First Time Buyer
When you are buying your first home, you will be classed as a “first time buyer”. We understand this can be a very daunting time and we will guide you through the whole process. We have access to a wide range of lenders and can recommend the best option based on your circumstances.
What we can do for you
We can offer face to face, telephone or video appointments with one of our experienced advisers who can explain the process in jargon free terms
We gather your information and provide advice on how much you can borrow, the level of deposit required and what your monthly payments are likely to be
We will discuss the house buying process and the costs you will incur such as valuation or survey fees, solicitors costs and stamp duty
We advise you on the most suitable and appropriate mortgage for you, then arrange and manage your application with the lender
We can able to offer recommendation of solicitors and surveyors
We are also able to arrange 100% mortgages and mortgages with only a £5000 deposit
Expert Mortgage Advice, Without the Broker Fees*
At IMA Mortgages & Protection, we believe expert mortgage advice shouldn’t come with an extra cost. That is why we offer personalised mortgage advice with no broker fee.
Whether you are buying your first home, moving house or remortgaging, our experienced advisers will help you explore your options and find a mortgage that suits your needs.
We believe it’s important that you fully understand your mortgage options before making any decisions. We pride ourselves on clear, transparent communication, taking the time to explain your choices, answer your questions and provide guidance tailored to your circumstances throughout the mortgage process. Get in touch today to see how we can help.
* excluding Buy to Let & Later Life Mortgages
Frequently Asked Questions
What costs should I budget for when buying my first home?
When buying your first home, you’ll need to budget for more than just your deposit. Other costs may include:
- Mortgage arrangement fee – these are charged by the lender. Most lenders offer rates with an arrangement fee and rates with no arrangement fee. Depending on the size of your mortgage it may or may not be worth paying a fee. Usually the mortgage arrangement fee can be added to the mortgage
- Mortgage valuation fee - Many lenders offer a free mortgage valuation, however there may be a cost to pay depending on the mortgage provider. Usually the mortgage valuation fee is payable upon the mortgage application.
- Survey costs – to help identify any issues with the property.
- Solicitor or conveyancing fees – for the legal work and property searches.
- Stamp Duty – The amount depends on the property price, location and your eligibility for first-time buyer relief.
- Moving and setup costs – including removals, furniture and any immediate repairs.
Can my family help with my deposit?
Yes, many lenders accept a gifted deposit from family members. This means they give you money towards your deposit without expecting repayment or ownership of the property.
Your lender and solicitor will usually need written confirmation of the gift and evidence of where the money came from. Requirements vary between lenders, and we’ll guide you through what’s needed.
How much deposit do I need?
The minimum deposit is typically 5% of the property price, although 10% or more gives access to better rates. Some schemes and lenders accept smaller deposits in specific circumstances.
If you have been renting for over a year you may be eligible for the Track Record 100% mortgage.
What is an Agreement in Principal, and do I need one?
An Agreement in Principle (AIP) is an indication from a mortgage lender of how much they may be willing to lend you, based on an initial assessment of your circumstances. It isn’t a guaranteed mortgage offer.
You don’t usually need one to start viewing properties, but it can help you understand your budget and show estate agents and sellers that you’re a serious buyer. Some estate agents may ask for one before accepting an offer.
We can help arrange an AIP and explain the next steps.
What Documents will I need for a Mortgage in Principle?
We just need your income for a Mortgage in Principle. For a full Mortgage Application we will require:
- Photo ID and proof of address.
- Last three months of payslips or self-employed accounts/SA302s.
- Latest P60 if employed.
- Three months of bank statements.
- Proof of deposit from savings, gifts or government schemes like Lifetime ISA.
- Existing rental agreements if relevant.
When should I speak to a mortgage adviser?
It is a good idea to speak to a mortgage adviser before you start viewing properties, even if you are in the early stages of saving for a deposit.
