time comes to remortgage.
His perseverance is massively appreciated and I would highly recommend him to anyone. He is always honest, clear and easy to understand which is essential when managing expectations.
Thanks for a stella job Mr Kavanagh!
I also appreciated our conversations about market outlooks—they were insightful and engaging. Marc is also very responsive to any queries, ensuring that I felt informed and reassured at every step. His emails were always detailed, methodical, and easy to follow.
I highly recommend Marc and will undoubtedly work with him again in the future. Absolute top guy!!
Years.
Marq proved himself to be a fantastic broker in every way.
He was professional and highly knowledgeable as one would want, but he also kept the journey and guidance straightforward throughout.
We were novices and this was invaluable on a journey that is full of big decisions. He really fights your corner for you.
I have no hesitation recommending Marq to you and would use no other broker next time we need such services.
Thank you Marq!!
Marc's expertise are unmatched. His guidance and personable approach made me feel like I was in safe hands throughout the entire process.
Marc took the complexities of the Mortgage process, walking me through every option with patience and clarity. I am incredibly grateful for his tireless dedication in finding me a fantastic Mortgage rate. I would highly recommend Marc to anyone seeking a knowledgeable Mortgage advisor.
Update: Marc also advised us on our remortgage two years later, including advising on a last minute legal hurdle when solicitors were being very difficult and opaque, and getting us a better rate at the last minute when new rates came through the day before we were due to complete. Thank you Marc!
It’s so hard to find trustworthy, kind and supportive people to help when buying a property, so we really feel as though we hit the jackpot when finding Marc (who was a recommendation from my friend).
Thank you again Marc, for everything you have done for us both, I don’t think we’ll be able to put it into words how grateful we are to have chosen you to be our mortgage broker!
Made the whole process incredibly easy from start to finish, adding advice from years in the business every step of the way. We will definitely be coming back to Marc in the future.
Anyone thinking about choosing a mortgage advisor, Marc is your man!
Marc Kavanagh has given me very good advice over the years and got some excellent mortgage deals for me.
First and foremost they're great to deal with, helping us grow from first time buyers through new mortgage deals, sales and further purchases. Always going the extra mile to get the best deals available. Highly recommended.
For my most recent mortgage renewal, Marc has been excellent at monitoring rate changes and letting me know when there is a better offer even though a new agreement was already in place.
Would definitely recommend to anyone looking for a mortgage advisor.
Sooz supported the finer detail of the process and went over and above in so many situations for us. She was highly responsive and kept everything moving at pace for us. Nothing was too much of an ask for her and she took so much stress out of it all.
Great business & great people!
He took the time to thoroughly understand my financial situation, goals, and preferences and provided me with comprehensive advice and guidance that helped me navigate the complex market conditions. He made sure I understood every step of the house buying process in general and diligently explained my options.
One of the standout qualities about Marc, and Sooz!, were their accessibility, responsiveness and proactiveness. They were always just a phone call or email away, ready to answer any questions or concerns.
Thank you Marc and Sooz!
Both Marc and Sooz were more than helpful throughout, patient and showed true professionalism. The advice offered was honest, which at the current time, given the uncertainty of the market was appreciated, it was to the point and Marc’s knowledge of the market was clear.
We are truly grateful for the help given, with our only regret being we didn’t make contact earlier than we did. I would highly recommend.
The main strength of MK Mortgages is their personal touch. Marc is almost always available on the phone- he has helped us from purchase and through two renewals. He listens well, explains things clearly and we feel he really cares.
Sooz is super efficient and deals with the admin side (a minefield in its own right)- she sends reminders near the time of renewal (way before you’ve even thought about it) and is always quick to respond to emails. No question is too silly!
Both Marc and Sooz have a warm manner than reassures you that you’re in safe hands. They know their stuff and always place their clients at the centre of their decision making.
We wouldn’t re-mortgage with anyone else. As our family continues to grow, I’m sure they’l help us more in the years to come.
MK Mortgages save us so much time and allows us to side/step the jargon and feel more confident in navigating these most turbulent of financial times.
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.
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.
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.
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.
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.
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.
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.
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.”
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.
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.
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
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