Residential Mortgages

First time buyers

Buying a house is one of the most important purchases you will make, and buying a home for the first time will be an even more daunting prospect.
Add to this the vast array of mortgage products available from a wide range of sources, and you are left with a high-stress, confusing decision.
Thomas George Finance is committed to taking away this confusion and making the process easier to understand.

First Time Buyer FAQs

Buying your first home can be a costly process
The mortgage market and getting a mortgage loan can be daunting for first-time buyers.
Read these frequently asked questions for more information about buying a home for the first time.

As a first-time buyer, why should I buy instead of rent?

Buying a house as a first-time buyer is an investment. When you rent a house, the amount spent on rent goes into the pocket of a landlord. However, when you own your house, every penny you spend on mortgage repayments and improvements is an investment for your future.
Furthermore, house prices have more than often climbed every year and whilst there are occasional downturns, in the long run capital growth of this asset can be expected, therefore owning a house can be a fast way to build wealth. Furthermore, having your own home means having your own space.

I ran up some debt as a student and missed repayments, I have bad credit. Will this stop me from becoming a first-time buyer?

Being a bad credit first-time buyer does not automatically prevent one from buying property, however it can make the process more difficult and mortgage loans more expensive.
Thomas George advisors will be able to assess what your best options are.

As a first-time buyer, how much mortgage deposit do I need to buy a house?

The amount of money you need for a mortgage deposit will depend on a number of factors, including your credit history, the type of mortgage you want to get and the value of the property you are trying to buy. First-time buyers typically need to save over 5 per cent of the property value, although under 10 per cent of property value may attract higher lending charges. Other types of mortgage loan, such as a guarantor mortgage have increased in popularity to help first time buyers enter the market place, parents are putting to use some of the excellent growth they have achieved  themselves on the property ladder, to help their children  potentially achieve similar gains in the future.

What extra costs do first-time buyers incur when they are getting a mortgage loan?

There are a variety of extra costs on top of simply making a monthly mortgage repayment. These include obvious external costs such as council tax and utilities, as well as a number of mortgage-related costs such as stamp duty, legal fees and valuation fees.

As a first-time buyer, what do I need to have with me when applying for a mortgage loan?

This can include identification, tax and income records, bank statements and payslips and evidence of other assets. The more information you are armed with to inform the lender of your financial position the better.
Thomas George Finance will let you know exactly what information will be required as it will differ from applicant to applicant.

Your home may be repossessed if you do not keep up repayments on your mortgage.