First Time Home Buyers

First time buyer mortgages

 Buying your own home is like a dream come true. However, to achieve that dream, one needs to climb many ladders. People who are the first-time buyers must seek proper guidance from the mortgage experts.

How much can I borrow?

Prior to taking a mortgage loan for your home, it is important for you to have an estimate idea of your financial reach. You have to stick to a budget that will not put a burden on your shoulders with the load of repaying. Hunt for a home that will suit your budget. Traditionally, the lenders would calculate your earning and give you the loan accordingly. The lenders check your ‘affordability’ before they actually lend you some funds. Also, it is noticed how the interest rates is going to affect your life.

Fixing your mortgage rate

The mortgage deals fall into two categories.

  • Variable rate
  • Fixed rate

It is seen that the first-time buyers stick to fixed rate mortgages because they get a sense of security. It is due to the fixed price, people know the amount they have to pay every month. This allows the borrowers to fix a constant budget every month and do not get bothered with changes in the interest rate.

Variable rate mortgages are of three types:

Standard variable rates (SVR)

These rates oscillate back and forth as is not fixed. The amount can be adjusted time after time. These variations are done by lenders who believe that the rates will fall over time. In case of falling rates, the borrowers can take advantage by not refinancing.

The more money you save, the better deals you get. It is not always necessary that you will get the full amount of the property’s real value. Such deals only come with a high rate of interest, unlike other loans where you get low interest deals. Generally, banks and lenders offer you 95% of the loan and remaining 5% becomes your deposit. If you are able to save 10% then you will be having wider choices. But the best rates are saved for the borrowers having huge deposits. For example: If you are able to manage 40% savings then you are likely to get minimum interest rates.

So, if you are a first-time buyer, try to have large deposits because then you will automatically unlock the doors of a wide range of mortgage deals and products at competitive prices. The first-time buyer always remains in an advantage. If you manage to save some funds for yourself, you will explore diverse ranges of deals according to your own convenience.

Our mortgage agents will give you the deals that you will not have to spend your entire savings on your new house. You will come across amazing alternatives and approaches that will benefit you outstandingly.

Our expert agents will lend you the amount you need by not disturbing your credit score. You will come across better and realistic plans and let you receive the funds you need. After you get the suitable deal, the agents will keep in touch with you in case you need help in future regarding mortgage references or property issues.

Contact us

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