First-Time Buyer Mortgage Advice in Leicester & West Midlands

Taking your first step onto the property ladder is an exciting milestone, but it can also feel overwhelming. At Intelligent Adviser, our specialist first-time buyer mortgage advisers in Leicester and the West Midlands are here to guide you through every step of the process.

Ready to start your home buying journey?

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Your Complete First-Time Buyer Guide

1. Understanding How Much You Can Borrow
As a first-time buyer, the amount you can borrow typically depends on your income, outgoings, deposit size, and credit history. Most lenders will offer between 4-4.5 times your annual income, though this can vary. Our advisers will help you understand your borrowing potential and find lenders offering the best terms for your circumstances.

2. Saving for Your Deposit
While 5% deposits are available, larger deposits typically secure better interest rates. We can advise on government schemes like Help to Buy and Shared Ownership that can make homeownership more accessible with smaller deposits. We'll also explain how Lifetime ISAs and other savings vehicles can help you reach your deposit goal faster.

3. Understanding Mortgage Types
From fixed-rate to tracker mortgages, we'll explain the different types available and help you choose the one that best suits your needs and circumstances. We'll ensure you understand the pros and cons of each option before making your decision.

4. Getting a Mortgage in Principle
A Mortgage in Principle (MIP) shows sellers and estate agents that you're a serious buyer who can afford the property. We can arrange this for you quickly, strengthening your position when making offers.

5. The Application Process
We handle the entire mortgage application process for you, from paperwork to liaising with lenders. Our expertise helps avoid common pitfalls that can delay or derail applications, ensuring a smoother journey to homeownership.

First-Time Buyer Schemes in Leicester & West Midlands
Help to Buy Equity Loan
The government can lend you up to 20% of the cost of a newly built home, so you'll only need a 5% cash deposit and a 75% mortgage to make up the rest.

Shared Ownership
Buy a share of your home (between 25% and 75%) and pay rent on the remaining share, with options to buy bigger shares when you can afford to.

First Homes Scheme
Newly built homes available at a discount of at least 30% compared to market value for first-time buyers.

95% Mortgages
Many lenders now offer 95% loan-to-value mortgages, meaning you only need a 5% deposit to buy your home.

Frequently Asked Questions from First-Time Buyers
How much deposit do I need as a first-time buyer?
Most lenders require at least a 5% deposit, though you'll typically get better interest rates with 10% or more. On a £200,000 property, that means saving between £10,000-£20,000. Government schemes can help reduce the deposit needed in some cases.

What other costs should I budget for?
Beyond your deposit, you'll need to budget for solicitor fees (£1,500-£1,800), survey costs (£400-£1,500), mortgage arrangement fees (£0-£2,000), and potentially stamp duty (though many first-time buyers are exempt up to £300,000).

How long does it take to get a mortgage?
From application to offer typically takes 2-4 weeks, though this can vary depending on your circumstances and the lender. The entire process from starting your search to completing on your purchase usually takes 3-6 months.

Can I get a mortgage with bad credit?
Yes, though your options may be more limited. We work with specialist lenders who consider applications from those with less-than-perfect credit histories. The sooner you speak to us, the sooner we can advise on improving your chances.

Success Stories from Our First-Time Buyers
"As first-time buyers, we were completely lost until we found Intelligent Adviser. They explained everything clearly, found us an amazing mortgage rate, and held our hands through the whole process. We couldn't have done it without them!"

- Emma & Tom, New Homeowners in Leicester
"I thought buying a home with a 5% deposit would be impossible, but my adviser at Intelligent Adviser found me a great deal and helped me access the First Homes scheme. I'm now a proud homeowner paying less per month than I was in rent!"

- Aisha, First-Time Buyer in Birmingham
Ready to Take Your First Step on the Property Ladder?
Our expert first-time buyer mortgage advisers in Leicester and the West Midlands are ready to help you navigate the mortgage market and secure the best deal for your needs.

Book Your Free Consultation Get a Mortgage in Principle Call Us: 01165047140