Simple-Lending First-Time Buyer Mortgage Advisors in Folkestone
Local First Time Buyer Mortgage Advice
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Get in touch for an initial free, no obligation chat with an advisor about how we might be able to help.
Supportive First-Time Buyer Mortgage Guidance in Folkestone, Client-Centred and Clear
Who is Eligible for First-Time Buyer Mortgages?
When you dive into the world of first-time home buying, understanding the eligibility criteria is a crucial first step. Generally, any individual who has never owned a residential property in the UK or abroad is considered a first-time buyer. In some cases, shared ownership in unrelated properties might be acceptable, but it can complicate the matter. If you’re unsure, speak with one of our experts at The Mortgage Mum to clarify your status.
How Much Deposit Do You Need?
Saving for a deposit is a significant hurdle for many first-time buyers in Folkestone. Typically, you’ll need at least a 5% deposit of the property’s purchase price. However, offering a larger deposit of 10% or even 20% can improve your access to competitive interest rates and mortgage terms. It’s advisable to assess your financial situation early and start saving with a clear target in mind.
Types of First-Time Buyer Mortgages
Choosing the right mortgage can seem daunting, but understanding your options can simplify the process. Fixed-rate mortgages offer stability with consistent monthly repayments over a set period, which could be ideal if you’re budget-conscious. Alternatively, variable-rate mortgages, such as tracker or discount mortgages, fluctuate with market conditions but may offer lower initial rates. Our mortgage advisors can help you understand these options in the context of your financial goals.
Speak to an expert
We will work at times that suit you and your family, carrying out appointments via video call, telephone or email, giving you the benefit of first class service, around your own schedule, and in the comfort of your own home. So let us handle your mortgage today and find out how well we can look after you, The Mortgage Mum way!
Government Schemes Available
For many, government schemes provide a welcome boost. The Help to Buy: Equity Loan provides a loan of up to 20% of the property’s value (or 40% in London), meaning you only need a 5% cash deposit. Additionally, the Lifetime ISA allows you to save up to £4,000 per year and receive a 25% government bonus. While some programs are subject to availability and geographic restrictions, our team of mortgage advisors in Folkestone is well-versed in these schemes and can guide you through eligibility and application processes.
Exploring the Folkestone Housing Market
Nestled on the English Channel coast, Folkestone is a charming town that attracts first-time buyers with its stunning seafront and vibrant community. It’s known for its regeneration projects and is increasingly popular with commuters due to its high-speed rail links to London. The local housing market offers a mix of Victorian and Edwardian homes, modern flats, and new builds. Average property prices tend to be more affordable compared to other parts of the South East, making it an attractive option for those stepping onto the property ladder. Whether you’re eyeing the bustling Creative Quarter or the more traditional homes in Sandgate, there’s something for every first-time buyer in Folkestone. Let The Mortgage Mum guide your first steps toward homeownership in this delightful corner of Kent. Our expert advice and local insights will equip you with everything you need to make informed, confident decisions.
Why The Mortgage Mum
- We're a team of mums who understand the juggle
- We're all expert advisers with a wealth of experience
- We work around you and your schedule
- We're here to make the mortgage journey easier for you
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