FIRST TIME BUYERS
If you are a first time buyer, no doubt you will have a lot of questions to ask and hopefully our website will help answer them, but please do not hesitate to contact us for advice tailored to your needs and requirements.
Citrus Financial can guide you through the mortgage maze and make sure that you get the most suitable,
affordable product. For an appointment or simply for an informal chat. First Time Buyer Mortgage Advice
GRADUATE MORTGAGES
Because the majority of university students now graduate with substantial debts, it can take them a long time to save up for a deposit.
Many mortgage lenders appreciate this, and will offer special graduate mortgage deals to first-time buyer university graduates. Some will offer graduate mortgages of up to 100% of the property’s value, and some will lend slightly more than 100%.
Some lenders are prepared to be this generous because graduates are generally expected to advance up the salary scale more quickly than their non-graduate counterparts.
GUARANTOR MORTGAGES
Some first time buyers can benefit from guarantor mortgages. Some mortgage lenders will give assistance for first-time buyers by lending them more than they would usually allow, provided that a parent or guardian agrees to stand guarantor.
This means that, if the first time buyer does not manage to make a monthly repayment, the parent or guardian is responsible for paying the lender.
HOW MUCH CAN I BORROW?
Traditionally lenders would use multipliers of income (minus annual loan and credit card payments) times 3. Recently several mortgage providers have increased these multipliers in some cases up to 7 times income and are basing their lending on affordability although this has been scaled down due the credit crunch.
There are shared equity deals available from developers and government bodies, which can mean that you do not have to outlay a deposit.
Please contact us for an accurate assessment of your borrowing potential.
HOW MUCH WILL IT COST?
This obviously depends on how much you borrow and at what interest rate. There are variables which can reduce the cost ie. repayment methods and the term of the mortgage. If you require a quote please let us know.
DO I NEED A DEPOSIT?
To reduce their risk lenders prefer the borrower to provide a certain amount of the purchase price. The larger your deposit the better rate you will get. First time buyers often find it difficult to provide a deposit and also fund the purchase costs. There are schemes available that allow you to borrow 100% of the purchase price. Please contact Citrus Financial for more details.
01908 920044.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
