First Time Buyer Mortgage Advice in Cambridge

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By your Side, Through the Whole Process

Purchasing a home can be a significant event in your life as well as being a large financial commitment. We know that going into the process as a First Time Buyer can be nerve-wracking, however, our role as a Mortgage Broker in Cambridge is to try and take as much of the stress and worries away and be by your side through the process.

 

 

We believe getting a mortgage is about the journey and how you got there which is why we aim to make the process simple. Our team will update you about the activity that is going on at each step and your dedicated Mortgage Advisor will be with you from the beginning all the way to completion.

How Much Deposit Will I Need for a mortgage in Cambridge?

The amount you will need comes down to your credit score. Through our experience as a Mortgage Broker in Cambridge, it’s likely that the majority of First Time Buyer will have a good credit score. By having this, it can be possible that you have access to better mortgage rates that could allow you to put down a smaller deposit like 5%.

 

 

In the case where you are a first time buyer but you have a low credit score, you will be restricted to rates that are much lower and will require you to put down a much larger deposit like 10-15%.

 

Another factor that can impact the deposit amount will also be the type of property you’re looking to buy. The higher in value the property is the more you will have to put down as an initial deposit.

What ways are there to help me get onto the property ladder in Cambridge?

Government mortgage schemes are designed for those who are struggling to reach the minimum deposit requirement. This could be a good option for you as they are there for the purpose of helping first time buyers like yourself begin their mortgage journey. If you are wanting to find out more about the all the options along with the different government schemes available, book yourself in for a free mortgage appointment with one of our Mortgage Advisors in Cambridge.

 

Some of the schemes include Help to Buy Equity Loan, Shared Ownership, Mortgage Guarantee Scheme, the First Home Scheme as well as many more. All of these schemes are designed to help you get onto the property ladder in some way. You will need to know if you qualify for any of the schemes first, however, Cambridemoneyman can help with that!

 

Our team has extensive knowledge regarding all government mortgage schemes so if you are looking on this as well as more first time buyer Mortgage Advice in Cambridge, please do get in touch. Our team of expert Mortgage Advisors in Cambridge can lend a helping hand when applying for a mortgage and see if you are eligible for any of these schemes.

 

How does it work?Get a quote nowMeet your advisor

We search 1000s of mortgage deals across a large number of lenders, including:

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Common First Time Buyer Mortgage Scenarios in Cambridge

We have gone through many similar and reoccurring mortgage scenarios when helping thousands of first time buyers achieve their mortgage goals. In a number of cases, our team have encountered a difficult mortgage case that they may have not dealt with before, however, this doesn’t stop us from solving any problems that may come with it.

 

Below are some mortgage scenarios that are common to find through our experience as a Mortgage Broker in Cambridge.

 

How much can you borrow for a mortgage in Cambridge?

Our affordability calculator can provide a rough estimate on the amount you can borrow otherwise you can get in contact with one of our Mortgage Advisors in Cambridge. Either way, both options will provide you with a rough estimate if you are finding it difficult to determine the amount you want to borrow.

 

The amount you can borrow can vary depending on some factors like your income and earnings. Therefore, we will undergo a free affordability assessment on you so our team can provide you with a more accurate figure.

 

Ready to make an on a property?

If you have found a property that you would like to make an offer on, it is then time to start arranging the mortgage part of the process. As soon as you are looking to start this, you can book yourself in for a mortgage appointment online with a Mortgage Advisor in Cambridge.

 

Sometimes, we will have appointments on offer for the same day, giving you the chance to get in touch with an expert straight away!

 

Has your offer already been accepted?

If you have had an offer accepted, this means you need to get your mortgage process started immediately!

 

A Mortgage Broker in Cambridge can help prepare your mortgage application and can often speed up the mortgage process. With 20 years in the industry, we are experts in what we do.

 

Looking for an agreement in principle ahead of your mortgage?

Having a AIP to hand is key for your mortgage journey. This is because it can be helpful through many stages of the process. An agreement in principle is an indicator to the seller that you want to pursue straight away. To support your application, you will be required to provide evidential documents which is something our team can help you with.

 

Struggling to get accepted for a mortgage?

Obtaining some guidance and support from a mortgage expert can be beneficial if you are finding the mortgage journey difficult.

 

If you are finding the mortgage journey a challenge, don’t hesitate to get in touch! A Mortgage Broker in Cambridge can provide a helping hand throughout the process.

Why choose us to help buy your first home in Cambridge?

With rich knowledge and extensive experience, our Mortgage Advisors in Cambridge have a reputation of successfully helping a lot of first time buyers fulfil their home owning dreams by kickstarting their mortgage journey.

 

Here at Cambridgemoneyman, we understand that everyone’s day to day lives are different which is why our team of expert Mortgage Advisors are available 7 days a week, from early until late at night so you can get in touch with us when you are free to do so.

