We make getting a first time buyer mortgage stress-free
As a first time buyer, buying your first home is a really exciting time – but it’s a daunting one too. At Clever Mortgages we’re here to help. Your dedicated adviser will talk you through every step, to make sure that you get the right mortgage to match your specific needs.
- Reassurance from an understanding team
- Experience of obtaining first time buyer mortgages
- Available to those with bad credit
- Access to a comprehensive range of mortgages
- Access to specialist lenders, not only those on the High Street
FAQ for first time buyers
This depends on several factors, including:
- Your income
- Your credit rating
- How much you spend each month
- Whether you have a deposit and if so, how much
Lenders want to be certain you can afford a mortgage, so they’ll look at how much you earn, how much you spend, and consider the added cost of running a home. This helps them work out how much you could potentially afford for a monthly mortgage repayment.
The lender you borrowed from will secure the mortgage against the property you buy, until you have repaid it in full (plus interest).
Complete our short form and see how much you could borrow >> Click Here <<
With a first time buyer mortgage, or any mortgage for that matter, the basic rule of thumb is to put down as much as you can toward the purchase price. Deposits are viewed as a percentage of the property value. The smallest deposit you can expect to find is just 5% of the value, although this is likely to create only a small pool of lenders willing to lend 95% of the purchase price.
The loan to value (LTV) should be as low as possible for you to access the most competitive mortgages. For example, if you can supply 15% of the purchase price as a deposit, lenders will view you as a lower risk candidate for a mortgage. You could think of it as you sharing the risk with the lender, you are putting down your own money and the lender the rest.
Your credit score can be crucial when taking out your first time buyer mortgage. It shows lenders whether in the past, you’ve been able to maintain full payments on time.
As you haven’t previously taken out a mortgage, lenders look at other forms of credit you may have had, such as:
- Car finance
- Personal loans
- Credit cards
- Phone contracts
Repaying any form of credit on time will help boost your credit score. This can make it easier to get approval for a mortgage, especially when you’ve never had one before.
If you’ve not had any loans or credit cards before, you may have a low credit score as there hasn’t been any debts to assess your payment history. We can look at low credit score mortgages for you.
If you have a history of bad credit, you may wish to consider looking at bad credit mortgage options. Our advisers can guide you on that topic and suggest lenders who focus on people with bad credit scores.
Mortgages traditionally run for 25 years, although they can be longer (some up to 40 years) or shorter depending on your situation. However, few first-time buyers stay on the same mortgage deal for the life of the mortgage. It is common to switch deals or even lenders partway through – and sometimes a homeowner will do this more than once.
It’s a good idea to think about the type of mortgage that you want first. You can then look for that specific type rather than searching more generally.
Our advisers can help search the market for a competitive mortgage, based on your personal details, background, and affordability status. They have extensive experience of the marketplace, enabling them to assess the best lenders and mortgages for people in your situation.
Complete our short form and an advisor will contact you and explain the process and how much you could borrow >> Click Here <<
Can you get a first-time buyer mortgage with bad credit?
We help customers do just that!
Our customer Mr D was able to:
Get on the property ladder, and move out of rented Secure a fixed rate of 2.99% Find a 95% mortgage
Our client had been in an IVA, which he’d managed to clear. Since the IVA, he’d managed to save money for a deposit towards a house purchase. In the meantime he was renting, and paying £425 a month to his landlord.
We were delighted to be able to help him take that important step onto the property ladder, and get back on track. His deposit was only small, but we found a great deal on a 95% mortgage, at a very competitive rate for this level of 2.99%. This is a fixed rate for 2 years, after which we’ll be able to look at even better deals once he’s had that period to build some equity in the property.
| Balance | Monthly Payment | Rate | Product | Term | |
|---|---|---|---|---|---|
| New Mortgage | £113,050 | £584.91 | 2.99 | 2 Year Fixed Rate | 22 Years |
New Mortgage
| Balance | £113,050 |
| Payment | £584.91 |
| Rate | 2.99% |
| Term | 22 Years |
No obligation advice on first time buyer mortgage
Have you ever wondered how much you could borrow?
Complete our quick and simple form to get an overview of how much you could potentially borrow and estimated monthly payments.*
How much could you borrow?
Wondering how much you could potentially borrow and how much a mortgage might cost you?*
Use our free interactive mortgage form to tell you.
Our mortgage advisors will then speak to you in more detail for a free, no obligation mortgage quote.
6 Great reasons to choose Clever Mortgages
Specialists in bad credit
Every member of our team is trained in bad credit situations and know how to find the right solutions for customers – helping them get the mortgage that’ll get them back on track.
Over 100 lenders
The number and quality of lenders we work with means we have access to a diverse spectrum of best-rate deals. The lenders we use means we have all areas covered – even for those in particularly niche circumstances.
Not every case is the same
As each customer’s situation is unique, we take the time to understand your situation, and we carefully assess your goals and how we’ll make sure the mortgage we get helps you to achieve them.
Access To Exclusive Rates
The relationship we have with our lenders means we have access to products and deals that simply aren’t available to customers going direct. This is true particularly for those in adverse credit situations.
Offering the best support
We know that buying or moving house and getting a mortgage is stressful, so we do our upmost to make the process as hassle-free as possible. We’re there for you at every step, always keeping you in the loop.
Excellent Reviews
We’re proud of our long-standing 5 Star Rating on Trustpilot, and love all the positive feedback we get from customers every day. We feel privileged to help people get a great deal with far less stress.
Why use a mortgage broker for a first time buyer mortgage?
Most of our customers have had some form of credit difficulties, from low credit score, missed payments or declined a mortgage elsewhere.
- Valuable knowledge, through years of experience helping customers
- Bad credit / poor credit experts
- Find the right mortgage first time
- Some mortgages are only available through a broker
- Help with the application process
- Advice on all options available, such as help to buy, guarantor or shared ownership
- Read more on what a mortgage broker does for you
About Clever Mortgages
We specialise in assessing an individual’s situation, and finding the right mortgage solution for them. We can help:
- With remortgages, buy-to-let, and first-time buyers mortgages. We have experts who cover these areas
- Even if you’ve got bad credit – we help people every day with a variety of credit histories to find the right mortgage
- With applications, as we’ll take the hassle away. We require your details once and we’ll know the best lenders for your circumstance
- Our team know the lenders that are most likely to say ‘yes’, and give you the best rates
What should I do next?
- You enquire online with us today or request a call back
Our simple form takes a couple of minutes to fill in, this gets the ball rolling
- One of our experts will give you a call to find out more about your situation
We have experts in remortgaging, who focus solely on helping customers save money
- We do all the hard work for you
We search the market for the trusted lender that’s right for you
- Our expert will get back in touch
We can guide you every step of the way, and we’ll always keep you up-to-date with progress
Speak to a broker
Alison Tetlow
Alison is a specialist mortgage broker who has been working for Clever Mortgages for 9 years helping customers with bad credit and has over 25 years experience within the mortgage and housing market.
Call us on: 0800 197 0504
Below are some of the lenders we work with
