First Time Buyer Mortgages
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Let’s answer those two key questions.
How much can I borrow with a First Time Buyer Mortgage?
What do lenders consider as income?
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Thinking of buying your first home? Unsure of the house buying process? Want to find the right mortgage?
Our free information-packed guide helps you navigate the first time buyer process, advises you on your deposit, and helps you choose the right first time buyer mortgage.
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How much will a First Time Buyer Mortgage cost?
Speak to your first time buyer mortgage broker today to find out how much you can borrow and how much it will cost as a First Time Buyer.
First Time Buyer Mortgage simple illustrations
Here are some simple examples of how a lender could assess your income.
| Annual salary | £100,000 |
| Multiplier | £100,000 x 4.5 |
| Estimated Borrowing | £450,000 |
| Basic salary Bonus | £50,000 £50,000 |
| Multiplier: salary | £50,000 x 4.5 |
| Borrowing: salary | £225,000 |
| Bonus as assessed by lender | £25,000 |
| Multiplier: bonus | £25,000 x 4.5 |
| Borrowing: bonus | £112,500 |
| Estimated Borrowing | £337,500 |
It is important to note that this is a ‘standard’ starting point. Some lenders will offer a lot more, some less, but this gives you a good yardstick to measure yourself by.
One of the first things to consider is your repayment vehicle.
Do you want to opt for
You make monthly payments and at the end of the term the loan is repaid.
With a repayment mortgage the monthly payments are higher but with less risk.
You simply pay the interest on the mortgage loan and look to pay off the loan later with say, the sale of property, investments or bonuses.
With an interest-only mortgage the monthly repayments are lower but is assessed as higher risk.
Your mortgage product
You will also need to consider which type of mortgage product is best for you as this determines your monthly payments.
Rather than asking how much it will cost, consider how much can you afford. Your first time buyer mortgage broker will then structure your mortgage appropriately, based on your risk profile.
What first time buyer mortgage rates can I get?
How much deposit do I need as a First Time Buyer?
We are here to help you with mortgage deals for first time buyers. As a top-rated first time buyer mortgage broker, we are here to guide you on every step of your first time buyer journey.
For First Time Buyer Mortgage Advice
Your property may be repossessed if you do not keep up repayments on your mortgage.
We care about finding you the best First Time Buyers mortgage
Call our expert advisers now
0207 935 7866
or
Head Office
The Leather Market, Unit 13.1.2, 11-13 Weston Street, London, SE1 3ER
Call 0207 935 7866
Email info@rosecp.co.uk
A fee of up to 1% of the mortgage amount may be charged depending on your circumstances (ie. £1000 on a £100,000 mortgage). A typical fee is £495 plus we will receive commission from the lender.
Your property may be repossessed if you do not keep up repayments on your mortgage.
Rose Capital Partners Ltd is an appointed representative of PRIMIS Mortgage Network, a trading name of Advance Mortgage Funding Limited which is authorised and regulated by the Financial Conduct Authority. The Financial Conduct Authority does not regulate some forms of Buy-to-Let. The guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK. Rose Capital Partners Ltd. Registration No. 08843654 registered in England and Wales. Registered Address, Leigh Saxton Green, Clearwater House, 4-7 Manchester Street, London W1U 3AE.
