Mortgage Advice for First time Buyers

I've been with my bank for years - why don't I just let them sort out my mortgage?

Your local bank or building society may not be able to offer you the most comprehensive mortgage advice for first time buyers, because they're committed to promoting their own products.

At MIAS, our mortgage brokers have access to the entire market - that's more than 100 lenders and 5000 products. We can scour the whole of the market for you, to bring you the best mortgage advice for first time buyers.

Also, a significant number of the mortgages we offer are broker-exclusive and are not available on the High Street.

How much can I borrow?

The lender will take into account your salary, your deposit - if you have one, your credit score, your outgoings each month and may also factor in your future earnings. If you are a graduate or a member of certain professions it may also be possible that you qualify for a professionals mortgage or graduate mortgage.

You need to think carefully about how much you can really afford to pay on your mortgage each month bearing in mind all of the other costs. We will help you to set out a clear budget and advise you of the maximum borrowing available to you.

How much will it cost me?

Our mortgage calculators are designed to give you an idea of how much your first time buyer mortgage could cost.

One of our mortgage brokers will be able to give you mortgage advice for first time buyers, or you could email us for first time buyer mortgage quotes.

Should I wait until I've saved up a bigger deposit before I start looking for first time buyer mortgage advice?

The bigger your deposit, the greater the number of first time buyer mortgage deals that will be available to you. Saving up a deposit of, say 10%, means there's a greater chance that you'll qualify for a more competitive mortgage for first time buyers.

However, if you put off buying until you've saved a big a deposit as you possibly can, there's always the risk that the market could jump. House prices rose by 2.4% in 2005. Analysts predict that house prices are likely to rise again in 2006, although any gains are likely to be small - 3% at best.

There are many first time buyer mortgages available for first time buyers who don't have a deposit. Our pages on 100% mortgages, graduate mortgages and guarantor mortgages may help you here.