First Time Buyer
Best First Time Buyer Mortgage Support
Start Your Financial Planning for First Time Buyer Mortgage with Beneco Financial Services
You will face difficulty getting a first-time buyer mortgage, especially if you have no prior mortgage history. The process has many complex steps and confusing terms. From saving for deposit to maintaining a good credit score, the entire process can be complicated.
We are here to assist you. As one of the best first time buyer mortgage broker London, Beneco Financial Services will make the complex process easy for you. Our expert team provides guidance and excellent support to get the most suitable first time buyer mortgage in London.
Beneco Financial Services can be your trusted partner for first time buyer mortgage needs in London. Ready to turn your financial dreams into reality? Start your journey today!
First Time Mortgage Options
Types Of First Time Home Buyer Mortgage
Buying a home for the first time is always very exciting. However, it can be quite stressful and confusing when you have to deal with mortgages. In that case, you can make a better choice if you have good ideas about different mortgage types. For your convenience, below, we’ve listed some common types of first time home buyer mortgages.
Fixed-rate mortgages come with a fixed interest rate, which remains the same for a particular period. This mortgage makes your monthly payments known in advance. Fixed-rate mortgage will be a good choice if you are looking for long-term stability and easy budgeting.
Offset mortgages usually connect your savings or current accounts to your mortgage. Within this mortgage, the more you save, the lower your mortgage interest rate will be. This can help you pay off your mortgage faster and save on interest costs.
Tracker mortgages follow the base rate of the Bank of England. Your payments can fluctuate depending on the base rate. This type of mortgage can be risky if the base rates are higher, but helpful if the rate goes lower.
Interest only mortgages will enable you to pay just the interest for an initial period. Within this mortgage, monthly payments typically are lower, but the principal remains unpaid. You’ll need a good plan to repay the principal when the interest only period ends.
Discounted variable-rate mortgages let you get lower interest rate for a short time. The interest rate is closely related to the standard variable rate of the lender. Your payments can change during this period, which may result in potential savings.
Guarantor mortgages usually involve a family member or friend who guarantees your loan. This person have to agree to make your payments for the mortgage if you can’t. It can help you get a mortgage with a smaller deposit or low credit score.
Your Eligibility
Find Out If You’re Eligible
You’ll need to buy a house to be eligible for a first time home buyer mortgage in the United Kingdom. Along with that, you must be 18 years old or older to be eligible for the mortgage.
Additionally, you need to secure a mortgage for at least half the price of the home, and your annual income should not be more than £80,000 (before tax).
However, if you owned a house or flat before, even if you are abroad, you likely won’t be eligible for the mortgages. No matter whether you fully own the property or partially.
If you had a home left to you through inheritance, you also wouldn’t be eligible for the mortgage, even if you did not currently live in it. Even if someone who already owns a home buys the property for you, you won’t be considered for the first-time buyer mortgage.
Build Your Dream Home With Beneco Financial Service, Your Trusted Mortgage Partner.
First-Time Mortgage Selection
Choosing a First Time Home Buyer Mortgage In London
When looking for first-time home buyer mortgage, you may face many difficulties, especially if you have no experience in this area. The following steps can help you in making the proper decision regarding your mortgage deal.
Calculate Your Budget
Decide how much you are willing to take, and what will be the interest rate on the loan and any additional fees and insurance. There are always monetary challenges in such deals. For that, you should stick to an appropriate financial plan.
Check Eligibility Requirements
It will be helpful to look at each lender’s requirements to find out whether you meet the eligibility criteria. As for the first-time home buyer mortgage deal, the eligibility may come down to the specific requirements set by the lender.
Review Loan Terms Carefully
Read the loan terms carefully before signing any agreements. You should be aware of any penalties and repayment schedules. Also, make sure you are in agreement with all the terms and conditions.
Seek Professional Advice
Talk to any well-known mortgage broker like Beneco Financial Services for individual first time buyer advice London specific to your situation. They can help you deal with complex decision-making and find the right mortgage deal. In that case, professional guidance can save you time and money.
Who Needs?
Who Need First Time Buyer Mortgage Broker?
The process of finding the right mortgage for a first time buyer can be quite challenging. In that case, having a good mortgage broker can help you to simplify the entire process and provide you valuable guidance regarding your chosen mortgage deal. From an initial consultation to dealing with the necessary paperwork, they will assist you with everything on your behalf. Here are some situations when you should seek the help of a professional mortgage broker:
First-Time Broker Benefits
How an Independent Mortgage Broker Helps First Time Buyer?
An independent mortgage broker can greatly assist first time buyers with expert advice and information on different mortgage options. Apart from that, you’ll also get assistance with managing paperwork and dealing with lenders.
Just like an independent mortgage broker, Beneco Financial Services, as one of the best first time buyer mortgage broker London specialize in helping first time buyers.
Our professional team guides you through every step of the mortgage process. We’ll compare different lenders’ requirements to find the best mortgage deals suited to your needs and budget.
