Martin Bright could not have done anything better, he listened to my needs, acted upon them promptly to get me the best and the right deal.
Martin was a tremendous help with mortgage and life insurance advice. His knowledge and expert advice was a real guiding light throughout the complexities of navigating both these areas for the very first time. We wouldn’t hesitate to recommend him. He is personable, conscientious and everything you could hope for in an advisor.
Your Bespoke First Time Mortgage Broker in Essex & Suffolk
The difference between Fees Free Mortgages and the ‘big boys’ is an independent service tailored to your actual situation. Click the button below to complete our First Time Mortgage Broker Essex & Suffolk on-boarding questionnaire. These initial questions give us a good overview and the end result will be a call to introduce ourselves, finish off the ‘fact find’ and then we’ll go and personally research your best options.
Buying your first home should be fun – not frightening. We provide mortgage advice for first-time buyers, helping you at every stage of the application process.
You don’t have to figure it all out by yourself. We guide you through the entire homebuying journey.
Your personal first time mortgage broker guides you through the journey, from your very first call with us to the day you move in.
You wouldn’t settle for any old home, so why would you settle for any old mortgage?
We’re an independent first time buyer mortgage broker, which means we’re not tied to any lenders.
We look at the whole market to deliver the best mortgage rates for first-time buyers.
We Can Save You Money
Your first time buyer mortgage adviser learns everything they need to know about your circumstances, so they can find you the best rates for your situation.
We could potentially save you up to tens of thousands throughout the term of your mortgage – that’s money you could spend on your new home.
We take your circumstances into account to find the best deal that suits you best.
Our Mortgages Are Fees Free
Fees free mortgages means that you don’t have to pay a large lump sum to secure the deal you want.
No need to pay any fees for arrangement upfront, which can be tricky if you’re on a tight budget.
We talk you through the available options and work out which mortgage will be cheapest overall, based on your individual circumstances.
Help To Buy Scheme
Our mortgage advisers are happy to answer any questions you have on the Help to Buy schemes. There’s no obligation and no charge for our service.
Help to Buy is a government scheme designed to help people with limited deposits buy their first property and to secure their first time buyer mortgage.
The scheme is available to both first time buyers and existing homeowners who are finding it hard to move up the property ladder.
We’re Not Just an Expert First Time Mortgage Broker in Essex & Suffolk…
We love providing whole of market mortgage advice with no fees. We believe that any interaction with us will be a positive experience because we do our best to help you achieve all your mortgage goals!
First Time Buyers
We love helping you get on to the property ladder. We’ll oversee your first purchase from start to finish!
Looking to jump-start your investments with a buy-to-let mortgage? We will find you the best deal!
We’ll review your options with your existing lender and compare them against the market for you.
Whether you’re an experienced mover, or a first-time buyer, take advantage of the 95% mortgage guarantee scheme today!
Help to Buy
Need Help to Buy advice? Our straightforward team of Help to Buy experts will put you in the picture.
Are you self-employed and looking for an excellent mortgage deal? Our simple process will explain it all to you, and give you peace of mind.
A Professional, Transparent and Genuine Approach to Mortgaging for the First Time.
Buying a house for the first time can be overwhelming, let us help with our free mortgage expertise.
Your fee free first time mortgage broker in Essex & Suffolk won’t be paid a commission based on the size of your loan, or the choice of lender. As a result, their only motivation is to get you the most suitable mortgage deal.
1. Initial Discussion
Our friendly fact find process will allow us to understand your goals and objectives. It’s also vital to understand any hurdles to remortgages at this stage. We’ll explain exactly who we are and what you can expect from our service.
2. Review the market on your behalf
We get straight to work. We explore the maze of mortgage lending criteria for you. We’ll make affordability and credit assessments ensuring the recommendations we make are suitable to your individual needs.
3. Share our recommendations with you
We’ll illustrate the facts and figures in an easy to understand presentation, including the justifications behind the recommendations.
4. Package & submit a full mortgage application
Our mortgage submission route is much easier than as ‘in branch’ experience. Why sit through a 2 hour interview with the bank when we can do this for you!
5. Oversee the process to completion
If solicitors are introduced, don’t worry. We’ll assist you with their paperwork and we can talk to them on your behalf. We’ll act as the middle man right through to completion.
Why Choose us as Your Fee Free First Time Mortgage Broker in Essex & Suffolk?
We’ll find the best mortgage deal that suits you and give you expert financial advice while taking care of your whole mortgage application. Best of all, we’re FEES FREE! Putting the Free in Fees Free Mortgages.
No mortgage broker fees – Many firms charge upfront fees, or fees on completion.
No call centres and only 2 points of contact (Mortgage Broker & Case Manager)
We review the whole of the market, giving unbiased and independent mortgage advice.
