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If you're looking to buy a home, you'll most likely need to apply for a mortgage. It's a loan which is secured against the value of the property.
Securing a mortgage for your first home can be a lengthy and confusing process with lots of decisions to make.
A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
Over recent years the government has backed a number of schemes. In April 2021 there is a new scheme available called an "Equity Loan Scheme".
You can get a low-interest loan towards your deposit. This is called an equity loan. A new Help to Buy - Equity Loan scheme is open to first-time buyers, it will only be available for two-years from 1 April 2021 and will end on 31 March 2023.We can explain the details of any schemes and whether you can benefit from them.
The size of your mortgage will be affected by your deposit – this is the amount you will be contributing to the house purchase. Usually, the larger the deposit, the better the mortgage deal you will be able to get which, in turn, will help to reduce your monthly repayments.
A mortgage decision from a lender is also known as an Agreement in Principle (or AIP). We can apply for an Agreement in Principle from a suitable lender. This will confirm that the lender is willing to consider a mortgage application from you and the amount the lender is prepared to lend you.
Having an Agreement in Principle can help you get ahead of the competition when making an offer on a property as it demonstrates your mortgage application will be considered by a lender up to the stated amount. However, this does not guarantee a mortgage offer.
When you're buying your first home, you will have specific needs when it comes to finding a mortgage that suits you best. We have access to a comprehensive range of mortgage products from across the market that we can talk you through from fixed rates to variable rates and from capped rates to offset mortgages.
You may be able to get financial help through a government Help to Buy scheme. We can discuss this with you when you're ready.
Also, if you are considering buying a shared ownership property, that's something we can assist you with.
Once you're ready to proceed, you will need to complete a full mortgage application, we will assist you with this. We will include the details of your property and the type of mortgage you want to proceed with.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.