Awesome Image

First time buyers in Bingley

As a first-time buyer is can be a daunting prospect applying for your first mortgage. Here at Discovery Financial, we are here to help, we offer a range of first-time buyer related mortgages and schemes.

Being a first-time buyer can be daunting with all different elements to buying your first home not helped with the jargon used in the market.

Well Discovery Financial is on hand to help you plan your first purchase. It is important firstly to understand what happens at what point and what costs are involved. We have helped so many people set off in the right direction, before you set eyes on your first house or look at that beautiful new sofa to go in your new home, you should take advantage of our first time buyer fact find. This is where we will sit down face to face or over the phone and map out the whole process. Everything from how much of a deposit you need, to who is involved at what stage, to what your monthly out goings may look like once you move in.

It’s a common perception that as a first-time buyer with not a lot of credit history will be best speaking to their own bank first. Well this is not always the case, with all banks having set criteria, whether you are a customer or not, you may not meet their criteria. So, let us help you buy your first home and ensure you do not pay over the odds-on interest.

Once your mortgage is sorted you then need to start planning other things such as insurance. Well help is on hand for this too, as your dedicated broker we will ensure you have everything set up and in place ready for the exciting day, when you collect your keys and start on your new adventure.


How deposit work

Lenders normally require a minimum of a 5% deposit, so in simple terms if you were to buy a house for £100,000 you would need £5,000 as a minimum deposit. This would mean you are borrowing £95,000 from the bank, also known as 95% LTV (loan to value) The lower the LTV the better the rate gets. So, if you can place more of a deposit the interest in which you repay in most cases will be less. This works in brackets of 5%, so to get access to the next best rate a 10% deposit would normally be required, meaning you are now at 90% LTV.


No deposit purchase

A couple of lenders have come up with a brilliant way to help people onto the property ladder with the need of no deposit. How this works is your family place a deposit on your behalf but rather than them losing this money and having to gift it to you, they simply use your mortgage to save against. The deposit is set aside and interest paid on the savings, once there is enough equity and you have made a certain amount of payments, these funds are then released back to the person to which they came from .


Help to buy ISA

This is a brilliant way to save towards a purchase, speak to your bank to see if they can help you set up a Help to Buy ISA. This is a savings account that can only be used to buy a house and the best part about it is the government pay a brilliant bonus to you for doing so on top of your savings.


Help to buy purchase

Buying your first home may sometimes be buying a new build, in this situation banks will normally not lend as much as they would on a second-hand home. Well this is a great scheme put in place by the government to help you. Allowing you to borrow up to 20% of the house purchase, interest free over 5 years. If approved, you would have the ability to pay just 5% of your own deposit but still place a 25% deposit on your new first home.

Below is a break down of the buying process to help you better understand the buying process a little better.

Awesome Image

Click bellow to explore a typical firstime buyer journey;

  • Step 1 - Cost of moving
    Talk to us about the cost of moving, there are many fees involved in both buying and selling. Firstly it is best to discover what the process is going to cost and what your own position may look like.
  • Step 2 - Getting a mortgage
    Getting a mortgage, many people think that this comes after finding a house, however how do you know you can get a mortgage? We find it best to take advice now before you start looking. We can help you obtain the all-important Agreement in Principle that most estate agents will require to see when you place an offer.
  • Step 3 - Searching for the right home
    Once you know what you can afford, the next step is to find that dream home. We can assist you in not only where to search but help you better understand what to look out for and help you understand the different methods of buying, such as standard sale, Modern method of auction and repossessions to name a few.
  • Step 4 - Making an offer
    Making an offer can be daunting, best to do some research first on what to offer. Afterall you do not want to be paying too much for a house. We can help you make an educated offer or even make the offer on your behalf.
  • Step 5 - The legal Process
    Finding a good solicitor can be a challenge. Once found, understanding the paperwork and process is a mine field. We can point you in the right direction for both finding a solicitor and understanding the process.
  • Step 6 - Getting your keys
    The day we have all been waiting for, getting your keys. We will help you set everything in place to commence on this day, such as your mortgage and protection, as well as putting you in touch with removal/tradesmen to help.

Discovery Financial Ltd is an appointed representative of Primis Mortgage Network, a trading name of First Complete Limited which is authorised and regulated by the Financial Conduct Authority.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

This firm usually charges a fee for mortgage advice. The amount of the fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity.

The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.