 

All our new/existing customers are offered a free initial mortgage appointment that can be carried out on the telephone or through a Microsoft Teams video call.

 

If you feel your situation is too complex, however, using our experience over the past couple of decades we are able to deal with a variety of mortgage situations. Therefore, there is a high chance that we have dealt with your situation before.

 

We understand obtaining a mortgage isn’t always straightforward so our team are available to answer any queries you may have. Our team always provide a tailor-like service to you, our customer, so we can help you with your personal and financial situation.

 

As a First Time Buyer in Cambridge, it’s important that the deal you are on is the one that is appropriate for your circumstance. That is why our team search through 1000s of mortgage deals to find the one best for you. Supporting you through the process us important to us as it’s not just about finding the right mortgage for you, it’s about the journey towards that goal.

 

Our team strive in making the mortgage process as smooth and straightforward as possible. Through the full process, your allocated case handler will keep you up to date explaining everything that is going on keeping technical jargon to a minimum.

 

Contact our team to get yourself booked for your free mortgage appointment with one of our expert advisors today.

01223 653832

Common mortgage
questions

Firstly, you need to fill out our Fact Find to get an idea of your current personal and financial situation. Next, our team will pass over this information to your dedicated Mortgage Advisor in Cambridge, and they will keep in touch to schedule your free mortgage consultation. You will get asked a series of questions to help build up a profile; this will help them pick out a mortgage deal tailored to you.

Secondly, once the consultation is over, a credit check will carry out, and this will help you obtain an Agreement in Principle. Granted, if you are okay with everything and happy to proceed, we will then ask for some documentation to help strengthen your application.

Lastly, with your Agreement in Principle, submitted evidential documentation and a comprehensive mortgage offer that you’re happy to continue with, you can move onto the last stage – mortgage application submission!

The time scale can alter depending on the Lender but on average, an Agreement in Principle will likely last around 30-90 days.

If you’re Agreement in Principle expire, worry not. It’s an easy process to renew. Speak to one of our Mortgage Advisors in Cambridge or your current Lender to arrange a renewal of your Agreement in Principle.

You sure can! If you are wondering why someone might want a second mortgage, here are some popular situations:

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If you are looking for a second mortgage, contact our mortgage team in Cambridge today, and see how they can help you.

It may be harder for you to obtain a mortgage with past credit problems, but not impossible depending on circumstances. You may get asked to put down a larger deposit, which will vary depending on your lender.

If you are suffering from bad credit, give us a call, and our advisors will be more than happy to try and help. We have a wide variety of specialist mortgage lenders who may have the perfect mortgage deal for your financial situation.

Yes, the good news is it is possible to obtain a mortgage as a self-employed worker depending on circumstances. First. You need to produce at least one year’s accounts.

To work out the maximum mortgage amount you can borrow, Lenders will use your salary + divided, whereas others might go off your net profit.

Whether you’re applying for a mortgage or looking to remortgage, there are a few documents lenders will always want to see during the process. You will get asked to provide some evidential documents to back up your mortgage application. For example, you’ll need things like ID, bank statements, payslips.

Don’t worry if you forget any of these documents listed; your assigned Mortgage Advisor in Cambridge will run through all of this with you, so nothing gets missed.

Your free mortgage consultation in Cambridge can take approximately an hour; within the hour, we take an in-depth look into your personal and financial situation.

Once your consultation gets concluded, we will try to turn around an Agreement in Principle within 24-hours. An Agreement in Principle is essential when making an offer on a property, as estate agents and sellers often accept those who already have an AIP than those who haven’t.

The final step is to submit your mortgage application and wait for a formal mortgage offer. Usually, this will take about 2 -4 weeks – provided the process goes smoothly, and your application is relatively straightforward.

Our Mortgage Advisors in Cambridge job is to gather personal, financial and financial mortgage situation information from you during your free mortgage consultation because they need to build an in-depth understanding of your mortgage needs to try and find you the most suitable mortgage.

Once your consultation is complete, your Mortgage Advisor in Cambridge will begin searching for mortgage products on your behalf to match your personal and financial situation, saving you time and money.

We recommend you get an Agreement in principle before viewing any houses in Cambridge. Doing so may increase your chance of your offer getting accepted and will put yourself in front of other buyers who don’t have an Agreement in Principle in place.

The deposit all depends on certain factors. For example, depending on your credit history and the lender you are using, they might only require a 5% deposit of the property price.

Other factors come into play, such as if you fall into the lower credit score bracket, you may expect to put down a 10-15% deposit.

We make it so easy!
Our 4 step process

Step 1

A telephone test call where we can take some initial details and find out about your plan of action.

Step 2

Enjoy finding a property!

Step 3

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Step 4

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

A telephone call where we can take some initial details and find out about your plan of action.

Enjoy finding a property!

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

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Cambridgemoneyman.com & Cambridgemoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
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The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
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www.financial-ombudsman.org.uk

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