It’s hard enough finding the time to research all your options, let alone trying to make sense of it all. Who has time for that? We do.
First time buyers mortgage
Buying your first home can be an overwhelming process. There are so many things to consider – from the deposit to the right interest rate. How can you be sure you're getting the best deal?
At GHL Direct, we take the hassle out of buying your first home. We aim to save you time, hassle, and hopefully money by comparing 1000’s of first-time buyer mortgage rates and can even get deals that your bank or building society may not offer you. We will help you get your first mortgage, assist you with the application, and stay by your side throughout the process.
Why choose us
- Rated as excellent 4.98/5 on reviews.co.uk
- 100% of reviewers recommend GHL Direct.
Expert advice in 3 simple steps
01.
Book a fee free call
It takes less than 30 seconds to schedule a meeting with a first-time buyer mortgage advisor.
02.
We'll call you back
Find out how much you can borrow and the maximum mortgage you can comfortably afford to buy your first home
03.
And guide you through
We will be there to help you every step of the way, with a friendly, knowledgeable mortgage advisor by your side.
Appointments available from 8am – 8pm
However you choose
Face-to-face, over the phone or via video chat
Over 1500 verified reviewers rate us at 4.98/5
Mortgage options explained
Fixed-rate mortgages
When you get a fixed-rate mortgage, your monthly payments will remain the same no matter what happens with interest rates. There are various fixed-rate periods, including 2, 3, and 5 years.
Tracker mortgages
As the Bank of England’s Base Rate rises or falls, tracker mortgages follow it. An agreed margin is added to the Bank of England’s Base Rate to calculate the interest rate. A ‘lifetime’ tracker is for the life of the mortgage, and a ‘term’ tracker is for a period of two or three years.
Standard variable rate (SVR) mortgages
A SVR is the rate of interest charged once a fixed rate or term tracker period ends. Instead of switching to a SVR, you can usually move to another fixed or tracker product.
A mortgage commonly comes with two payment options, capital repayment and interest-only. It is imperative to carefully consider these options.
What is a capital repayment mortgage?
A capital repayment mortgage includes both capital repayments and interest payments each month. If you use this repayment method, your mortgage will be fully repaid at the end of the term.
What is an interest-only mortgage?
When you have an interest-only mortgage, your monthly payment covers only the interest on your loan, so your capital debt doesn’t decrease over time. Lenders will want to see evidence that you will be able to repay the debt in the future. Buying to let is often done with an interest-only mortgage.
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What a mortgage costs
Mortgage costs are easy to underestimate, whether you are buying your first home or any other home. Even if they don't all apply to you, they're still worth considering.
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Property Valuation Fee
Lenders may ask you to pay a valuation fee. The type of valuation you choose will depend on factors such as the age and condition of the property.
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Application Fee
These are the costs your lender will charge you for arranging your mortgage. Some lenders will allow the fee to be added on to your mortgage, but this means you will be charged interest on it over the mortgage term.
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Legal Fees
The fees charged by a solicitor will include their conveyancing fee (i.e. for the transfer of land ownership), as well as charges for legal registrations and other miscellaneous costs (known as disbursements) such as local search fees and Land Registry fees. Some lenders may offer to finance some or all of your legal costs as an incentive.
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Higher Lending Charge
If the amount you wish to borrow on your first time buyer mortgage is greater than a specified proportion of the property’s value (typically 75%), you may incur a higher lending charge.
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Early Repayment Charge
Lenders may charge an ERC if you make an overpayment in excess of any stated limit, if the loan is repaid early or if you remortgage during the early repayment period. This can amount to a significant cost, so you should always check the early repayment terms in the offer letter from your lender.
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Deeds Or Exit fee
Lenders may charge a fee to release the deeds of a mortgaged property to you or a new lender.
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Mortgage Advice Fee
Your first meeting with a GHL Direct adviser to discuss your first time buyer mortgage is always fee free and without obligation. Some mortgage advisors may not charge a broker fee, whereas others charge based on the complexity of your case. All mortgage advisors will take commission from the bank or lender providing the loan. Your first time buyer mortgage advisor will outline all this to you at the start of the meeting.
View our free mortgage guides for an easy to read introduction on the mortgage services we offer.
Consumer Mortgage AdviceMortgage PropositionHome Insurance AdviceFamily Insurance AdviceWhat is a mortgage survey
Mortgages aren't the only factors involved in buying a home; solicitors, surveys, and insurance are too. Mortgage lenders require a survey before approving your loan. Home surveys come in several types.
Insurance For Your Mortgage
Life Insurance
- Life insurance will pay out either a single lump sum (sum insured) or a regular income when you die.
- Trusted support from recommendation to insurance application and beyond.
Critical Illness Insurance
- Critical illness insurance pays out a tax-free lump sum on diagnosis of a range of serious (but not fatal) conditions..
- Trusted support from recommendation to insurance application and beyond.
Home Insurance
- Make sure your home and belongings are protected with home and contents insurance
- From recommendation to insurance application, we’re here to help.
Income Protection Insurance
- An income protection policy will pay out a regular tax-free income if you’re unable to work due to accident or sickness.
- From recommendation to insurance application, we provide trusted support.
We work with you
We will want to learn more about you, your circumstances, and your overall financial position. We’ll also want to hear your thoughts on which type of mortgage you believe is right for you, before we talk you through the pros and cons of each option.
Once we have identified the options available, we’ll meet with you again or discuss our recommendations over the phone. We’ll also write to you so you can review what we have suggested, and why.
Assuming you’re happy with our remortgage recommendation, we’ll work with you to complete the application forms and liaise on your behalf with solicitors, valuers and surveyors. We can also talk you through the vital areas of financially protecting your new property and we’ll stay in touch throughout the process – and into the future.
What we must tell you
When you first speak to us, we have to tell you what our charges are and how they are paid. We also have to say if there are any limits to the range of mortgages we can recommend for you.
Researching the options
Using our expert knowledge and database of several thousand mortgages, we will find the ones that are most suitable for your needs.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.