First Time Buyers

The world of mortgages can be a daunting place and it can be difficult to know where to start, especially if you are a first-time buyer.

At SJ Financial Solutions, our expert mortgage advisors are ready to help you take the first steps onto the property ladder and walk you through the entire process. Whether you need mortgage advice or just have a few general questions, we’re here to help.

Your property may be repossessed if you do not keep up repayments on your mortgage.

First Time Buyer Mortgage Advice

We understand that it might be overwhelming for those who have never gone through this process before, particularly when there is a variety of things to think about, including Help to Buy Equity Loans, Shared Ownership, and New Buy, as well as incentives such as cashback that can be offered by lenders.

Our expert team have years of experience in helping first-time buyers in all over the UK take their first steps and we will help you to determine the scheme that is right for you and help you through the application process.

Want to find out more about how you can make your dreams of your first home a reality? Why not give us a call to make an appointment today?

Your property may be repossessed if you do not keep up repayments on your mortgage.

Why Choose Us for First Time Buyer Mortgages in Birmingham?

Our experienced team of mortgage advisors will guide you through the maze of mortgage terminology, as well as helping with the house-buying process. What makes us different to high street banks is that we can search a wider range of first-time buyer mortgage deals to find one that suits your individual circumstances.

We can also assist you with putting in an offer, advise on the mortgage products and lenders available to you and will support you through the entire process, as well as being available to you after completion.

Request a Call Back

Would you like to speak to one of our advisors over the phone? Just submit your details and we’ll be in touch shortly. You can also email us if you would prefer.

For Businesses: Do you have questions about how our advisors can help your company? Send Amanda an email and she will get in touch or phone 0121 448 0161 between 09:00 and 17:00 on Monday to Friday and she will be delighted to have a chat with you.

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Your property may be repossessed if you do not keep up repayments on your mortgage.

First Time Buyer Mortgage

Buying your first home albeit exciting, can also be daunting, especially when it comes to talking figures and mortgage terminology. Securing a mortgage as a first-time buyer requires careful planning and understanding of the various options available.

Qualifying for a First Time Buyer Mortgage

To qualify for a first-time buyer mortgage, several factors come into play. Lenders will typically look at your credit score, debt-to-income ratio, and employment history to assess your financial stability. While requirements vary depending on the bank or building society, maintaining a good credit score, keeping debt levels manageable, and demonstrating a good payment history is important.

Important Factors to Consider

In addition to the mortgage itself, first-time buyers must consider various other expenses associated with homeownership. From solicitors fees when purchasing and stamp duty costs to ongoing running costs to such as home insurance, it's essential to budget for these additional costs and to understand what they are upfront.

Tips for First Time Home Buyers

Getting together the minimum paperwork is a good start as all lenders will want to see your income and your identification. Feel free to contact us and we will give you a list of the paperwork required given your circumstances. It is also worth getting a copy of your credit report to ensure it reflect a true picture.

Common Mistakes to Avoid

While buying your first home is a exciting, it's important to proceed with caution and avoid common mistakes that could derail your plans. Overextending yourself financially, neglecting to shop around for mortgage rates most suited to you, and ignoring additional fees can all lead to avoidable stress.

Post-Purchase Responsibilities

After moving in, the responsibilities of homeownership continue. Making payments on time, maintaining the property, and planning for future changes are all important. We have all ‘been there and done that’ and can help you plan and one of team are always available to discuss any plans you may have.

Your property may be repossessed if you do not keep up repayments on your mortgage.

Frequently Asked Questions

Can I qualify for a first-time buyer mortgage while I still have student loan?

Yes, it's possible to qualify for a mortgage with student loan, but lenders will consider your debt-to-income ratio when assessing your eligibility. The amount you pay per month will be deducted off your income and ultimately reduces the amount you can borrow.

Are there specific first time buyer mortgages for buyers with low income?

Yes, there are various options for first time buyers, it could be reduced deposit, increased income multiples or more favourable rates and fees.

How long does the process take?

This is a hard question, provisionally we can get an agreement in principle completed over the phone in about 30 minutes, but this is just the start. How long it takes to get the keys for your house is…Well…. ’how long is a piece of string’? If you are buying an empty house and you are living with parents, then it could take a month. If you live in rented and must give notice to move out and are buying a new build house that is not going to be built for 6 months, then 6 months. But on average, we would say 8 – 12 weeks.

What happens if I miss a mortgage payment?

Missing a mortgage payment can have serious consequences, including late fees, damage to your credit score, and even repossession in extreme cases. It's essential to speak to your lender at the earliest opportunity so they can help you.

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Your property may be repossessed if you do not keep up repayments on your mortgage.