Helping you get on the
We have helped thousands of first-time buyers purchase their first home, so we understand the emotional highs and lows of buying your first property. Whether you are just starting out and wondering how much you could borrow, or you’ve found the property and need help making an offer that will secure your dream first home – we can help.
As an independent mortgage broker, we work for you. Castlegate Financial Services are not tied to any banks or building societies so you can have peace of mind that we always have your best interests at heart. We are on hand every step of the way, so your mortgage application is not another stressful pull on your already stretched time.
for First Time Buyers in Nottingham
First Time Buyers mortgages are the same as any other mortgage. The first thing you need to understand is your affordability. Every lender will assess your affordability and they all have different ways of doing this. They will look at your income and credit commitments and assess this against potential living costs.
After the lender assesses your affordability, they will provide you with the maximum loan amount they think you can afford.
Once you know the mortgage amount you can get, you can work out the monthly repayments, then the next step is to complete a credit check. This credit check is called an ‘Agreement In Principle’ which means the mortgage lender ‘agrees, in principle’ that they would be happy to lend you the mortgage amount you require.
It’s very important to take these steps before you look for a property and it’s advised to speak to a mortgage broker, like Castlegate Financial Services, as we can compare the market and make sure you have the right advice when applying for a mortgage.
How We Work with you
Get to know you and your goals
Assess your affordability
Apply for an agreement in principle
Help you negotiate your offer on your first home
Reassess your mortgage offer against new rates before submitting your application
Submit your application
Support you with insurance and protection requirements
Help secure you the best rate when your mortgage is next up for review
get to know you
and your goals
apply for an
agreement in principle
help you negotiate your offer on your first home
Find the most suitable
mortgage for you
help secure you the best rate when your mortgage is next up for review
Once we have assessed your affordability, we apply for an agreement in principle with whoever we think is the best lender for you on that day. If you pass the credit check, we can provide you with an ‘Agreement In Principle’ Certificate which is what the estate agents will need to confirm you can get a mortgage.
Once you’ve found a house, we can help you negotiate your offer and once this has been accepted, we will reassess the market again to ensure the mortgage we offer is the best one for you as lenders offer new rates to the market daily so we check on the day you submit your application.
We then submit your application to the lender on your behalf and handle everything for you. We deal with the mortgage lender, estate agents, solicitors and any life insurance providers as this is another important part of buying a house. With Castlegate Financial Services by your side, you have complete peace of mind that everything is in hand to make your first house purchase as stress free as possible.
speak to our
For help and advice with your first mortgage,
speak to our fabulous brokers today.
What is a
first time buyer mortgage?
A first time buyer is someone who has never owned a property before. There are some mortgages on the market that are exclusively designed for First Time Buyers which offer some incentives to help you buy your first house.
Do I qualify
for a first time buyer mortgage?
To qualify for a first time buyer mortgage means you must never have owned a property before. The minimum age for buying your first home is 18 years old. In the current climate you will need to have a 15% deposit, however, some lenders do offer mortgages with a 10% deposit but these are rare at the moment and hard to secure. There are some mortgages that allow parents to help support first time buyers by offering their own house as security or savings to help first time buyers. These are similar to guarantor mortgages.
To be agreed for any first time buyer mortgages you must be able to prove your income by payslips or a minimum of 1 years accounts and have the required deposit. Your affordability will be assessed and lenders will look at your credit file to see if you have repaid any credit you have. If you do not have any credit such as credit cards or loans this can sometimes affect your credit score as the lenders cannot establish if you repay your debts.
Another important factor to get agreed for your first mortgage is to ensure you are registered on the voters roll at the property you live at. If you are not registered at your current address the lenders may not accept your application.
A first time buyer is someone who has never owned a property before. There are some mortgages on the market that are exclusively designed for First Time Buyers, which offer incentives to help first time buyers buy their first home.
First time buyers do not currently have to pay stamp duty depending on the price of the property.
Yes. To be eligible for a Help to Buy Equity Loan (2021-2023) you must be a first-time buyer and the new build home you are buying must be within the relevant regional cap. You or anyone you are buying the home with mustn’t have owned a home or residential property now or in the past and must not have had any form of sharia mortgage finance. For more details about the scheme visit Help To Buy.
In short, yes – there are mortgage lenders that will allow you to get a buy to let mortgage as a first-time buyer. However, these lenders are few and far between, with the majority of lenders preferring you to have owned a property before you start investing.
Yes, there are specific lenders that are designed to help first time buyers with bad credit. If you are worried that bad credit might affect your ability to get on the property ladder, then speak to one of our advisors who will be able to help you understand how to improve your credit score and source specific lenders that can help you get on the property ladder.
Mortgage Advice & insights
Buying, selling and moving home can be stressful enough, without the added frustration of delays with your mortgage application!
There are a few factors that can affect how long your mortgage application takes – like which lender you’re applying with or how complex your situation is. However, one delay that you can avoid, is missing or incorrect mortgage application documents requested by the lender.
Overall property has always represented a good long-term investment opportunity, and is still one of the four most common types of investments, alongside cash, bonds and shares. Resilient and a largely stable investment market, historical evidence shows that property has the power to weather huge events such as the global financial crisis and the SARS outbreak, coming out of the other side stronger.