First-time buyer mortgages
Buying your first home?
Find out how we can help.
Buying your first home is exciting, but it can also feel like there’s a lot to get your head around.
How much can you borrow? How much deposit will you need? Which mortgage is right for you? And where do you start?
At Burrows Financial Services, we’ll help you understand your options, explain things in plain English and guide you through the mortgage process from your first conversation right through to getting the keys.
Ready to take the first step?
Buying your first home doesn't have to be confusing
There’s a lot of information out there when you’re buying your first home, and it’s not always easy to know what applies to you.
You might have questions about your deposit, how much you can afford, your credit history or which mortgage deals are available. You may even be wondering whether you’re ready to speak to a mortgage broker yet.
That’s where we come in.
We’ll take the time to understand your circumstances, talk through what you’re looking to achieve and help you understand what your mortgage options could look like.
There’s no need to know all the answers before you speak to us. That’s what we’re here for.
How much can I borrow?
One of the first things you'll probably want to know is how much you could borrow towards your new home.
The amount you can borrow isn't based on your salary alone. Lenders will look at your income, regular outgoings, existing credit commitments and your deposit, along with your overall circumstances.
That's why two people earning the same salary can sometimes have quite different borrowing options.
We'll look at your circumstances as a whole and help you understand how much you could potentially borrow and what mortgage options may be available to you.
And if you're not sure where to start, don't worry. You don't need to have found a property before speaking to us. In fact, understanding your potential budget before you start looking can make the whole house-hunting process much easier.
Lenders will look at things like:
How much deposit do I need?
You don't necessarily need a huge deposit to buy your first home.
Some mortgages are available with a deposit of 5% of the property's purchase price, although the mortgage options available to you will depend on your individual circumstances.
For example, if you're buying a £200,000 property, a 5% deposit would be £10,000.
Generally, the larger your deposit, the more mortgage options you may have available and, in some cases, the lower the interest rate may be. But saving a large deposit isn't realistic for everyone, and it doesn't mean you should assume buying a home is out of reach.
We'll look at your circumstances and help you understand what options may be available to you based on your deposit, income and overall financial position.
What other costs do I need to budget for?
Your deposit isn't the only cost to think about when you're buying your first home.
There are a number of other expenses that can come along with buying a property, so it's worth having a clear idea of these before you start looking.
The exact costs will vary depending on your circumstances and the property you're buying, but having a budget for them from the outset can make the process much less stressful.
Worried about your credit history?
Having some concerns about your credit history doesn't necessarily mean you won't be able to get a mortgage.
Perhaps you've had missed payments in the past, have existing credit commitments, or simply aren't sure how your credit history might affect a mortgage application.
Every situation is different, and lenders have different criteria when assessing an application. That's why it's important to look at your circumstances as a whole rather than assuming you won't qualify.
We'll talk through your situation with you and help you understand what mortgage options may be available.
If you're worried about your credit, don't rule yourself out before you've spoken to us.
How we help you from your first conversation to getting the keys
Getting a mortgage isn't just about finding a rate. It's about having someone who understands your circumstances and is there to help you through the process.
When you come to us, we'll take the time to understand what you're looking to do, your financial circumstances and what matters to you.
We'll then help you:
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Understand how much you could potentially borrow and what your mortgage options may look like.
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Find a suitable mortgage from the options available to us.
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Prepare and submit your application, making sure everything is in place before it goes to the lender.
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Keep things moving once your application has been submitted.
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Answer your questions along the way – because we know you'll probably have a few!
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Keep you updated throughout the process, so you're not left wondering what's happening.
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Be there right through to completion, when you finally get the keys to your new home.
Buying your first home can feel like a lot to take on, but you don't have to do it on your own.
We're here to help make the mortgage side of things as straightforward and stress-free as possible.
What happens after your
mortgage application is submitted?
Once your mortgage application has been submitted, it's easy to think your job is done and you just have to wait.
But this is often the stage when you'll have the most questions.
Your lender may ask for additional information or documents, and there can be updates along the way. We'll keep an eye on your application and let you know if your lender needs anything from you.
We'll also keep you updated on how things are progressing, so you're not left wondering what's happening behind the scenes.
And when your mortgage offer comes through, we'll be there to help you understand what happens next as you move towards completion.
Our job doesn't stop when the application goes in.
Application submitted We'll submit your application to your chosen lender.
Lender updates and requests Your lender may ask for additional information or documents. We'll keep an eye on things and let you know if they need anything from you.
Mortgage offer
We'll let you know as soon as your mortgage offer comes through and help you understand the next steps.
Towards completion We'll keep in touch and support you through the final steps as you move towards completion and getting your keys.
We're with you all the way to getting the keys.
Why choose Burrows Financial Services?
Choosing your first mortgage is a big decision, and we believe you should have someone in your corner who you can actually talk to.
We're an independent mortgage and protection broker based on the Fylde Coast, helping clients across Blackpool, Poulton-le-Fylde, Lytham St Annes, Kirkham, Fleetwood, Preston and the surrounding areas.
We don't believe in making things complicated or throwing lots of mortgage jargon at you. We'll explain things clearly, answer your questions and help you understand your options, so you can make decisions you're comfortable with.
We pride ourselves on keeping in touch and keeping you updated, so you're not left wondering what's happening. And if you have questions along the way, you'll know you can pick up the phone and speak to us.
It's your first home
We want the mortgage journey to feel just as positive.
First-time buyer mortgage FAQs
We've answered some of the questions we're asked most often by first-time buyers
If there's anything else you'd like to know, just get in touch - we're always happy to help
Ready to take the first step?
Buying your first home can feel daunting, but you don't have to work everything out on your own
Whether you're just starting to think about buying, saving for your deposit or already looking at properties, we're here to help you understand your mortgage options and what your next steps could be.
Let's have a chat and see how we can help.