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First Time Buyer Mortgages – Colchester2019-11-27T23:15:17+01:00

Top First Time Buyer Mortgages Colchester

Unbiased, stress-free mortgage advice from Colchester’s top first time buyer mortgage broker

Looking for free first time buyer mortgage advice? Get in touch with Fees Free Mortgages

Top First Time Buyer Mortgages Colchester

Unbiased, stress-free mortgage advice from Colchester’s top first time buyer mortgage broker

Looking free first time buyer mortgage advice? Get in touch with Fees Free Mortgages

Don’t take our word for it…

We are a Top Rated 2019 vouchedfor mortgage advisor, checked more thoroughly than any other.

vouchedfor Reviews

  • 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.

Vouched For Martin Bright Fees Free Mortgages
Mortgage Broker Essex & Suffolk
Certificate in Mortgage Advice and Practice (CeMAP) - Fees Free Mortgages

First Time Buyer Mortgages Colchester – Our Tailored Approach

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 Buyer Mortgage 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.

We Make It Easy

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 buyer mortgage adviser guides you through the journey, from your very first call with us to the day you move in.

First Time Mortgage Broker Colchester

We’re Independent

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.

First Time Buyer Mortgage Brokers Colchester

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.

First Time Buyer Mortgage Advisor Colchester

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.

First Time Buyer Mortgage Broker Colchester

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.

Help to Buy - First Time Buyer Mortgages Colchester

Fees Free Mortgages Services

We love providing whole of market mortgage advice in Colchester and 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!

Home
Movers

Is it time for a change? We’ll provide you with support from start to finish to achieve your dream home!!

Remortgages
.

We’ll review your options with your existing lender and compare them against the market for you. 

Capital
Raising

What’s your next project? We can advise on capital raising for new cars, holidays or home improvements. 

Debt
Refinancing

Eye-watering repayments? Speak to us about re-financing your outstanding debts to reduce your outgoings.

Life
Insurance

We provide regulated advice for Life Insurance, Income Protection and Critical Illness Cover.

A professional, calm, honest and genuine approach to mortgaging for the first time in Colchester.

Buying a house for the first time can be overwhelming, let us help with our free mortgage advice in Colchester.

First Time Buyer Mortgages in 5 easy steps

Your Fees Free First Time Buyer Mortgages Colchester expert won’t be paid a commission based on the size of your loan, or the choice of lender. So their only motivation is to get you the most suitable first time buyer mortgage deal.

First Time Buyer Mortgages Colchester

Benefits of Fees Free Mortgages

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.

Fees
Free

No mortgage broker fees – Many firms charge upfront fees, or fees on completion.

Personal
Service

No call centres and only 2 points of contact (Mortgage Broker & Case Manager)

Unbiased
Advice

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
Advice

Free financial advice, including; mortgage, life insurance & protection.

Ongoing
Contact

We handle all the hard work and keep you updated until your mortgage completes.

Free Mortgage Advice (FAQs)

How can I improve my poor credit rating?2020-06-04T20:04:46+01:00

Improving your poor credit rating takes some time and some of the best practices include:

  • Make sure you are on the electoral roll
  • Make sure you close out any credit accounts for any stores that you do not use
  • Make sure you pay your bills in full, and always on time 
  • Use and pay off your credit card on a regular basis to show lenders that you can be responsible with your money 
  • Consider a guarantor loan if you are sure you can fulfil the repayments 
  • Keep an eye on your credit report and ensure all details are correct
How do I get a mortgage with bad credit?2020-06-04T20:01:59+01:00

To get a mortgage with bad credit may be more tricky. Having bad credit somewhat limits the mortgage options available to you and increases the interest rate. However, there are still options available to you and we advise you to get in touch so that we can present you with the best options available to you.

How do I know if I have bad credit?2020-06-04T19:58:52+01:00

Having bad credit could affect your mortgage application. You can, and should, check your credit rating before you apply for a mortgage. This will help you identify whether you will need to apply for a standard or poor credit mortgage, which increases the chance of your application being accepted. Experian, Equifax and Noddle are websites where you can obtain a copy of your credit report.

