First Time Buyer Mortgage Advice in Liverpool

The amount of deposit you need should be a minimum of approximately 5-10%, this will vary depending on how well your credit score is. A common drawback for young first time buyers in Liverpool is that they don’t have a strong enough credit score to begin with.

We tend to find as an experienced Mortgage Broker in Liverpool that first time buyers who have a credit score will usually have a good one. If you are in this position, it’s possible that you have access to a higher loan-to-value (%), like a 90-95% mortgage.

Despite this, there is some cases where a first time buyer in Liverpool has a lower credit score. This can limit the amount of access you would have to lower loan-to-values which means you will need to put down a much larger deposit, usually upwards of 15%. By doing this, the lender can reduce the risk by lending less to you overall.

Another factor that can vary the deposit is the price of the property you are looking to purchase. Your mortgage amount is a percentage of the property price.

Luckily, there are other government mortgage schemes that can be helpful for those who struggle to meet the minimum requirement for a deposit required. Therefore, as a first time buyer in Liverpool, this could be an option for you!

The following are just a number of popular mortgage schemes that you may have access to;

• Help to Buy: Equity Loan Scheme.
• Help to Buy: Shared Ownership Scheme.
• First Home Scheme.
• Lifetime ISA.

We tend to find that a first time Buyers in Liverpool gets in touch with Liverpoolmoneyman at the start of their mortgage process. The general reason for this is they want to know how much they could borrow for a mortgage.

Our mortgage calculators on our website are great for first time buyers in Liverpool looking for a rough estimate, however, this won’t factor in your financial circumstance so do keep this in mind. If you are looking for a more accurate amount, an expert Mortgage Advisor in Liverpool can help you with this.

Another benefit of having a Mortgage Broker in Liverpool, like ourselves, by your side is our support and guidance from our expert team of Mortgage Advisors when you are at the point of wanting to make an offer on the property you like.

Here at Liverpoolmoneyman, we are able to obtain your mortgage agreement in principle for you which is usually done within 24 hours of your initial appointment. Having this with you can be great when making an offer as it is likely to increase your chances of getting accepted.

Speaking to a Mortgage Advisor in Liverpool can be beneficial before making any offers. We can begin the mortgage process as soon as you as you get your offer accepted on your dream home.

If you are wanting to know if you are eligible for a mortgage and are looking to get an agreement in principle to back up your offers, get in touch with a Mortgage Advisor in Liverpool who can help you with this.

Generally, our team can arrange to get you a mortgage agreement in principle within 24 hours of your mortgage appointment. As mentioned, having an AIP to hand can be very helpful for making any offers because it shows the seller you are prepared to progress with your mortgage case.

It can be common for customers to get in touch with us when they have previously been declined for a mortgage by the bank. This could be for a number of reasons; however, our team are available to help you with this.

As part of our tailored service, our team are able to provide the support you need to get you on the best option for your personal and financial circumstances. Due to being an expert Mortgage Broker in Liverpool, we have exposure to a large range of mortgage lenders, with a number of these offering specialist products.

Our team are available 7 days a week to provide fast & friendly mortgage advice and answer any mortgage questions, particularly for first time buyers in Liverpool. We look forward to supporting you on your mortgage journey!