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First Time Buyer Mortgages

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First Time Buyer Mortgages in Wakefield

Buying your first home can be daunting but here at Wakefield Mortgage Services, our mortgage broker helps our customers get the best mortgage deals available. As a mortgage adviser he can search thousands of products from over 80 different mortgage lenders.

We guide you through the process from start to finish, assisting you with making an offer, dealing with your solicitors and estate agent. We also ensure you get the best possible protection cover tailored to you individual needs, so you have the peace of mind knowing you have financial protection should the worst happen to you.

We can source specialist mortgage products and exclusive mortgage deals for first time buyers and across a variety of circumstances – some of which are listed below. Contact our expert mortgage brokers in Wakefield for more information.

Shared Equity

A mortgage where a buyer purchases a percentage of the total value of the property and is repaid at a slowly during the term or when the property is sold or remortgaged. Typically nothing will be repaid for the first five years and after this point the interest will be serviced, which is why some choose to remortgage their property to repay their shared equity loans at this point. Speak to our Wakefield mortgage advisers to find out more.

Bad Credit Mortgages for First Time Buyers

If you have had defaults, CCJs or missed payments in the past it can be very difficult to secure a first time buyer mortgage. It may be that you have already been turned away by your high street bank. Working with our mortgage brokers we can advise on specialist mortgage products for people with less than perfect credit.

Exclusive First Time Buyers Deals

There are mortgages that are designed especially for first time buyers that can include exclusive rates and cashback which can help to pay for solicitors. Be sure to take mortgage advice from an expert, as these may not always be the best option available on the market and in some cases there can be cheaper products out there.

Shared Ownership for First Time Buyers

This mortgage scheme is where you purchase a percentage of the property, for example 50 or 75% of the overall value and pay rent on the remaining portion which is owned by the housing association. You mortgage need a mortgage for your share, so if the property was worth £100,000 overall and you purchased 75% you can borrow up to 95% of your share, which would be £75,000.

Right to Buy

A scheme where the council offers their tenants the option to purchase their property at a discount. You need to have lived in the property for a certain amount of time and have met a number of qualifying criteria. A deposit is not always necessary to secure this kind of mortgage. Our expert mortgage brokers can tell you more.

Speak to a mortgage broker in Wakefield who specialises in first time buyer advice today

Enquire today – there is no obligation to go ahead and your credit score will not be impacted.

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Frequently Asked Questions

Technically you don’t need a deposit to get started and there are options available to people who don’t have anything saved up, however these options are few and far between and most of the time you will need at least 5%

To obtain a mortgage with a smaller deposit, you need to have an excellent credit score. Generally speaking, the poorer your credit the higher deposit you will need.

Yes, if you have someone who is willing to be named on the mortgage for affordability purposes we can help to advise you in this area.

Technically you don’t, however no estate agent will take the property off the market unless they have seen proof you can obtain a mortgage. An agreement in principle will give you that proof.

As a first time buyer there will be fewer mortgage providers willing to lend for the purpose of you buying to rent out a property, but there are options available.