First Time Buyer Mortgage Plymouth
Buying your first home is an exciting time full of new experiences. But with all the new terms and processes, it can be scary too. Don't worry, though! Our team of specialist mortgage advisers are here to help you every step of the way.
Our experienced team will guide you through the whole home-buying process, making the entire process as easy and stress-free as possible.
Enter your details to talk through your options and find the right solution:
What is a First Time Buyer Mortgage?
If you’re starting your journey to owning a home, you might wonder what a first-time buyer mortgage is. It’s a common question; understanding it is key to getting your foot on the property ladder.
To put it simply, a first-time buyer mortgage is a mortgage specially designed for people buying their first home. Like any other mortgage, it’s a loan that you take out to buy a property. First-time buyer mortgages often come with features that can make the whole process of purchasing a home easier.
Firstly, these types of mortgages may allow for lower deposit requirements. This can be a big help if you’re finding it hard to save a large deposit.
Secondly, first-time buyer mortgages can come with incentives, such as cashback on
completion, free valuations or lower arrangement fees. Each mortgage lender will have their own set of offers, so we will work with you to find the lender that suits your needs.
Finally, some lenders offer more favourable lending criteria to first-time buyers. This could include more flexible income assessments or understanding imperfect credit histories.
Remember, while these features can be attractive, it’s essential to consider the overall cost of the mortgage, including the interest rate and any fees, when deciding which deal is right for you.
Our team of specialist mortgage advisors are on hand to help you understand the different options and find the best first-time buyer mortgage. Whether you’re looking at properties in Plymouth or elsewhere, we’re here to guide you through the whole process and make your dream of owning a home a reality.
Starting the Process: Let’s Chat
The first thing we’ll do is have a chat to understand your situation and what you’re hoping to achieve. We’ll focus on four main areas:
Checking Out Your Deposit
Your deposit isn’t just about how much you can borrow from a mortgage lender. It also affects the mortgage interest rates you can get. So, we’ll start the entire process by looking at how much you have saved up for your deposit.
Looking at Your Income
A mortgage lender will decide how much they’ll lend you based on a few things, but your income is the main factor. You’ll usually need to show up-to-date payslips if you’re employed and income proof for the last two to three years if you’re self-employed. Some lenders may only require one years proof but this is on a case by case basis.
Different lenders can offer different lending amounts, so, as mortgage advisors, we will research and find the mortgage lender that most suits your requirements.
Understanding Your Outgoings
Next, we’ll look at what you’re spending each month. This includes credit card and loan payments, car payments, utility bills, childcare, and daily living expenses. If you can, prepare your last three months’ bank statements so we can go through them together and get an accurate picture of your spending.
Reviewing Your Credit File
Last but not least, we’ll check out your credit file. This will help us see if anything might affect your first-time buyer mortgage application. If something needs to be corrected, we’ll advise you on how to improve your situation. First-time buyer mortgages can sometimes be tricky, so ensuring your financial situation is in order is paramount.
Why Choose Complete Mortgage Advice?
You might wonder why you should choose us to guide you on this journey. Here are a few reasons:
- Personalised Service: We offer personal tailored mortgage advice to meet your needs and goals.
- Access to the Whole Market: We can find the best mortgage deal based on your circumstances. Our access to the whole of market will help us find you the best mortgage deals to suit your circumstances.
- Full Support from Start to Finish: We’ll be there with you throughout the whole purchase process. Becoming first-time buyers is a huge part of most people’s lives, and we want to help you with expert advice every step of the way.
- Local Market Knowledge: Our deep understanding of the Plymouth housing market helps us provide relevant mortgage advice to our clients. Regardless of the property you are interested in, we will discuss your options and provide the best possible advice.
- Transparent and Honest Communication: We believe in straightforward, honest communication and will keep you informed every step of the way.
Popular Areas in Plymouth for First Time Buyers
With its rich maritime history, beautiful coastal views, and vibrant cultural scene, Plymouth is a fantastic place to consider buying your first home.
Several areas in Plymouth are particularly popular with first-time buyers due to their affordability, amenities, and accessibility. Here are a few to consider:
Plympton is an attractive area known for its excellent community atmosphere and good local schools, making it an ideal choice for young families. It has many properties, including character-filled older homes and new-build properties.
Plymouth City Centre
The City Centre is an excellent option if you want to be right in the thick of things. With shopping centres, restaurants, and nightlife right on your doorstep, it’s a good fit for those who love urban living. It also offers a range of affordable flats and apartments, perfect for first-time buyers.
If you’re looking for a mix of city life and peaceful green spaces, Stoke is worth a look. It’s close to the city centre but is also home to beautiful parks and scenic walking trails. It’s also an area with good potential for property value growth, which is excellent for people looking for first-time buyer mortgages.
With its Edwardian-style homes and close proximity to Central Park, Peverell is another great option for first-time buyers. It offers a strong sense of community and is known for its friendly neighbourhood spirit.
If you’re after a quieter, more suburban atmosphere, Plymstock might be a good fit. It’s a bit further from the city centre, but it offers a peaceful, family-friendly environment with excellent schools, parks, and access to the stunning South Hams countryside.
Choosing The Right Area
Choosing the right area is just as important as finding the right property. It’s about identifying where you can feel at home and which meets your needs and lifestyle preferences. With our deep knowledge of the Plymouth housing market, our mortgage advisors can guide you towards a perfect neighbourhood and help you secure your first home in this beautiful city.
Kick-Start Your Journey: Download our FREE First Time Buyer Guide
To simplify things, we’ve compiled a handy guide for first-time buyers. It’s packed with helpful information to help you understand how the new home-buying process works. It includes:
- A simple, step-by-step guide to buying your first home
- A checklist of all the documents you’ll need for your mortgage application
- Answers to the most common questions first-time buyers have when looking for mortgage advice
So, why wait? Download the first-time buyers guide today and get started on your journey to owning your own home.
We're Here to Help with First Time Buyer Mortgages in Plymouth
Our help continues beyond finding you the right mortgage. Our team of mortgage advisors will be with you for the whole home-buying journey. We’ll do our best to make everything clear and understandable.
Once we understand your financial situation, we’ll dig deep to find out how much you can borrow, what kind of interest rate you might get, and give you an idea of what your monthly payments could look like.
With Complete Mortgage Advice by your side, you’re not just getting a mortgage advice service; you’re gaining a partner ready to help you navigate the exciting journey of buying your first home in Plymouth.
Please refer to our Privacy Statement regarding sending electronic communications.
"Had a great experience with Tom!! It was my first time getting a mortgage and he made the process so easy! Would highly recommend"
"I wasn’t sure I would be able to get a mortgage, however 1 phone call with Tom and it was all sorted. Fast, efficient service with an even better outcome."
"Tom made the process of our first mortgage so easy, nothing was too much trouble for him. Thoroughly recommend him to anyone!"