26th June 2015
For those of you looking to buy your first home in or around the Peterborough area, you are probably facing the common circumstances of trying to save every last penny and to not get lured in by the temptation of Friday night takeaways, drinks with friends and sunny days out. And so you sit at home, convincing yourself that all of this is worth it and you will get your dream home, it’s just a matter of patience! Whilst this mindset is ideal, here are a few options that you may not have stumbled across, that have the potential to accelerate your quest for your first time buyer mortgage.
Tips for Getting Your First Time Buyer Mortgage in Peterborough
A common method for acquiring a first time buyer mortgage is to make use of your parents. Even if your parents don’t have the funds to be able to contribute to the deposit for your first time buyer mortgage, there is a possibility that they can use their financial status to give you a helping hand and lead you in to the first time buyer mortgage market.
The solution in this instance is quite simple as some lenders now offer a ‘guarantor’ mortgage where your parents will be asked to underwrite your first time buyer mortgage agreement. This means that if you fall behind on repayments that they will have to step in and make the monthly repayments. As you’ve probably guessed this is quite risky for your parents and so for them to be suitable they will need a good income and/or sufficient equity in their home to qualify as a guarantor.
A shared ownership plan could provide you with all you need for your first time buyer mortgage. The way that it works is that you will own a percentage of your property and the housing association will own the rest. You will pay rent to the housing association for the portion of the property that you don’t own but it means that you can put down a deposit as low as 5% for your first time buyer mortgage. When it’s affordable you can then purchase more of your property.
Alternatively rather than seeking your first time buyer mortgage in your name only, you can opt to buy with your partner or a friend. The benefit of this is that you will have two incomes to evidence in your application making you a more desirable candidate to lenders as you will be more financially secure if you have two salaries to support the first time buyer mortgage loan.
Talk to The Mortgage Broker (Protection) Ltd Today…
As helpful as any of the above can be to you, nothing is going to be more valuable than a mortgage broker who understands your situation and what you need to get your first time buyer mortgage in Peterborough. Our experienced advisers at The Mortgage Broker (Protection) Ltd will assist you from start to finish. Our brokers have a thorough knowledge of the lenders and thus the ability to find you your perfect first time buyer mortgage without giving up at the first hurdle. Want to know more? Give us a call today on 01733304145