First Time Buyers2024-05-14T09:02:17+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.

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.

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?2023-07-10T14:33:32+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*.

*Checkmyfile requires signing up to a 30-day free trial. You will not be charged if you cancel your free trial within the 30-day period. MK Mortgages receives a £12 commission for every free trial entered.


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.

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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