First Time Buyers

Mortgages for first time buyers.

Helping you get
on the ladder

Buying your first home is really exciting but also quite daunting, BWM Mortgage & Protection are a steady pair of hands, our extensive experience of the process teamed with taking the time to explain the jargon involved, will ensure that you really understand every step of the way.

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Why choose BWM
Mortgage & Protection

  • Being instrumental in assisting you buy your first home is super rewarding, we love being part of your journey.
  • BWM Mortgage & Protection are whole of market mortgage brokers, this means we have access to over 90 lenders including many of the big familiar high street names but also some smaller niche building societies.
  • We make it so much easier to find the perfect fit for you and your circumstances.
First time buyers mortgages.
BWM offer mortgages for first time buyers.

So, whats the plan?

Our advisers will provide an initial consultation, which can be in person, via Zoom or telephone call.

They will discuss your personal circumstances and will be able to provide you with an indication of what you will be able to borrow to allow you to make an offer on your first home.

As we have access to the whole of the market, our advisers will review all available lenders and decide on the most suitable product for you.

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Frequently Asked Questions

How much can a first-time buyer borrow?

This depends on your circumstances and will be discussed by you and our team when you visit us. Online calculators may be able to give you a rough guideline, but we’d always recommend talking to an expert if you want accurate, up-to-date advice.

Is there much help out there for first time buyers?

The UK Government offers some discounts for first-time buyers on certain properties, and there are support schemes in place when saving for a deposit that can help first-time buyers. Talking to one of our experts will allow you to understand what help is out there and how you can make your preparations to buy most effectively.

What are the benefits for a first-time buyer?

Getting on the property ladder can help your long-term financial circumstances. You’re creating a nest egg that will always be there – unlike renting a house, you’re investing in a home.

What is a credit score?

Your credit score is a 3-digit number that is scored out of 999, and it is based on your financial behaviour over the last 6 years.

Can I pay off my mortgage early?

It is possible to pay off your mortgage early before your initial introductory rate comes to an end however you may incur some early repayment charges which can make doing this expensive and often more money than it is worth.

Where do you start when getting your first mortgage?

Whenever you’re ready.

It’s a big financial commitment, but with the right support, it may just be the best decision you make for your future financial situation. Talk to us to find the perfect time to get on the ladder.

How much deposit do I need as a first-time buyer?

It depends on the price of the new home, your payment schedule and whether you’re buying the whole property or part buy part rent. The minimum usually recommended is 10% of the property sale price, but some lenders will offer 5% mortgages too.

What is the difference between a repayment mortgage and an interest only mortgage?

A repayment mortgage is when your monthly payment is going towards not only paying the interest but also the capital, and therefore at the end of the mortgage term, assuming you have made all of your payments, you will have paid off your mortgage.

With an interest-only mortgage, you are only making payments towards the interest. Therefore, your loan remains the same until the end of the mortgage term, and you would need to repay the original amount you borrowed by either selling the property or finding another source to repay the loan.

What insurance do I need for a mortgage?

You need buildings insurance on your property to take out a mortgage. You usually arrange this during the conveyancing part of the mortgage process to ensure it is in place and ready for the exchange of contracts.

Let’s begin securing your future

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