FIRST-TIME BUYERS
Buying your first home is an exciting milestone, but it can also feel overwhelming. At Oundle and Stamford Mortgages, we're here to guide you every step of the way.
As a first-time buyer, you may have many questions about how the process works, from understanding mortgage options to saving for a deposit. Whether you’re employed or self-employed, we’ll help you navigate the process with ease.
Financial Guidance
Understanding your finances is the first step to securing your dream home.
Here’s what you need to know:
Mortgage Types:
Choose from fixed-rate, variable-rate, tracker or offset mortgages tailored to your needs.
Deposit Requirements:
Most first-time buyers need at least 5% of the property’s value as a deposit.
Loan-to-Value (LTV):
The amount of money you borrow compared to the property’s value. A lower LTV often means better mortgage rates.
Affordability Checks:
Lenders will assess your income, expenses, and credit history to determine how much you can borrow.
Step-by-Step Process
Your journey to home ownership:
1. Initial Consultation:
Discuss your goals and pre-approval.
2. Finding a Property:
Work with estate agents to view and shortlist homes.
3. Making an Offer:
Submit your offer and begin the legal process.
4. Mortgage Application:
Finalise your mortgage and receive your offer.
5. Exchange Contracts:
Commit to the purchase and arrange insurance.
6. Completion Day:
Receive your keys and move into your new home!
Government Schemes
Take advantage of government-backed schemes designed to help first-time buyers:
First Homes: Discounts on selected new-build properties for first-time buyers.
Shared Ownership: Purchase a percentage of your home and pay rent on the rest.
Right to Buy: If eligible, buy your council or housing association home at a discounted price.
Learn more about these schemes on our blog.
Your home may be repossessed if you do not keep up repayments on your mortgage.
What Our Clients Say
Client trust and satisfaction are at the heart of what we do. Here’s what our clients have to say about working with us.
Harry LEE-Smith
My experience of using Oundle and Stamford Mortgage Services has been 10/10, I have had no problems at all, the communication has been superb and really makes the whole process so much easier for a first-time buyer like myself. Jess has been superb and will always take time to answer any questions I have! Jess has also been so quick to reply which makes a huge difference, I would highly recommend Oundle and Stamford Mortgage Services to anyone thinking of getting a mortgage advisor.
faq
Specialist Mortgages
Most lenders prefer a fair to good credit score, but options are available for those with limited credit history.
Typically, you’ll need at least 5% of the property’s value, though saving more can help secure better mortgage terms.
Yes, we work with lenders who specialise in self-employed mortgages. Typically, you’ll need at least two years of accounts or tax returns, however there are some lenders who may consider one years of accounts.
Aside from your deposit and mortgage payments, you’ll need to budget for mortgage fees (such as potential lender arrangement fees), legal fees, home surveys, moving costs and insurances.
Ready to take the first step towards homeownership? Contact our friendly team today for expert advice tailored to first-time buyers.
Oundle and Stamford Mortgage Services Ltd is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority. You can find Stonebridge Mortgage Solutions Ltd on the FCA register by clicking here. Oundle and Stamford Mortgage Services Ltd is entered on the Financial Services Register under firm reference number 842633. Registered Office: Oundle and Stamford Mortgage Services Ltd., 2a New Street, Oundle, PE8 4EA. Registered Company Number: 11811100. Registered in England and Wales.
Please note: Your home may be repossessed if you do not keep up repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage. As with all insurance policies, conditions and exclusions will apply. Not all Buy to Let Mortgages are regulated by The Financial Conduct Authority.