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Why Choose Us

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5-star reviews on Google
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years we have been as independent mortgage and protection brokers
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customer satisfaction for finding the best deals on the UK market
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Why Choose Ascot Mortgages

0 %
5-star reviews on Google
£ 0
total donated to various charities
0
years we have been as independent mortgage and protection brokers
0 %
customer satisfaction for finding the best deals on the UK market

What Our Clients Say About Us

5.0 Based on 135 reviews from review us onNicholas S. ★★★★★ Fantastic service. Ellie and Jardelle were always quick to reply to any queries and very helpful throughout the process. Highly recommend!Stacey S. ★★★★★ Jason was brilliant to work with! Always on top of the transaction! Would highly recommend 👍Scott ★★★★★ Although I've not bought anything yet, they (Jason in particular) have been super helpful in my search for the right mortgage deal, whilst also giving an honest opinion during these difficult times. Would highly recommend.Sandra I. ★★★★★ Fantastic from start to finish! Natalia and Jason found me the best rate for my remortgage and they were extremely efficient! Best service I’ve ever received from a brokerage company. Thanks so much.Virmantas N. ★★★★★ Amazing service and great communication. Ellie Morgan had quickly completed all requests and over delivered all expectations.Highly recommended for those who want to get the stuff done without any delays!David W. ★★★★★ I have used ascot for 3 renewals since they done helped me with my purchase which was complicated and will continue to use them going forward. Very fair prices and very helpful and knowledgeable even with just general information.Adam B. ★★★★★ Natalia made life very easy for us when remortgaging. Third time using ascot always a breezeTaff G. ★★★★★ Ascot Mortgages have been brilliant. Easy to work with and incredibly helpful. I am always happy to recommend them. Natalia and Jason have made the whole process much easier than I was expecting. Excellent service.Daryl L. ★★★★★ We've had a fantastic experience with Natalia Barry and Jason Jones at Ascot Mortgages for our property purchases and refinancing. Their expertise, coupled with genuine care and understanding of our needs, made the process smooth and stress-free.They were consistently communicative, keeping us informed at every step. Their assistance in consolidating our protection cover was invaluable, simplifying what could have been a complex process.What set them apart was their personal touch – always polite and ready to pick up the phone for a chat. This level of personal engagement is rare and much appreciated.In short, Natalia and Jason are not just skilled professionals but also truly dedicated to their clients. We highly recommend their services to anyone in need of mortgage advice.Jason J. ★★★★★ Great company!Sarah A. ★★★★★ I have used this firm for several years and they have always been super helpful and supportive, attentive and resolved issues in really useful ways. Shout out to Alison, Ellie and Jardelle (and the team!)Georgia W. ★★★★★ We worked with Ellie to secure our mortgage and protection, and she was a dream! Being a first time buyer, I was quite clueless about the process, and in a time where mortgage rates have been quite high, she worked right til the end to make sure we were getting our mortgage at the best possible rate and was always available to answer all questions I had. Can't recommend enough 🙂Richard D. ★★★★★ Laura S. ★★★★★ As a first time buyer, trying to navigate through potential mortgages was a very daunting thought. Ascot Mortgages were recommended to me and I've been extremely happy with the service provided. They have guided me through every step and I finally have a mortgage. Very pleased and would recommend.Lucy B. ★★★★★ Having Phil as my mortgage advisor was great from the very start! He is down to earth and speaking to him was always a pleasure. The kindness, compassion and support I have been given all the way through what can be a stressful process was immeasurable. Phil and Jardelle worked as a solid team and was able to make me feel at ease all the way through buying my first home. The team were always available and the communication between everyone was always clear and I felt safe in the hands of the company as a whole. Thank you for helping me buy my first home!Flora R. ★★★★★ I worked with Richard (Protection Adviser) for a couple of days to sort out life and critical illness insurance. Absolutely brilliant, he found me and my husband the perfect policy. Very knowledgeable and easy to get on, he definetely makes things easy to understand. Thank you for the great service provided.Matthew R. ★★★★★ I've dealt with Phil at Ascot Mortgages for a while now and Phil always comes back back to me with the right plan.Keep the good work up!rafal W. ★★★★★ I would thoroughly recommend Phil Greenwood at Ascot Mortgages ltd to anyone looking to seek advice on purchasing a home.Phil was absolutely fantastic. He made the process very smooth and easy and was always there to answer any questions I had.Shahid L. ★★★★★ This company has been truly amazing in constantly giving me the support and help i need for my mortgage and for their continuous work ethic guiding customers like myself and educating them into making the best possible decisions. My special mention goes to Phil Greenwood who deserves every single credit for his brilliant work and communication skills. The more I got to work with Phil, the more he gained my respect as he is a hugely likeable man and possibly the best mortgage advisor yet. Even after I finished my time with Ascot Mortgages, I will never lose my trust in the company and I hope they exceed their business and gain even more success and popularity.Best wishes,Shahid Latif and familyPretty L. ★★★★★ Phil helped me renew my mortgage. He was great at keeping me updated with any rate changes and secured a lower rate than at the time my mortgage went through. Thank you Ascot for your supportNikki E. ★★★★★ Huge thanks to Richard Johnson for sorting out all of my insurance policies! I had accumulated a variety of life cover and various other policies over the years that all needed a good review and refresh. Richard was extremely patient and helped me to remove the duplication and choose the best cover to suit our current needs. I have used Ascot Mortgages for over 12 years and have met several members of the team, always finding the right help and support to work through what can be a complicated and stressful time. Thanks again, Richard!Andrew T. ★★★★★ Working with Richard at Ascot has been a great experience. He listened to us and was very professional throughout. This was our first experience with Richard but we've been using Ascot now for 6-7 years. Thank you all at AscotAngie B. ★★★★★ Always give a great service and find you a mortgage in a timely fashion.Alison is awesomeAndrew M. ★★★★★ We have used Ascot Mortgages for over 5 years now and have had excellent service throughout, primarily with Alison and Kevin. Our latest dealings have been with Richard Johnson who although new to us (and to Ascot I believe) has once again provided the 5 star level of service we have come to expect. His product knowledge is excellent offering a range of options supported with consistent communication and updates, always available on the phone or on email every step of the way.Ali H ★★★★★ Excellent service, a big thanks to Natalia Barry for her excellent support with my buy to let mortgage application, Natalia was professional, transparent, and kept me informed during all the process, and thanks to Jason jones for his assistance and support.js_loader

