FIRST TIME BUYER

MAKING BUYING YOUR FIRST PROPERTY EASIER WITH GREAT MORTGAGE DEALS

Although buying your first home or property can be an exciting decision that comes with many long term benefits, not having the right support and guidance throughout the property purchase or mortgage process can bring confusion and unnecessary stress.

At Cedar Crest, we are committed to making UK mortgages simple. Our experienced mortgage advisers can help you buy your first home, your first buy to let or investment property through our bespoke solutions and great mortgage deals.

We've helped hundreds of UK Residents and Expats buy their first home or property. There are plenty of first time buyer mortgage options which make it easier for people to get on the property ladder, with deposits as little as just 5% required.

Contact us to learn more about the existing first time buyer mortgage deals.

FIRST TIME BUYER GUIDE TO UK MORTGAGES

HOW MUCH OF A DEPOSIT DO I NEED?

A deposit is a large upfront payment payable upon completion of your purchase and is also held by your solicitor. A lender will typically ask for a 10% deposit, but this can be as high as 25% for poor credit mortgages.

The larger the deposit, the smaller the loan. The deposit is also based on the purchase price so if you would like a ₤ 200,000 home and the loan to term (LTV) is 85% you would need to have a 15% deposit equating to ₤ 30,000.

TYPES OF REPAYMENTS

You can take a mortgage that's interest only or capital and interest. With an interest only mortgage, you pay the interest only monthly and make ZERO contribution to the loan capital. This means you only ever pay the interest and must pay the total loan in advance. With a repayment mortgage, or interest and capital, you pay off the loan and interest monthly. At the end of the repayment term you would have paid the loan and interest in full and have nothing more to pay.

A repayment mortgage does cost more monthly than an interest only one, but lenders will expect you to have a repayment vehicle with an interest only mortgage. Depending on the investment, this may make your payments the same as or more than a repayment mortgage.

TYPES OF INTEREST RATES: FIXED OR VARIABLE

A fixed rate mortgage guarantees your mortgage payments over the product term (3 year fixed deal for example). Irrespective of what happens with the Bank of England's base rate, your mortgage repayments are fixed for the term.

With a variable rate mortgage, your repayments can be less foreseeable. There are many types of a variable rate mortgage like capped, tracker, collar and cap and it is worth discussing their risks with your mortgage broker.

WHAT IS THE MORTGAGE LOAN TERM?

The number of years you choose to pay your mortgage over is known as the "term". Most lenders offer mortgage terms from 5 to 40 years, but this depends on your age, type of work and expected retirement age.

WAYS TO OWN A PROPETY: FREEHOLD OR LEASEHOLD?

There are three ways to own a property, however, we are mortgage brokers and not solicitors. If you have any questions about property ownership, we would always recommend you speak to your conveyancer.

FREEHOLD

You own the land and everything on it.

LEASEHOLD

You own the property but not the land it sits on. You lease the land from a freeholder and pay them ground rent. Lenders don't tend to offer mortgages on leases with 85 years or less left on them.

SHARE OF FREEHOLD

Much more common within a block of flats, you will be the leaseholder but will be part of a group of leaseholders who control the freehold.

BOOK FREE CONSULTATION

WHY CHOOSE CEDAR CREST FOR
YOUR FIRST TIME BUYER MORTGAGE?

IMPARTIAL AND UNBIASED ADVICE

Because we're completely independent, we don't have a hidden agenda and can truly search for the very best mortgage deals and mortgage terms for you:

First Time Buyer Residential Mortgage

First Time Buy to Let Mortgage

First Time Expat Mortgage

THOUSANDS OF MORTGAGE DEALS CONSIDERED

Cedar Crest is FCA regulated and works with a wide range of lenders, from high street banks and building societies to specialist lenders and private banks.

No matter your circumstances or how complex your case might be, we can provide the best mortgage solution for UK Residents and Expats.

BESPOKE SOLUTIONS & EXPERT GUIDANCE

Our knowledgeable mortgage advisers can take the trouble and stress out of the mortgage process.

We start by listening to your needs and understanding what is important to you and try to remove as much of the administrative burden as possible.

We will keep in touch throughout the mortgage process, working on your behalf to secure the best deal and mortgage experience.

LEARN MORE

Only UK based residential mortgages are regulated by the Financial Conduct Authority. Buy-to-Let mortgages and Expat mortgages are not regulated, and are unlikely to be covered by the Financial Ombudsmen Service or the Financial Services Compensation Scheme

OUR MORTGAGE TOOLS

MORTGAGE GUIDES & MAGAZINES

Our FREE guides and magazines focus on key topics, news and updates related to the UK property market to assist you on your next property or home purchase.