What are mortgage broker fees?2020-06-04T19:55:48+01:00

The mortgage broker fees depend on the broker you are using. Not all mortgage brokers even charge fees! Some brokers will charge upfront fees, completion fees or percentage fees. Fees Free Mortgages are completely fees free as we get paid by the banks that we recommend.

What do mortgage advisors do?2020-06-04T19:53:13+01:00

Mortgage advisors find mortgage rates that fit your budget while providing you with support and knowledge you may need to make the best decision for yourself when buying your property. 

They will take you through the process from start to finish and work on your behalf with the different parties involved.

Do I need a mortgage advisor?2020-06-04T19:50:46+01:00

You do not need a mortgage advisor. However, there are many benefits to using one.

Using a mortgage broker ensures you get a fully comprehensive financial assessment and provide you with mortgage deals that you are almost certainly eligible for. Apart from saving yourself a huge amount of research time, you are also benefiting from the larger range of mortgage providers that are available exclusively to mortgage brokers.

With our independent status, you can be sure when working with us, we are providing you with unbiased advice. 

Can you get a mortgage without a deposit?2020-06-04T18:56:18+01:00

Getting a mortgage without a deposit is now very rare, however not impossible. The only type currently available is guarantor mortgages. This involves adding a family member who already owns a house to your mortgage to be the guarantor. 

If getting a mortgage without a deposit is an option you are looking to explore, get in touch and we can explain the available options.

How much money do you need to get a mortgage?2020-06-04T18:44:34+01:00

In order to get a mortgage, you will need to be able to have some of your own financial input. Deposits are specific to each individual scenario. Typically, you could put down a deposit of as little as 5% of the property value. This is subject to meeting specific lending criteria which we will be able to assess for you.

Do I need to pay Stamp Duty Land Tax (SDLT) on a Buy To Let property?2020-06-04T18:40:14+01:00

Yes, you will need to pay Stamp Duty Land Tax on a Buy To Let property if it is your second property and not your main residence.

The amount you will have to pay depends on the purchase price. See details below:

Less than £125,000 – 3%

£125,001 – £250,000 – 5%

£250,001 – £925,000 – 8%

£925,001 – £1.5 million – 13%

£1.5 million and above – 15%

Information correct as of April 2017 – Source:www.gov.uk/stamp-duty-land-tax/residential-property-rates

What are the different types of survey?2020-06-04T18:34:00+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 insurance do I need to buy a house?2020-06-07T16:17:32+01:00

There are different insurance options that you can consider to buy a house.
You will most likely be encouraged by your lender to have buildings insurance before the exchange of the contracts. It is not compulsory to have insurance when buying a property but there are policies that can help in difficult situations. An example is income protection which would cover your mortgage repayments for a fixed period of time, should you find yourself unable to work.


We can help you understand the different insurance policies that you may need or want to buy a house, so that you can make the best-informed decision.

What are the associated costs with buying a house?2020-06-05T08:36:14+01:00

There are several costs associated with buying a house that you should consider.

On top of the mortgage deposit, there will also be other fees. They will vary from bank to bank but here’s an idea of how much you should be budgeting for:

  • Mortgage booking fee £99-£250
  • Mortgage arrangement fee £1000-£2000
  • Telegraphic transfer fee £25-£50
  • Valuation and survey fee £250-£600
  • Searches £250-£300
  • Legal cost £850-£1500 + VAT
  • Stamp Duty depends on your situation
  • Moving costs depend on whether you use a removal service or not

 

By using Fees Free Mortgages, you are avoiding the mortgage broker fees which can be as much as £495.

We can help you identify what the associated costs will be in your case when we assess your situation.

Are there any government incentives for First Time Buyers?2020-06-05T08:34:25+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.

How much does it cost to remortgage?2020-06-04T13:47:17+01:00

Here is a rough guide on how much it costs to remortgage. However, the actual costs will depend on the current mortgage deal you have with your lender, as well as the value of your property.

