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Five things first time buyers in Peterborough need to know

Here at The Mortgage Broker, we get a lot of enquiries from first time buyers looking to buy a home and take on their first mortgage in Peterborough. Our mortgage adviser Gio talks through the five most common questions.

  1. Can I get a mortgage?

We start by asking first time buyers in Peterborough what their employment situation is. We need to know if you’re in permanent employment, contract working, on probation or self-employed. There are lenders across the market whatever your employment status, but this helps us to find the right mortgage deal for you.

  1. How much can I borrow?

This will depend on your income, the term or length of mortgage deal, plus how much you can afford to pay back on your monthly bills. We always talk this through with first time buyers, so we get a picture of how much you can spend on your Peterborough home.

  1. How much will my monthly cost be?

The monthly mortgage cost is calculated based on how much you have borrowed and the length of the mortgage term. It is also linked to whether you decide on a repayment or interest-only mortgage. We look at deals across the market to give you a clear picture of your options and to ensure your mortgage is affordable for you.

  1. Will my credit score effect my mortgage?

All lenders will run a check on your credit score to see if you’re a risk to lend to. Even if your credit score is high, there are things you can do to improve it and we’ll advise you on this. An important part of what we do for first time buyers is that we can work with lenders to get you a mortgage agreement in principle, without impacting on your credit score.

  1. How much deposit do I need?

As a starting point you can potentially obtain a mortgage deal with a 5% deposit and there are help to buy schemes that we can advise on. The greater the deposit you have, the better mortgage interest rate you can potentially access depending on your particular situation. As always, we will look at a range of lenders to give you the best offers.

Call 01733 306226 for a free, no-obligation chat on how you can buy your first home in Peterborough.



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