Accredited First-Time Buyer Mortgage Advisors in Brighton

Eligibility Criteria for First-Time Buyers

When you’re stepping onto the property ladder for the first time, it can be both exciting and daunting. Eligibility usually involves assessing your credit score, income, and current financial commitments. Lenders will look at your ability to repay the mortgage, so ensuring your finances are in good order is key. If you have concerns about meeting these criteria, don’t worry—at The Mortgage Mum, we’re here to help. We offer guidance on improving your credit score and managing debts that might affect your application.

How Much Deposit First-Time Buyers Need

The age-old question: how much do you need to save? In Brighton, like much of the UK, the amount typically ranges from 5% to 20% of the property’s value. Saving for a deposit can seem like a mountainous task, but starting with a modest goal and building up gradually can make it more achievable. We can provide bespoke advice on savings strategies and help navigate the various options available to you, such as Help to Buy ISAs or Lifetime ISAs.

Types of First-Time Buyer Mortgages

The variety of mortgage options can be overwhelming. Fixed-rate mortgages offer the security of set payments each month, while variable-rate options might benefit you if interest rates fall. Tracker and offset mortgages offer their own sets of advantages and considerations. To help you find the best fit, as your mortgage broker in Brighton, we’ll guide you through each type, explaining the pros and cons according to your specific needs and future plans.