Traditional Purchase – 5% minimum deposit
The first option to consider, is a traditional mortgage where you would own the property outright and would require a minimum of a 5% deposit. This is reliant on affordability and part of our process will determine your eligibility.
My personal preference is to put down a 10% deposit if possible, as this will lead to a better rate and more chance of acceptance.
The benefits of a traditional purchase of your first home, means you will own your home outright, and will not need to be reliant on any government schemes that may maintain an interest in your property, until the debt/scheme is paid off.
The other key component for this to work is the your borrowing potential is in line with the properties that are available to you.
If affordability is an issue at this stage, then shared ownership mortgages and help to buy mortgage schemes are provided to bridge this gap. These schemes can be a fantastic stepping stone to becoming a fully fledged homeowner, which has to be the goal of every first time buyer.
If you are aiming at purchasing a property with 100% ownership, the next thoughts would be to look at the associated costs and first time buyer journey. Once you have looked at and understand all the options and processes, it is time to make sure you are “Mortgage Ready” and look at getting your mortgage agreed in principle.
In order to do this, you need to book a Strategy Call with one of our mortgage experts. Please book below.