First Time Buyer Mortgages

Buying a home is an exciting journey, and securing the right mortgage can make the path smoother. For first-time buyers, this process can be overwhelming, but there are numerous first-time buyer mortgage deals designed to ease the financial burden. Whether it’s navigating interest rates, understanding various mortgage schemes, or determining your ability to borrow, this comprehensive guide offers insights to support you at every step of your home buying journey.

Written by:

Alison Gibson

Ascot Mortgage Expert

Last Updated:

09.11.2023

Written by:

Alison Gibson

Ascot Mortgage Expert

Last Updated:

09.11.2023

Who Qualifies as a First-Time Buyer?

Anyone who is buying their first property can apply for a first-time buyer mortgage. Lenders will typically examine your credit history, financial stability, and overall affordability to assess if you qualify for their products.

Check Your Credit Score

Before applying for a first-time buyer mortgage, it’s essential to review your credit score to ensure there are no discrepancies. A strong credit rating will influence the interest rate and mortgage deal you’re offered.

The way you have already managed your bills and debts if any is measurable and transferred into a points system. Depending on what CRA you deal with, the credit score paradigm will differ.

  • To succeed with Experian in the UK, you have to gain at least 721 points for a fair outcome and 881 and 961 points for good and excellent results consequently.
  • TransUnion’s system of evaluation differs — at least 566, 604, and 628 points for the same productivity.
  • Equifax estimates people as owners of fair credit scores with at least 380 points. For good and excellent marks, you have to be graded with not less than 420 and 466 points for the appropriate category.

To improve your credit score before applying for a first-time buyer mortgage, it is reasonable to pay bills on a timely basis, opt for open banking data for its expected dominance in terms of executive time and strategic plans efficacy, and end your current credit to avoid multiple applications, to mention a few. This will help prove that you are enabled to effectively manage your finances.

