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Your home may be repossessed if you do not keep up repayments on your mortgage
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First Time Buyer Mortgages
Buying your first home can be very exciting, however it can also be a scary and nerve racking experience. 
The largest purchase and financial commitment of your life so far perhaps? Here at Syron Mainwaring we help you get it right. We will also help to ensure that once you have purchased and moved into your first home, you have the right insurances in place to help protect you financially.
Below are our top first time buyer tips to help you on the journey...
Your home may be repossessed if you do not keep up repayments on your mortgage
First Time Buyer Top Tips
Our Top Tips will help you understand the process and remember what you need to consider as a first time buyer, so that you can be prepared and stand the best chance of getting that all important first home.
1. Deposits
Deposits are vitally important when buying property and lenders demand different levels of deposits for different types of purchase and property. Before looking for your first home it is worth ensuring you have a sufficient deposit in place which will enable you to get a mortgage for the remaining purchase price of the home you wish to buy.
Typically deposit sizes can vary between 5% - 20% of the purchase price of the property (sometimes more, the bigger the better), this means for a £150,000 house you will need a deposit of at least £7,500 (5%) before you can consider getting a mortgage. 
The bigger the deposit you have the better chance you have of getting a mortgage as you will open up a wider range of products and lenders and have more choices available to you.
2. Affordability
Lenders want to know that you will be able to afford to pay back your mortgage comfortably without stretching yourself too far. Managing your personal finances is important and being able to demonstrate this during the mortgage application is key.
The better you manage your own finances and live within your means, the better chance you have in obtaining a mortgage. 
Lenders will look at how much of your income can be used to pay a mortgage, taking into account all your other financial commitments and liabilities, including phone contracts, loans, credit cards, bills and more. They will make their decision to lend, or on how much to lend based on how much you can afford. The amount you can borrow might be limited on the maximum amount you could afford each month and so a higher deposit may be required.
Your home may be repossessed if you do not keep up repayments on your mortgage
3. Purchase Costs To Consider
There are many costs to consider when purchasing a home other than just the deposit and monthly mortgage payments, the main ones are detailed and outlined here below:
Mortgage Broker Fee: A mortgage adviser will usually charge a fee for the work, help and support they give you in providing advice and getting you a mortgage and helping you through the buying process.
Solicitors Fee: A solicitor or conveyancer is essential in the house buying process to help ensure you are protected in the purchase and to help you avoid making any costly mistakes. Fees vary from firm to firm and it is sensible to shop around, costs will depend on the solicitor/firm and the property you are buying.
Stamp Duty: What is stamp duty? The full name is Stamp Duty Land Tax, and it is exactly that, a Land Tax, which is payable to the government on the transfer of legal title of Land (Property) to a new owner. As a first time buyer you should be aware of this cost and should make sure you budget for it when planning on buying a house. This might affect your offer price, or the amount you need to save before buying. Your solicitor can help to ensure this is paid after completion of your purchase. Go to HM Revenue & Customs (HMRC) Stamp Duty Calculator to find out how much you will pay.
Surveys: Lenders will most likely require a Basic Valuation survey to be carried out to ensure that the property is worth what is being paid and to make sure the property is secure and sound as security for the loan. This reduces the lenders' risk and gives them greater peace of mind, it also helps you have peace of mind when deciding on a home. Surveys can be done at the request of the buyer and/or the lender. There are 3 main types of surveys; 
1. A Basic (Mortgage) Valuation - to assess the property as a good security for the loan.
2. Homebuyers Report - this provides brief information on the condition of the property and can help to flag any obvious potential issues.
3. Full Structural Survey - a detailed examination of the property with advice and recommendation on any issues or areas which need to be investigated.
Survey costs vary depending on the firm, size of property and survey carried out.
Your home may be repossessed if you do not keep up repayments on your mortgage
Arrangement Fees: Some mortgages have arrangement fees on them. These are fees the lenders charge to set up and provide their mortgage products. These can be costly and can sometimes be added to the mortgage loan if appropriate to do so. Each individual and case is unique as to what is the best to do. We can help to guide you through this process and advise on what is right for your situation.
Buildings Insurance: When it comes to buying a property, there will almost certainly be a requirement of the mortgage lender to ensure the buyer adequately insures the building in case anything should happen. This gives extra security to the mortgage lender. We can help you arrange the correct level of buildings insurance to ensure you are fully protected.
Other Fees to consider which may be relevant:
Booking Fee: This is almost like a reservation fee for the lender to reserve the capital for you whilst you apply for your mortgage. Some lenders/products include these fees in with the arrangement fee, while some are separate depending on the mortgage amount.
Valuation Fee: In addition to any client valuation or survey the mortgage lender may wish to (most likely will) carry out their own valuation to ensure the security offered is sufficient for the loan. This valuation looks typically at the property's market value and not necessarily any potential or future problems. Not all mortgage products charge these fees, we can help you through this process.
