First Time Buyer in Devizes

In today’s market it can be difficult for First Time Buyers to save enough for a deposit on their first home as well as meet lenders’ strict affordability requirements.

Our mortgage advisor, Ian, recently helped Luke*, a First Time Buyer with purchasing his first home.  At only 18, Luke was in the fortunate position of having a healthy deposit from his grandparents.  However, as an apprentice his salary was still fairly low so would fall outside of most lenders’ affordability criteria.  In addition, the property he had found in Devizes was an ex-Social Housing leasehold flat so this would also limit the number of available lenders.

Ian researched a wide range of lenders and was able to come up with a competitive solution with a regional building society.  Luke preferred to opt for a 5-year fixed rate to give security over his outgoings until his salary increased and the longer period ensured the affordability criteria was met.

As a First Time Buyer, Luke also needed advice on protection products.  After explaining the benefits of these and the different levels of cover available, Ian recommended Life Cover, Critical Illness and Income Protection at a level that would be affordable to Luke.  These can be reviewed in due course as Luke’s salary increases.

*names have been changed to protect our clients.

There may be a fee for arranging your mortgage. The precise amount depends on your  circumstances. The fee is up to 1% of the amount borrowed, and a typical fee is 0.4% of the amount borrowed.

Your home may be repossessed if you do not keep up repayments on your mortgage.