Top tips for first-time buyers

12th April 2020

If you’re a first-time buyer and keen to get on the housing ladder, there are a number of steps you can take to help you secure the home of your dreams and take the stress out of the moving process. Here are our top tips for first-time buyers:

  1. Check your affordability. Our mortgage affordability and mortgage repayment calculators will show you what your monthly costs are likely to be and what size mortgage you could be offered – be prepared!
  2. Use your savings. By pumping some or all of your savings into your deposit, you’ll reduce your loan to value (LTV) ratio (the amount you need to borrow in relation to the price of your new home) and increase your chances of getting a better interest rate.
  3. Overpay your mortgage. If you want to reduce the interest you pay on your mortgage and clear your loan more quickly, use any disposable income to make higher repayments. Make sure you check out whether you’ll be penalised before overpaying first, although most lenders will allow you to overpay up to a certain limit of your outstanding balance each year.
  4. See if you qualify for help. There are a number of options that might be open to you to help you secure your dream home. Research Help to Buy, shared ownership and starter homes schemes to see if they apply to your purchase.
  5. Budget and plan ahead. Your mortgage lender will want to know you can afford your mortgage repayments so try to boost your deposit and cut out any unnecessary expenditure and improve your credit score before you apply.
  6. Talk to a mortgage expert. Our team of expert mortgage advisers have great help for first-time buyers – call us on 08454 500200 or click here to make an enquiry.

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Having used charters to secure our first mortgage in 2018, we’ve returned to them to secure our first ever remortgage this year. We had such a great experience with them as first time buyers, that we’ve become back to them again - and I’m so happy we did. This time Robert Ferguson has looked after us to get the deal we wanted. He’s patient, informative and he delivers a service that has been nothing short of excellent. The whole process as been made as stress free as possible, during what is quite an uncertain and unnerving economic time. Rob took us through a number of options in accordance to our needs and found us a fantastic product that we are very happy with. Once application had been submitted, having secured a fantastic rate, we were then looked after by Cara Simpson-Hayter. Cara has been absolutely fantastic and has kept us informed through every step of the application process. She has chased up various parties to get the info we needed and to speed the application along with the lender. Cara is incredibly efficient and effective and has been truly wonderful throughout. Both Rob and Cara have addressed all our concerns and answered ALL our questions (there were a few having only gone through this once before!) leaving us feeling confident and at ease the whole time. Again the service that has been provide has been thoroughly excellent, we couldn’t be in better hands. Thank you so much for making this such a painless process in what is quite a stressful time! We cannot recommend Charter’s enough and we will definitely be using them again in future! Thank you Rob and Cara!!

Oliver & Caroline H

June 2020

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