Mortgage arrangement fee: This can be paid upfront or added to your mortgage debt. This would then mean you’d pay interest on this fee. Cost £1,000-£2,000

Mortgage broker: no extra cost when you go with Fees Free Mortgages

Valuation and survey fees: Cost £250-£600

Legal costs: Cost £850-£1,500

When is the best time to remortgage?2020-06-04T12:10:32+01:00

The best time to remortgage is not when the mortgage term comes to an end. You need to start looking for a new mortgage deal at least three months before the expiry date of your current mortgage. However, if for any reason you feel you’d like to find a better mortgage deal for yourself earlier than three months prior to the end of the term, please get in touch and we can help you find the best solution.

How can I remortgage my home?2020-06-05T08:33:04+01:00

The first thing to consider when planning for a remortgage your home is to calculate how much you can afford to pay. Consider any additional fees you may need to pay such as an arrangement fee to your new lender or an early repayment fee for leaving your current lender. There may also be legal and valuation fees.

When working with Fees Free Mortgages, we take all of that into consideration when presenting you with the best options for your remortgage.

Can I remortgage my home?2020-06-04T12:00:18+01:00

Most people are able to remortgage their home and there are plenty of incentives to do so. We can help you explore the different options available to you and help you sift through the numerous deals to find the right one for you when you are ready to remortgage your home.

What happens to my mortgage when I move home?2020-06-04T10:13:42+01:00

Unfortunately, your mortgage does not disappear when you move home. Mortgages can be transferred from property to property. It is likely that when buying a new property, you will need to borrow more money. Your lender will ask to value the new property. When moving home, you should check if there are early repayment charges or exit fees with your current lender. When working with our fees-free mortgage brokers we can help you find a deal that helps to cover any of these potential fees that could apply when you move home.

How does the mortgage application process work?2020-06-05T08:29:51+01:00

Here is a rough guide on how the mortgage application process works when you work with a mortgage broker.
The more you can save for your deposit, the better your mortgage rate can be. However, as a minimum, you will need 5% for the deposit.

Once you have a property you’d like to buy, Fees Free Mortgages brokers can assess your needs and circumstances to recommend a mortgage deal that is right for you. When you are happy with the deal, you will receive an Agreement in Principle (AIP) giving you an approximate sum of how much the lender is willing to let you borrow. This allows you to place an offer on your chosen property and if accepted, you will need to appoint a solicitor to handle searches, surveys and contracts. At Fees Free Mortgages we help you throughout the entire mortgage application process.

Will I be accepted for a mortgage?2020-06-05T08:28:34+01:00

To determine whether you will be accepted for a mortgage you will need to check the criteria put in place by the different lenders. All lenders have their own criteria to determine the mortgage offer.

Generally, they may look at things, such as:

  • how much you wish to borrow
  • how much deposit you have
  • your employment status and income
  • your credit rating
  • your current debt
  • your outgoings
  • your age
  • the length of the mortgage term
  • whether you are applying on your own or with a partner

 

All this data, as well as a thorough analysis of your credit file, will need to convince the lender that you are able to repay your mortgage for you to get accepted for a mortgage.

How do I get a mortgage when I’m self-employed?2020-06-04T09:56:03+01:00

It may require more effort to get a mortgage when you are self-employed because you have to prove to the lenders that you are able to afford a mortgage. On top of having to provide all the essential documents, business owners, including sole traders, limited company owners, contractors and freelancers will need to provide extra information.

Sole traders are required to also provide a minimum of one year’s finalised accounts or an SA302 from HMRC that is dated less than 18 months old.
Contractors and freelancers working through a limited company will need to show their current contract, or alternatively personal tax returns or company accounts.
Limited company directors will have to provide their latest year’s company accounts or personal tax return as a minimum. Some lenders may ask for two or three years’ accounts.

Speak to our advisors to understand what your options are if you are looking to get a mortgage when self-employed.

What type of mortgage do I need?2020-06-05T08:25:45+01:00

There are different types of mortgages available.

First-time buyers mortgages are more favourable for first-time buyers than all the other mortgage types mentioned below, which would still be available if you were buying your first house. There are also government incentives that help first-time buyers.

Buy to let mortgages enable you to buy another property for renting purposes only. The rent payments you expect to receive will determine the amount you are allowed to borrow.

Repayment mortgages are where you pay instalments with interest on a monthly basis so that by the end of the mortgage term you would have repaid the entire loan.

