First-Time Buyer Mortgages
At Rosewood Wealth Management, we specialise in helping first-time buyers get on the property ladder. If you’re looking to purchase your first home, we can review your financial circumstances to recommend the most appropriate first-time mortgage deal for you. Working with lenders on your behalf, our skilled advisors aim to ensure that buying your first home is as stress-free as possible.
The Most Suitable Mortgage Deal
Having a mortgage can be a very daunting prospect; there are hundreds of different deals available which can make the process seem overwhelming. With Rosewood’s comprehensive approach to financial advice, you can be certain that you are receiving high quality first-time buyer mortgage deals based on your specific circumstances.
A mortgage for your first home
When you decide to take the first steps towards buying your first home, it’s good to know that you have Rosewood on your side. We look at the big picture, considering your current and future financial goals, personal aspirations and lifestyle choices to find the most suitable mortgage product for you. Part of our service involves helping you to be realistic about the amount you can spend on your first home. As independent financial advisors, we have access to an extensive range of mortgage products from different lenders. This means we can find the most affordable deal to meet your individual needs including portability.
Impartial financial guidance
Buying your first home is a huge financial commitment. With so many first-time buyer mortgages available on the housing market, it’s important to seek impartial financial guidance that you can trust. Rosewood’s knowledgeable advisors will help you secure a mortgage that’s adapted to your unique needs and circumstances.
If you’re looking to take out your first mortgage, Rosewood is here to support you every step of the way.
Your home may be repossessed if you do not keep up the repayments on your mortgage.
F.A.Q.s
Frequently asked questions
How much deposit do I need to buy a house?
Typically, you need to try to save at least 5% to 20% of the purchase price.
For example, if you want to buy a home costing £150,000, you’ll need to save at least £7,500 (5%).
Saving more than 5% will give you access to a broader range of more affordable mortgages available on the market.
Budget for the other costs of buying a home
In addition to your monthly mortgage payments, there are additional costs when purchasing a home.
These include:
- Survey costs
- Solicitor’s fee
- Removal costs
- Buildings insurance
- Initial furnishing and decorating costs
- Mortgage arrangement and valuation fees
- Stamp Duty – Discuss this with your adviser to understand whether there are any reliefs available at the time of purchasing your first home.
Make sure you can afford your monthly repayments
As a first-time buyer, the most essential thing to bear in mind is whether you can really afford to take this step.
It’s a good idea to work out a budget before you start looking at properties.
As part of the mortgage application process, you’ll need to show the lender evidence of any outgoings you have and prove your income.
What is a Decision in Principle (DIP) and why do I need one?
A Decision in Principle (DIP) is an indication from your lender of how much they would be willing to lend you for your mortgage. When applying for a mortgage, most lenders request a DIP to be submitted alongside the more detailed mortgage application. A DIP is usually calculated using a soft credit check but not always, meaning your credit score will not necessarily be affected by the results. This makes a DIP a potentially risk-free way of checking your lending eligibility.
Start your mortgage planning journey now
As experts in the mortgage industry, we know that everyone’s circumstances are unique. By taking a personalised approach to mortgage planning, we aim to empower you to secure a future-proof mortgage deal that is appropriate for you.