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First Time Buyers

Specialist Advice For First Time Buyers

Getting Your Foot On The Ladder

Buying your first home is an exciting time but with this possibly being the biggest investment you could ever make it can also be a daunting proposition. With so many mortgage products in the market place it can be hard to pick which one is best for you. This can all depend on how much deposit you have for the property right through to whether you are employed or self employed? It is always advised to explore your options on affordability before finding a property to ensure you are in the very best position to buy but also understand fully how much you can borrow.

Having made a successful offer for property, your advisor will then handle all the complex paperwork, again working with the lender, solicitor and surveyor throughout the purchase to ensure that buying your new home is a thoroughly stress-free experience

For further information on how we can help you please contact us today!

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

To ensure that you are fully aware and prepared to buy your first home, it is essential to get a clear understanding of the process ahead. Here at Stanford Mortgages we are on hand to guide you through this process from the very beginning!

  • Find out how much you can borrow
  • Find your first home
  • Negotiation and getting a price agreed
  • Apply for a mortgage
  • Instruct a conveyancer to act for your purchase
  • Arrange for a survey of the property
  • Mortgage offer issued
  • Sign contracts and documents for purchase
  • Exchange contracts
  • Complete the purchase
  • Congratulations you are now a home owner!!

It is essential to ensure you are in the very best position to buy your next home prior to searching for your new home. It is therefore strongly advised you find out how much you can borrow first to ensure that if you find you next home you are best placed to make a successful offer for the property and presenting your position in the best possible light. Estate Agents have a duty of care to the sellers of the property to ensure that the buyer has their finances in place in order to proceed with the purchase. If you do not have the relevant decision in principle from your chosen lender, this may delay the negotiation process for your dream home leaving it on the market for other prospective buyers.

Further details can be obtained from the HMRC website.

What type of Mortgage product is best for my needs?

Fixed rate: This type of mortgage has a fixed interest rate for a set period with typical period ranging from two to five years and right through to 10 years in some cases. These offer the advantage of a set repayment amount but can leave you paying more if interest rates were to fall. At the end of the fixed period you will be automatically placed on the lender’s standard rate (SVR) once the fixed rate period ends.

Variable rate: Usually the lender’s standard mortgage. The interest rate varies according to market circumstances. The Bank Of England’s base rate has an influence to how the lender set their rates but the lender ultimately controls the rates they charge.

Capped Rate: These are similar to a variable rate mortgage, but with an upper capped limit in place to the mortgage rate which guarantees that your mortgage rate will not go higher than a pre agreed rate.

Tracker: The interest rates on this type of mortgage are pinned to a base level – usually the Bank of England base rate. The rate you pay will be a fixed amount above the base rate and will change in line with the bank of England’s base rate changes.

Offset: This is a combination of mortgage and savings account. Interest is only due on the difference between your savings and the outstanding mortgage balance. A guaranteed ability to repay an amount means that the lender is taking less of a risk and can pass those benefits on.

Flexible: With this mortgage type, you can make larger repayments when it is suitable. Once you have overpaid, you can then choose to make lower payments temporarily if you need to in the future. This flexibility offers an ability to manage your repayments to suit your financial needs.

Speak to one our highly experienced Mortgage & Protection advisors who will talk through the different types of mortgage products available to you.

Eastleigh Office

Stanford Mortgage & Financial Eastleigh
6 High Street, Eastleigh, Hampshire,
SO50 5LA

023 8064 7272

Bitterne Office

Stanford Mortgage & Financial Services
394a Bitterne Road, Bitterne, Hampshire,
SO18 5RS

023 8202 9966

Head Office

Stanford Mortgage & Financial Services
394a Bitterne Road, Bitterne, Hampshire,
SO18 5RS

023 8027 5858

Mortgage Calculator

These figures are only illustrative. All mortgages are subject to the applicant(s) meeting the eligibility of the specific lender. An assessment of your needs will be confirmed before a recommendation can be made. 

Stamp Duty Calculator

Please be aware these figures may vary depending on the term and interest rate of your mortgage. If you’d like some guidance on the right mortgage for you, one of our advisers will be more than happy to speak to you.