First Time Buyer Mortgages in Dorset

PUBLISHED: 17 March 2022
DISCLAIMER: The information in this blog post may be outdated and may not reflect current financial practices or market conditions
Getting your hands-on first-time buyer mortgages in Dorset can be a difficult task but our team is here to give you all of the right advice that will most benefit you. There is a lot of conflicting advice out there and sometimes it’s hard to know what is right and what is wrong; But you can know for sure when you speak to one of our very experienced team members. Our advisors will be able to assist you throughout the whole process from the initial contact, finding out how much you can borrow, getting a breakdown of the costs involved and obtaining an agreement in principle, making you a qualified purchaser and a desirable buyer for many estate agents and sellers alike.
First Time Buyer Mortgages in Dorset
Before you even think about buying a home you have to make sure that you have been saving each month to accumulate a good amount of wealth to put down as a deposit on your chosen property, we always say that bigger is better when it comes to deposits for a property. This is because a borrower’s deposit is a lenders protection. When deciding whether or not to accept a mortgage application, lenders have to think about the challenge potential borrowers may encounter during the life of the mortgage. Having a bigger deposit will make these challenges less significant to the mortgage and therefore will increase your chances of being accepted. A bigger deposit will also bring down the monthly repayments and be seen as more affordable.

When a mortgage lender is looking at your application and your finances, they will want to see that you have everything in order and that you aren’t spending your money things that aren’t necessary. For this you will need to make sure that you reduce your outgoings to only spending on things that you need and not spending your money on anything that might be considered as not important. Reducing your debt or being debt free will also help as it will show that you don’t have any other significant payments coming out of your bank each month. Having a regular income is also very important because if your income isn’t guaranteed each month then the lender could reconsider what they can lend you.

As well you can also get help from the government with help to buy schemes, these schemes are available to people buying new built homes; Provided that buyers can put down a deposit of at least 5%, the government will lend up to 20% of the purchase price of the property. This will mean that you then only have to get the remaining 75% of the property purchase price on a mortgage.

Contact Us For First Time Buyer Mortgages in Dorset

If you are interested in the advice and help, we can offer to you please make sure you get in contact with us and one of our team members will be able to help you. If you are wondering what our customers have said about us go and take a look at our Google Reviews.