Telegraphic Transfer Fee: There is a fee from the lender in transferring the mortgage money over to your solicitor. This is generally a non refundable fee made through CHAPS (Clearing House Automated Payment System).
Mortgage Account Fee: There are costs associated with the administration of, setting up, operating and closing a mortgage account. Some lenders charge the customer a fee for this. 
Exit Fee: Some lenders or products will have exit fees. These costs cover the administration of closing your mortgage account. If there are other admin costs (i.e. mortgage account fee) then it is not likely you would pay twice. 
Higher Lending Charge: If you have a high loan-to-value ratio (meaning the money borrowed is a high percentage of the property value) some lenders may impose a higher lending charge. This charge is to cover the cost that the lender incurs by taking out mortgage indemnity guarantee insurance. This insurance will cover a lender's potential loss if an individual is unable to pay their mortgage and the lender needs to repossess and then sells at a subsequent loss. 
Early Redemption Charge: Certain mortgages may have an early repayment charge as part of the mortgage agreement. This means that if you pay back your full mortgage, or part of it over and above any allowed over-payments, you may be subject to pay an early redemption charge. Be sure to check this and discuss with your broker, they will be able to help and give the right advice on this. 
Removal Costs: If you have been living in rented accommodation or you have a large amount of furniture and belongings, then don't forget to factor in removal costs of either hiring a van and doing the work yourself or hiring a specialist removal company to do the work for you.
Furnishing & Decorating Costs: Once you have moved into your new home, you will most likely want to make it comfortable and to reflect your style and taste. Some work may be required to get it to the standard you like. Depending on the property you buy there may be additional costs in doing this after you have purchased the home itself.
Your home may be repossessed if you do not keep up repayments on your mortgage
4. The Right Mortgage
There are literally thousands of mortgage products to choose from. How do you know where to start and what you need? How can you ensure that you are getting the right mortgage for yourself when there are so many lenders and so many products?
At Syron Mainwaring we specialise in helping first time buyers get the right mortgage. We help and assist them through the process and provide expert professional advice and recommendations on the right mortgage products for our clients' circumstances. 
Our advisers are qualified mortgage experts, we will assist you as a first time buyer and help to ensure that you have complete peace of mind that you are getting the right mortgage product. We will also help to protect you so that no matter what happens in the future, once you are in your new home, you can stay there.
5. The Mortgage Application Process
The Mortgage is perhaps one of the most important elements in buying a house, it enables you to obtain the money to actually buy the house itself.
The first step in obtaining a mortgage is to speak with a mortgage adviser who can help and assist you through the process.
A mortgage adviser will ask questions and build a picture of your past and current circumstances. They will use this information to research relevant products, ones that will be suitable and make a recommendation for you as to what are the most appropriate actions and next steps for you to take.
Once a recommendation has been made, the mortgage adviser can take you through the stages of obtaining a decision in principle from the lender. This is them agreeing to lend based on the initial information provided. At the full application stage there is due dilligence, verification, checks and underwriting for the lending and then finally, all the way through to completion.
The mortgage application process can vary in time from start to finish. A typical start to finish time can be anywhere between 6-12 weeks depending on the complexity and specifics of the case. It can also be done sooner for straight forward cases with no complications. 
Once you meet with your mortgage adviser, they will be able to tell you in a matter of days, sometimes even the same day on what your chances and likelihood of being accepted for a mortgage are. At Syron Mainwaring once we have all the information we get to work right away and start the process. A second appointment will be arranged within a few days of the first, while it is still fresh in your mind. We then come back with a recommendation and help to advance the process to avoid unnecessary delays during the application.
We are always on hand to answer questions and to help you along every step of the journey.
Your home may be repossessed if you do not keep up repayments on your mortgage
6. Freehold or Leasehold
Something you may have seen but aren't sure of the meaning are the terms Freehold and Leasehold.
Freehold means that you can enjoy the full rights of ownership indefinitely upon and over land (property).
Leasehold is similar in that you can enjoy certain rights of ownership over land (property) for a certain period of time, which is outlined in the lease document.
A Leasehold can confer rights on the holder for any stipulated amount of time, for example typically 99, 125 or 150 years, although some leases have much longer terms of 999 years.
Your solicitor or conveyancer will help to flag any issues that may arise if the property is Leasehold, or even if there are any covenants or restrictions on land for a Freehold.
Typically flats are sold as leasehold with a lease term of a finite number of years. This is important to know as lenders do not like to lend on properties with short leases remaining as this will affect the saleability of the property in the future. This can then affect the value of the property and compromise the security of their loan.
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Your home may be repossessed if you do not keep up repayments on your mortgage
Syron Mainwaring, SM Financial, Mortgage Mike, & Ultimate Property Finance are all trading names of Syron Mainwaring Financial Limited.
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