Regulated & Accountable
We are directly authorised by the FCA and fully accountable for the mortgage advice we give.
Free financial advice, including; mortgage, life insurance & protection.
We handle all the hard work and keep you updated until your mortgage completes.
You can only be considered a first-time buyer if you have never owned a house previously to applying for a mortgage. If you are part of a couple that are looking to secure a mortgage, then to be considered first-time buyers, neither of you can have previously owned a house.
The above does not include owning any commercial property, as the term ‘first-time buyer’ relates only to someone who has not previously owned a house. You can have owned or can currently own commercial property and be considered a first-time buyer if you have never previously owned a house when applying for a mortgage.
How much is a deposit for a first time buyer?Callum Marshall2021-06-17T13:38:08+01:00
As a first-time buyer, saving for a deposit is much the same as for other homebuyers. It will depend on how much you’re able to save and how long you’re able to save for. The average deposit for a first-time buyer in the UK is a 15% deposit of £13,224.
This figure is of course highly variable because it is a UK-wide average. Some houses in some areas will have a significantly more expensive 15% deposits or can have significantly cheaper 15% deposits.
By factoring in how much you can save over a given period, you can aim for a deposit value of your choosing, and you can see what percentage that will be of the value of the properties you are interested in. With the government’s mortgage guarantee scheme, you could save for a 5% deposit for a home, or depending on how much you are prepared to save, you could save up a 15% deposit, or even higher.
It is worthy to note however that the larger your deposit on your home (the greater the percentage), the more likely you will be to secure a mortgage with lower interest rates and lower fees. You will also make smaller monthly payments with a larger percentage deposit for the same mortgage than if you went with a smaller percentage deposit.
The term ‘first time buyer’ refers to people all over the world who are entering the process of buying a house to live in, who haven’t done so beforehand. You can still be a first-time buyer if you have owned or currently own commercial property before buying your first house.
The term excludes people who have owned a house previously but didn’t necessarily buy it (perhaps you inherited a house, or one was bought for you, for example). If you are part of a couple that is looking to buy a house, but one of you has owned a home previously, then neither of you will qualify as a first-time buyer.
The 95% mortgage guarantee scheme is available for application by all UK-based first-time buyers and home movers. Like other mortgages, you must pass an affordability test to prove you can afford the mortgage repayments, and a credit score assessment to show lenders that you have managed previous debts responsibly.
If your credit history is currently less than excellent, you should begin to improve it at least six months prior to applying for a mortgage. You can do this by setting up direct debits to ensure bills are paid on time, registering to the electoral roll, and more.
In addition to this, it is a good idea to check your credit file before you make your application to ensure it is error-free. Small mistakes, like not updating your address after your previous move could affect your chances of being approved for a mortgage.
How does the 5% deposit scheme work?Callum Marshall2021-04-19T12:19:16+01:00
Running initially between April 2021 and December 2022, the 5% deposit (95% mortgage) scheme aims to make banks and building societies more willing to offer mortgages with smaller deposits by making the government liable for the fraction of the mortgage above 80% should the homeowner default on mortgage repayments.
The mortgages offered as a part of the scheme must only be for residential purchase (you must live in them; buy-to-let and second homes are excluded) only, valued at £600,000 or less, and can be for either existing or new build properties. Repayment type mortgages will be the only type of mortgage on offer under the scheme, and there is the option of an initial fixed rate for the first five years.
Can you pay a 5% deposit on any house?Callum Marshall2021-04-19T12:18:26+01:00
Under the terms of the 5% deposit (95% mortgage) scheme, second homes and buy-to-let properties are not eligible to participate; you must live in the property. Existing and new-build properties, both to a value of £600,000 are eligible for 5% deposit mortgages initially until the 31st of December 2022.
Coming into effect on the 19th of April 2021, the scheme defines the maximum bounds the government will back. Some lenders will differ, for example, Santander will only participate in the scheme with existing builds, not new builds, and will only offer mortgages for flats and other leasehold properties up to a value of £400,000.
A 95% mortgage is a loan from a bank or building society that makes up 95% of the market price of the property you seek to purchase. The remaining 5% is your deposit. With a 5% mortgage deposit, you’ll be able to save up to buy your dream home sooner.
For example, with a 95% mortgage on a £200,000 property, you would need to save £10,000 (the 5% deposit) to be eligible. 95% mortgages typically come with higher interest rates as a compromise, compared to mortgages with a larger deposit. Additionally, as a part of the government’s 95% mortgage guarantee scheme, 95% mortgages will only be repayment mortgages, not interest-only mortgages.
The 95% mortgage scheme is gaining traction among a variety of major lenders. Banks such as Halifax, Lloyds, HSBC, Barclays, and Santander are participating in the scheme, with many more banks and building societies to follow suit in the coming months.