Interest-only mortgages allow you to only pay the interest on a monthly basis and repay the capital at the end of the mortgage term. This can be a risky option unless you know you will be able to pay off the remaining money when the term comes to an end.

Fixed-rate mortgages mean you will be paying the same amount each month for a fixed period of time. If the interest rate falls you may, however, be overpaying.

Variable-rate mortgages are also known as Standard Variable Rate (SVR). Your mortgage rate will be determined by your lender but never higher than the base rate set by the Bank of England.

Tracker mortgages are determined by the Bank of England’s base rate.

Discount rate mortgages are only available for a fixed period of time but maybe one of the cheapest options available, as they are linked to SVR.

Cashback mortgages mean that you get a percentage of the loan back in cash from your lender. It is possible though, that these would not be the most attractive deals due to the interest rate and additional fees.

Offset mortgages combine your savings and mortgage together. These deduct the amount you have in your savings, meaning you only pay interest on the difference between savings and mortgage.

95% mortgages are a good option for those with only a 5% deposit. If house prices go down, there is a higher risk of going into negative equity when using this type of mortgage.

Flexible mortgages allow overpayment when you can afford it and may allow for missed payments if you’ve chosen to overpay. The mortgage rate, however, does tend to be higher on flexible mortgages.

Our mortgage advisors can assess your situation and make appropriate recommendations for the correct type of mortgage for you.

What information does a mortgage advisor need?2020-06-05T08:23:31+01:00

When working with our free mortgage advisor, the information they need begins with getting an overview of those who wish to be named on a mortgage. We would then perform affordability checks, assessing household income and outgoings. To provide you with the best deal options our mortgage advisor would need to understand what your objectives are.


Some of the documents that you’ll then have to gather include:

  • Utility bills
  • P60s
  • Last three months’ payslips 
  • Proof of any benefits you receive
  • Proof of ID (passport or driving licence)
  • Current account bank statements for the last 3-6 months 

 

There may be more paperwork required if you are self-employed. 

 

Our fees free mortgage brokers are able to assist and guide you throughout the entire process, presenting you with the best mortgage deals.

How to avoid early repayment charges?2020-06-04T09:35:03+01:00

Switching lenders may sometimes lead to early repayment charges. If your early repayment period has not come to an end before you decide to remortgage, you may be charged with a fee. The only way to avoid the early repayment charge is to wait until the deal ends. In some cases, the benefits of remortgaging to a more attractive deal may outweigh the charges incurred by exiting the current deal too early.
It is always worth getting advice from an independent mortgage broker before you make the decision though.

How much can I afford to borrow?2020-06-04T09:29:57+01:00

What mortgage you can afford to borrow will depend on several factors. The general rule is that the lender will lend you up to 5 times your salary. However, aspects such as your age, number of dependents and financial commitments will be taken into consideration to work out the realistic amount of monthly repayments you can afford, after all your living costs and other liabilities have been paid. 
As part of our service, we can help you understand how much you can borrow, which will allow us to point you to the correct lenders.

How much do I have to earn to get a mortgage?2020-06-04T09:25:09+01:00

There is no specific amount that you need to earn to be eligible for a mortgage. However, your financial security does play a part when lenders are considering you for a mortgage. At Fees Free Mortgages we can help you calculate how much you’ll be able to borrow on the salary you are on now.

How to get a mortgage?2020-06-05T08:22:20+01:00

When working with one of our mortgage advisors, we can help you get a mortgage, hassle-free. The process would start with the mortgage broker getting an overview of those who wish to be named on a mortgage. We would then perform affordability checks, assessing household income and outgoings. To provide you with the best deal options we would need to understand what your objectives are.
Some of the documents that you’ll then have to gather include:

  • Utility bills
  • P60s
  • Last three months’ payslips 
  • Proof of any benefits you receive
  • Proof of ID (passport or driving licence)
  • Current account bank statements for the last 3-6 months 

 

There may be more paperwork required if you are self-employed. 

 

Our fees free mortgage brokers are able to assist and guide you throughout the entire process, presenting you with the best mortgage deals.

