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First Time Buyers

When you are buying your first home, you will be classed as a “first time buyer”.  We understand this can be a very daunting time and will work with you to guide you through the entire process. We have access to a wide variety of lenders and can recommend the best option without you having to shop around various banks and building societies. 

First Time Buying explained

 If you’re a first-time buyer, you need to save for a deposit before looking at properties. Generally, you need to try to save at least 5% to 20% of the cost of the home you would like. Saving more than 5% will give you access to a wider range of cheaper mortgages available on the market. As a first-time home buyer, the most important thing to bear in mind is whether you can really afford to take this step. It’s wise to put together a budget before you start looking for a property. There are now also strict checks when you apply for a mortgage.

Deciding from the vast array of mortgage products available from an ever increasing wide range of sources can be a highly stressful and confusing decision… and that’s why we’re here.

We guarantee to give all of our clients the most appropriate and reliable financial advice.

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Penny Mortgages offer First Time Buyers...

  • We can offer a face to face or telephone appointment with one of our experienced advisors who can explain the process in jargon free terms

  • We will gather your information and provide advice on how much you can borrow, the level of deposit required and what your monthly payments are likely to be

  • We will discuss the house buying process and the costs you will incur such as valuation or survey fees, solicitors costs and stamp duty

  • We will advise you on the most suitable and appropriate mortgage for you and then arrange and manage your application with the lender

  • We are able to offer recommendations of solicitors and local surveyors

  • We are also able to offer mortgages on Help to Buy and shared ownership

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Location! Location! Location!

It’s a good idea to write down what you want from a home and order it in terms of priority. You need to think about where you want or need to live, what type of area you’d prefer, and the size of the property you want or need. You also need to get a feel for an area to check it suits your lifestyle. Find out about transport links and parking, where shops and green spaces are, how busy the area is, and how far you’d be from friends and relatives. In addition, consider how critical the location is relative to local schools, the hospital, commuting distance to your work, accessibility to public transport, and closeness to family and friends? Think about what’s going to be most important to you in an area: a low crime rate? Proximity to pubs, restaurants and entertainment? Penny Mortgages are here to help!

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