Mortgage Repayment Calculator

Save up a Cash Deposit

The majority of lenders in the market demand at least a 10% down payment to get started. To cope with this one of the largest obstacles for first-time buyers, saving up for a deposit is a well-known strategy. Here are some recommendations to climb this housing ladder in a more productive manner:

  • Work with savings accounts and rates in more detail. For instance, you can register a Lifetime ISA account to make contributions during a tax year (up to £4,000) and obtain a governmental incentive of up to £1,000 annually (a 25% bonus).
  • Track the industry for new offers and first-time buyer mortgage deals. Given increased interest rates, modern brokers provide more special deals and agreement conditions to entice customers. Aside from non-profit offers, keep an eye on the schemes backed up by the government.

Talk to a Mortgage Broker to Get an Estimate

A mortgage broker can help you understand your options and find the first-time buyer mortgage rate that suits your needs. They can compare various lenders and offers, allowing you to make an informed decision.

First-Time Buyer’s Deposit

The First-time buyer’s deposit is typically at least 5%-10% of the property value. However, higher deposits often lead to better mortgage deals and interest rates.

Which Type of First-Time Buyer Mortgage is Best for Me?

The best first-time buyer mortgage depends on your individual financial situation, the property value, and your long-term plans. Speaking to a financial advisor can help tailor the right product for you.

How Much Can I Borrow as a First-Time Buyer?

The amount you can borrow as a first-time buyer depends on your income, outgoings, credit rating, and the lender’s criteria. Generally, lenders might offer loans up to 4-5 times your annual salary.

Alison Gibson

Ascot Mortgage Expert

Embarking on Your First Mortgage Journey

What Our Expert Says...

Stepping onto the property ladder with a first-time mortgage is a monumental milestone. While it’s an exciting chapter, it can also be daunting with the many choices and considerations. As a novice, understanding your borrowing capacity, the range of available products, and the intricacies of interest rates is vital. It’s crucial to budget not just for the property but also for associated fees and potential rate changes in the future. My advice? Dive deep into research, take an holistic view of your finances, and never shy away from seeking professional guidance. A solid foundation now ensures a smoother journey ahead.

Types of First-Time Buyer Mortgages

The title of the best first-time buyer mortgage doesn’t belong to the one and only solution in the UK. The reason for that is clear — your personal conditions and plans predetermine how successful this or that chosen plan can become in your particular case. That’s why getting acquainted with the entire palette of first time buyer mortgages will pay it off.

Fixed-Rate Mortgages

These offer a fixed interest rate for a set period, providing stability in monthly repayments.

Tracker Mortgages

Tracker mortgages follow the Bank of England base rate, offering potential savings if the rate drops.

Discounted Variable-Rate Mortgages

These mortgages offer a discount on the lender’s standard variable rate, which can reduce monthly payments initially.

Standard Variable Rate Mortgages

After your current deal expires, your plan typically switches to this alternative. It is a highly-fluctuating deal in the UK, which provides more freedom to lenders to operate interest rates as they want. If the base rate increases, they can decide to either leave their SVR the same or more likely enhance their offers by 1% or more per cent.

Offset Mortgages

Offset mortgages link your savings account to your mortgage, reducing interest costs.

Compare your options as a first-time mortgage buyer

It’s crucial to compare various first-time buyer mortgage deals, interest rates, and lenders to find the perfect fit for your needs. Utilizing a mortgage calculator, speaking with Ascot Mortgages broker, and seeking professional financial advice can all help in making an informed decision. Remember, the right mortgage for you will align with your financial stability, house value, and long-term goals.

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FAQ

A guarantor mortgage is a type of mortgage that involves a third party, usually a family member or close relative, guaranteeing the mortgage repayments on behalf of the borrower. This arrangement is more commonly now known as joint borrower sole proprietor as the guarantor essentially is included as part of the mortgage application but not included on the title deeds to the property.

Shared ownership is a form of home ownership that enables buyers to purchase a share in the property and pay rent on the remaining amount. The buyer usually pays an initial deposit, which is between 5% to 10% of the price of the share being purchased, and then pays a reduced rent on the remaining portion owned by a housing association or other organisation.

A joint mortgage is a type of mortgage that two or more individuals take out together to purchase a property. It allows multiple borrowers to combine their incomes and share the responsibility of repaying the mortgage loan.