How do mortgages work?2020-06-05T08:20:54+01:00

The way mortgages work is just like any loan. Mortgages are loans that help you buy a property. Typically, you need to put in at least 5% of the property value of your own money and the remaining amount is covered by the mortgage, loaned to you by a lender. You’ll then begin to pay this back on a monthly basis, generally over a period of many years.

Will the Coronavirus stop me from remortgaging?2020-06-05T08:41:38+01:00

No! Coronavirus will not stop you from remortgaging. Advances in technology mean that we can conduct our initial discussion via telephone and we can email you our recommendations. The application process too can be completed with online ID checks and digital documents.

Get in touch to start your remortgaging process now!

What are the approximate timescales for a Purchase and a Sale to complete?2020-06-04T17:49:45+01:00

Timescales for a Purchase and a Sale to complete differ with each transaction. Here is an approximate guide:

  • Approximate Freehold Sale / Purchase: 4-6 weeks*
  • Approximate Leasehold Sale / Purchase case: 8-12 weeks*

*Please note these timescales are only an estimate and will depend on the complexity of the transaction.

What fees do mortgage brokers charge?2020-06-04T19:34:11+01:00

Not all mortgage brokers charge fees! Some brokers will charge upfront fees, completion fees or percentage fees. Fees Free Mortgages are completely fees-free mortgage brokers in Essex & Suffolk, as we get paid by the banks that we recommend. We are completely ‘whole of market‘, independent and unbiased, so will always strive to get you the best mortgage rates and the mortgage deal that suits you.

Where do I start buying a house for the first time?2020-06-04T17:54:18+01:00

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.

What information do you need to get a mortgage?2020-06-04T08:33:07+01:00

A mortgage advisor will need to get an overview of those who are named on, or wish to be named on a mortgage. An idea of household income and outgoings will assist the advisor to make affordability checks. Most importantly the advisor will need to get an overview of your objectives, finding out exactly what you’d like to achieve!

Can I borrow more money on my mortgage?2020-06-04T08:44:47+01:00

Yes, you can borrow more money on top of your current mortgage, subject to meeting mortgage lender’s criteria. Many homeowners borrow more to improve or extend their home, or to consolidate their other outgoings.

Can I amend / shorten the term of my mortgage?2020-06-04T08:48:47+01:00

Yes, in some circumstances you can either shorten or lengthen your mortgage term. It’s recommended that a qualified advisor get to know your situation and your motives to be able to advise accordingly on this.

How much deposit do you need for a mortgage?2020-06-04T18:51:36+01:00

How much deposit you need for a mortgage is specific to your individual scenario. Typically, you could put down a deposit of as little as 5% of the property value. This is subject to meeting specific lending criteria which we will be able to assess for you.

What is a fee free mortgage?2020-06-04T19:41:17+01:00

A fee free mortgage is exactly what it says – a mortgage without a mortgage broker fee. There can be many fees which could be involved when you mortgage or remortgage, however one fee that we don’t charge is a ‘mortgage broker fee’. Fees Free Mortgages just get paid by the bank – simple!

Do mortgage advisors charge a fee?2020-06-04T19:47:24+01:00

No, not all mortgage advisors charge a fee! Some brokers will charge upfront fees, completion fees or percentage fees. Fees Free Mortgages are completely fees free as we get paid by the banks that we recommend.

What is a mortgage product fee?2020-06-04T08:51:39+01:00

A mortgage product fee is often known as an arrangement fee. Banks usually offer lower rates but with a fee which can either paid upon application or added to the loan on completion. We’ll calculate whether it’s worth paying the arrangement fee for you!

How can I avoid early repayment charges on my mortgage?2020-06-04T08:55:03+01:00

If your preferences are that you would prefer an option where you can avoid the early repayment charges, we can base our research on this preference. A small number of lenders offer fixed or tracker rates where the entire loan can be repaid, in full, without penalty.

What does ‘whole of market’ mean?2020-06-04T08:59:38+01:00

A mortgage advisor who is ‘whole of market’ is a mortgage broker who has access to the entire mortgage market. Some advisors are ‘tied’ and only have access to a certain panel of lenders.

Our ‘whole of market’ independent mortgage brokers in Essex & Suffolk give a personal touch of humility behind our mortgage support and the fee-free mortgage advice given, ensuring every interaction with us is a positive experience.

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