Both building societies and banks are not legally obliged to offer mortgages with 5% deposits, but many have committed to launching 95% repayment mortgage deals to help first-time buyers get their foot on the housing ladder, and to help home movers to release equity. Buyers will have the option of a fixed rate for the first five years too.
How long will the Help to Buy scheme run for?Callum Marshall2021-02-07T12:06:59+01:00
The current Help to Buy Equity Loan scheme has been extended until 2021 through a further £8.6 billion in Government funding. There will be a new scheme available from April 2021 until March 2023, subject to further confirmation. This scheme does not differ drastically from current offerings, with primary disparities seen in house price limits according to region.
What is the Help to Buy Equity Loan?Callum Marshall2021-01-21T09:53:45+01:00
The Help to Buy equity loan (in England) is available to those looking to purchase a new-build property, and able to put down a 5% deposit. As we’ve briefly outlined, the government will lend you a further 20% deposit on top of this on an interest-free basis for the first five years (after this, interest is set at 1.75%, increasing on a yearly basis by the rate of inflation). This loan, combined with your initial deposit payment means you’ll only need to apply for, at most, a mortgage covering 75% of the property price – offering drastically reduced mortgage payments in comparison to buying independently with a small deposit.
The help to buy equity loan is an integral part of the help to buy scheme, provided by the UK government to qualifying applicants. This loan is most often used to provide a 20% deposit ‘top-up’ to buyers purchasing new builds priced at under £600,000 in England. The Help to Buy equity loan is offered on an interest-free basis for the first five years (after this, interest is set at 1.75%, increasing on a yearly basis by the rate of inflation).
The structure of this equity loan alone makes the Help to Buy scheme ‘worth it’ for a huge number of qualifying home buyers, with the initial lack of interest providing a unique offering of financial breathing space, and the large deposit allowing for significantly lower interest rates than those seen on properties purchased with smaller deposits.
Of course, there are restraints to the scheme, notably its restriction to the purchase of new-build homes only – meaning it’s not necessarily for everyone.
In England, applicants qualifying for the Help to Buy scheme must be a UK resident, looking to purchase a new build home for the price of up to £600,000 using the scheme, and a mortgage. This property must be the applicant’s only home, and they must intend to live in it.
Applicants must be able to offer a minimum of a 5% deposit upfront in order to qualify for the further 20% deposit equity loan provided by the government through the scheme.
There is no maximum income threshold for the scheme, meaning even those on high salaries may apply providing all other conditions are met.
How do I get a Help To Buy mortgage?Callum Marshall2021-02-07T12:05:45+01:00
There are many lenders on the market offering specially developed and tailored Help to Buy mortgage packages. If working through the mortgage application process independently, it’s important to shortlist lenders participating in the scheme, before applying to those deemed most suitable. During the application process, lenders, with the assistance of a help to buy agent, will check your eligibility for the scheme, and assess your financial position before proceeding. Both parties must agree on the affordability of the mortgage. Besides this, help to buy mortgage applications are much the same as a standard residential mortgage application. It is highly recommended to source a broker experienced in the help to buy sector, who will work to match you with the most suitable help to buy a mortgage offering for your situation and requirements and assist with the application process.
What are the different types of survey?kat-admin2020-06-04T18:34:00+01:00
The different type of survey that your lender may request to be done on the property you are planning to buy will depend on the type of property it is. It may be beneficial to carry out a full structural survey on your property before you commit to buying it.
The different types of surveys include:
A home condition survey is usually used for new-builds and is the most basic and cheapest one available
Homebuyers report evaluates both inside and outside
A building survey is the most comprehensive as it assesses the full structure of the property and is often used for older properties.
Our mortgage brokers can help you understand what type of survey you may need for the property you are considering.
What are the associated costs with buying a house?kat-admin2020-06-05T08:36:14+01:00
There are some government incentives out there to help if you are a First Time Buyer. There is a Help To Buy scheme created by the government and it consists of two parts; Help To Buy Shared Ownership and Help To Buy Equity Loans. Shared ownership means you can buy shares (25%-75%) of a new or existing property and pay rent on the remaining portion.
The equity loan option means you can get a loan of up to 20% of the purchase cost from the government. This means your deposit only needs to be 5% and your mortgage will be 75%.
Additionally, there is the help to buy ISA, which rewards you with a bonus of up to £3000 if you pay in £1200 in the first month and £200 a month thereafter. If you’d like to know more about these government incentives, please get in touch with Fees Free Mortgages.
If you are wondering where to start buying a house for the first time, contact us for free advice. Our mortgage advisors will take the time to explain the process in simple steps. We will also help to assist with other services you will need along the way for example; valuations, insurances and finding a solicitor.
Request First-time Mortgage Advice
Looking for free mortgage help? Get in touch with Fees Free Mortgages today. The top first time mortgage broker in Essex & Suffolk.