The loan-to-value ratio (LTV) is a financial term that represents the ratio between the loan amount and the appraised value or purchase price of an asset, typically a property. It is commonly used by lenders to assess the risk associated with a loan.

Repayment and interest-only mortgages are two different types of mortgage repayment structures. Here’s an explanation of each:

  • Repayment Mortgage: A repayment mortgage, also known as a capital and interest mortgage, is a type of mortgage where your monthly payments cover both the interest on the loan and the repayment of the principal amount borrowed. Over the term of the mortgage, typically 25 to 30 years, your monthly payments gradually reduce the outstanding balance. At the end of the term, assuming all payments have been made, the mortgage is fully repaid, and you own the property outright.
  • Interest-Only Mortgage: An interest-only mortgage is a type of mortgage where your monthly payments only cover the interest charges on the loan. Unlike a repayment mortgage, you do not make any principal repayments during the term of the mortgage. As a result, the outstanding balance of the loan remains the same throughout the mortgage term. Therefore your monthly payments are less. However, lenders may restrict the maximum loan to value on an interest only basis – generally between 50% to 75%.

With an interest-only mortgage, you are required to have a separate plan or investment vehicle in place to repay the principal amount at the end of the mortgage term for residential mortgages. This could involve savings, investments, or other arrangements that aim to accumulate sufficient funds to pay off the loan. It’s crucial to ensure that the repayment plan is robust and will be able to cover the loan amount. For Buy to Let mortgages lenders will typically accept sale of the security property as the investment vehicle.

Consider a longer-term mortgage if:

  • You prefer lower monthly payments to manage your budget.
  • Affordability is a priority, allowing you to allocate funds to other financial goals.
  • You plan to sell or refinance in the near future.

 

Opt for a shorter-term mortgage if:

  • Minimizing total interest payments is important.
  • Building equity quickly is a priority.
  • You plan to stay in the property for an extended period.
  • Ultimately, the decision should align with your financial circumstances and goals.

Consulting a mortgage advisor can provide personalized guidance.

Yes, it is possible to get a buy-to-let mortgage as a first-time buyer, but it can be more challenging. As a first-time buyer lenders may view you as a higher risk and will also base their lending decision on both rental income and your own personal affordability. However, if you have a good credit score, a stable income, and a solid business plan for your rental property, you may be able to secure a buy-to-let mortgage. It’s important to shop around and compare different lenders to find the best deal for your individual circumstances which is why contacting a mortgage broker for the right advice is a good solution.

Yes, you can get a first-time buyer mortgage if you’re self-employed but most lenders would require a 2 year minimum trading history. However, additional requirements may apply. You’ll need to provide evidence of income, such as business accounts and tax returns. Lenders may request an accountant’s certificate and consider your trading history. A larger deposit may be required. Specialist lenders may cater specifically to self-employed borrowers. It’s best to consult with a mortgage advisor or lenders directly for personalized guidance.

Apply for a first-time buyer mortgage when you have prepared your finances, saved for a deposit, and are ready to commit to homeownership. Consider obtaining a Decision in Principle before house hunting. Consult with a mortgage advisor for personalized guidance.

When budgeting for homeownership, consider the following costs: –

  • Deposit: Set aside funds for the down payment on the property.
  • Stamp Duty or LBTT: Pay the property tax based on the purchase price.
  • Solicitor or Conveyancer Fees: Budget for legal services.
  • Valuation and Survey Costs: Account for property valuation and survey expenses.
  • Mortgage Fees: Consider arrangement or booking fees associated with the mortgage.
  • Home Insurance: Plan for building and contents insurance.
  • Moving Costs: Budget for expenses related to moving your belongings.
  • Ongoing Costs: Include mortgage repayments, council tax, utilities, maintenance, and service charges.

Ensure you research and estimate these costs to create an accurate budget. Our advisors are always available to assist you in finding the most suitable deal for your unique situation.

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In search of your first home? Look no further than Ascot Mortgages, your premier destination for first-time buyers. Our specialists are experts in guiding novices through the property market, providing access to an extensive array of mortgage options tailored to individual needs. Get in touch with Ascot Mortgages today to discuss your first-time buyer requirements, and set forth on the thrilling adventure towards homeownership. 

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