Opening hours:
Mon - Sat 8.30am - 7.30pm
Evening and Zoom appointments available
First Time Buyer Mortgages in
Weston super Mare and North Somerset
First Time Buyer Mortgages
Weston Mortgages Online offers a wide range of products from High Street Lenders and specialist products not available direct.
We will find you the most appropriate tmortgage for you and your personal circumstances. Our expert team will guide you through the whole process, all the way through to completion.
Due to the excellent relationships we have with many lenders, we can offer the most attractive first time buyer mortgages on the market, some of which are only available through broker routes.
The FCA does not regulate some forms of Buy to Lets. Think carefully before securing other debts against your home/property.
Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.
Step One - Free initial consultation
Call or email us to book an appointment with one of our Advisers. Depending on location and availability we can either come to see you at home or you can visit us by appointment at our offices in Weston super Mare. Many of our consultations can now also take place via Zoom or Teams.
Our Adviser will discuss with you any specific requirements, including your current circumstances, how much you can afford and your deposit. Your current employment status and earnings plus your credit history will also have a bearing on the type of mortgages we will recommend. Our Adviser will also give you expert advice about Protection insurance and other costs.
What is an afforability check?
Lenders investigate your finances - your income, your bills, and any other debts or commitments. This will include your lifestyle - your dependents and your spending.
They have to be sure that you're not over-stretching yourself. Our Advisers and Administration team will guide you through this process as well as help with any forms and paperwork.
Step Two - How much deposit will I need?
Typically, First-Time Buyers will have a small deposit to put towards their first mortgage. The smallest deposit you can usually use to get a mortgage in the current market is 5%.
Step Three – Let us arrange for an Agreement in Principle for You.
Few lenders offer actual mortgages if you've no property in place - they offer a “Mortgage in Principle” (MIP) or an “Agreement in Principle” (AIP). This provisionally lets you know how much you can borrow, subject to finding a suitable property in a specified time.
An Agreement or Mortgage in Principle is an important step in applying for a mortgage. It gives an indication of whether a lender could lend you the amount you need to borrow. Lenders use a soft credit check to do this, which has no impact on your credit file. The process is relatively speedy and requires some personal information, including details of your income and financial commitments,
this information is used in the strictest confidence.
Getting an Agreement/Mortgage in Principle does not mean you are committing to apply to that lender for a mortgage.
However, once you have one, you'll be ready to discuss all the options we can offer.
Step Four – Making an application.
Step Five - Move into your new house!
You have completed! Pick up the keys and enjoy your new home!!
What our customer say about us.
Gifted Deposits
A gifted deposit is a sum of money that is typically given by a family member forming all or part of a deposit for somebody wanting to buy a property. It is possible for friends to gift money to enable someone to buy a property, but is less favourable for lenders.
There are some points to consider
- The person gifting the money should seek independent legal advice to understand they will have no interest in the property and no right to get their money back.
- It is possible to loan money to family and have it repaid on sale of the property i.e. take a legal charge over the property. Again, seeking independent legal advice is a must and this would also have to be agreed by the mortgage provider.
- The mortgage product won’t change because of the gifted deposit as most lenders are ok with family gifts however, not all will be happy with 3rd party gifts (friends).
- The person gifting the money will need to complete a gifted deposit letter or sometimes lenders have their own form to complete.
- The lender and or solicitor may wish to see a bank statement or something to confirm where the gifted money is coming from (standard money laundering checks).
- The gifted deposit can be used in conjunction with the applicant’s own savings/.
Problems with Adverse Credit?
A poor credit rating can be a major barrier to getting a mortgage, but the good news is, there are lenders who are prepared to help those whose applications may be refused elsewhere. It might not seem fair but even having a big deposit in place and a decent salary isn’t enough to guarantee you a mortgage, if you have a poor credit history.
Banks and building societies are cautious about who they lend to, so they always check credit reports carefully to see if potential mortgage customers have defaulted on any debt payments in the past. They will also look for any County Court Judgments (CCJs) against you, or if you have ever filed for bankruptcy. In any of these scenarios apply, the chances are you won’t be eligible for some mortgage deals that are on offer – even if your financial problems occurred in the past few years.
There are some mortgages however, which are specifically designed for those whose credit history is far from perfect. Our team of expert Advisers will give you advice about the most appropriate mortgage and/or lender to apply to. As fully independent brokers we will look at all the options available to you.
If you think you may have a poor credit history or an adverse credit rating, you can obtain a free credit report from one of the following.
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Please be aware that by clicking on to the above links you are leaving Weston Mortgages Online website. Please note that Weston Mortgages Online nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.
Once you have your report, email it to us at info@swmortgages.com giving details of the type of mortgage you require and your personal circumstances, and one of our advisors will be in contact to discuss your specific situation.