Beneco Financial Service’s aim is to make the home buying process smooth and hassle-free with the best possible mortgage plans. So you can trust us to get the most suitable mortgage rates for your first home.
Premier Service
We Offer the Best First-time Buyer Mortgage Brokerage Service in London
At Beneco Financial Service, we provide the best first time buyer mortgage brokerage service in London. Having worked for many years as first time buyer mortgage broker London, our team helps first time buyers to find the most suitable mortgage deal.
We understand the unique difficulties faced by first time buyers on the London market. Our individual service ensures you get the best mortgage deal available.
Trust us to guide you through the entire process, from start to finish. We are dedicated to making your first-time home buying process smooth and stress-free.
Working Process
Our Working Process
Beneco Financial Services makes getting the first time buyer mortgage in London process simple to everyone. Here is how our process works:
01
Calculate the Borrowing Capacity
We help you figure out how much you can borrow, depending on your current income and expenses. Our expert team analyse your financial condition to provide you with an accurate estimate.
02
Check Deposit Requirements
Your deposit will play a very important factor in getting a mortgage. We will guide you on how much deposit you need. A larger deposit help you to get better mortgage deals with lower monthly payments.
03
Get a Decision in Principle
A Decision in Principle will decide how much a lender is willing to lend you. In that case, we assist you in getting this from your selected lender. This document strengthens your position as a serious buyer.
04
Submit Mortgage Application
You can apply for a mortgage with us, once you have a Decision in Principle. Our team helps you complete the application form. We ensure all the necessary documents are submitted accurately.
05
Receive and Review Mortgage Offer
The lender will review your application and documents, after submitting the documents. If approved, you will receive a formal mortgage offer. We explain all the terms and conditions clearly of your mortgage deal.
06
Finalize Contracts and Move In
The final steps include exchanging contracts and completing the purchase. On completion day, the funds will be transferred, and we ensure everything goes smoothly until you move in. We also guide you through making your first mortgage payment.
Why Us?
Why Choose Beneco Finance As Your Mortgage Broker?
A good mortgage broker can make a big difference in your first buying process. In that case, you can consider Beneco Finance, one of the leading first time buyer mortgage broker London. We will help you in proving expert guidance and service to get the best mortgage deal. Take a look why you should choose Beneco Finance as your mortgage broker.
Skilled Team
We have a dedicated team with years of experience in mortgage sectors. Our advisors remain up to date on market trends and lender policies necessary for providing of the best advice and mortgage options.
Individual Service
Our team take enough time to understand your personal financial conditions as well as your desires. Our professional advisors provide individual advice based on your specific requirements that set us apart from other brokers.
Premium Deals
Beneco Finance has good relationships with many lenders in London. This allows us to provide premium mortgage deals which are not available for others. You’ll benefit from better rates and terms.
Clear Communication
Beneco Finance believe in clear and honest communication with our clients. You will always know where you stand and what to expect next. This transparency builds trust and confidence in Beneco Finance.
Every Level of Support
We will guide you in every step of getting the mortgage process. Beneco Finance is always with you from the first consultation to final approval. Our assistance will make the entire process smooth and hassle free.
Ongoing Assistance
Our service doesn’t end once you get your mortgage. We provide continuous support to help you manage your loan effectively. Beneco Finance is always here to answer your queries and provide advice.
Testimonials
What Our Clients Says About Us?
Our clients’ satisfaction is our main priority. At Beneco Financial Services, we make the financing process as simple and successful as possible. Have a look at what our clients say:
Beneco made buying my first home easy. They guided me through every step. I felt supported and informed throughout the process.
Jayden Burrows
BDD of GreenVolt Ltd
As a homemover, I appreciated Beneco’s expertise. They found the best mortgage deal for me. Their team was always available to answer my questions.
Harley Hale
Sr. Cardiac Surgeon of Nightingale Medical Ltd
Remortgaging with Beneco was a great experience. They helped me get a better rate. The process was quick and hassle-free.
Kate Barrett
COO of Thames River Transport Ltd
Beneco Financial Services helped me find the best insurance coverage for my financial situation. Their team’s expert advice and dedication made the process easy and stress free for me.
Sean Davies
Project Manager of British Petroleum (BP)
I am very satisfied with Beneco Financial Service. Their team made the complex buy to let mortgage process simple and easy for me. I am grateful for their excellent service.
Ben Henderson
Solicitor of Cambridge Chambers Ltd
The team at Beneco provided valuable guidance for my business finances. Their clear communication and strategic analysis helped us make informed decisions for growth.
William Shepherd
Economic Analyst of Lombard Street Research
Portfolio
Success Story
As one of the best first time buyer mortgage brokers London, Beneco Financial Services guides clients through the complex housing market. With our expert knowledge and approach, we’ve helped countless individuals fulfill the dream of homeownership. Here is a glimpse into our success story:
FAQs