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First Time Buyer Mortgage Advice in Cambridge

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Welcome to our website Cambridgemoneyman, we are a Mortgage Broker in Cambridge and surrounding areas. If you’re buying a home as a First Time Buyer, you may feel a little nervous about the process. It’s understandable – We know just how much competition there is in the market and the Estate Agents can put pressure on you. Our job is assigning you with one of our team of experienced advisors, and they will work patiently and effectively alongside you, to ensure your property-owning dreams come to life

Finding The Right Deal | Mortgage Advisor in Cambridge

On top of assigning you to one of our Mortgage Advisors in Cambridge, It’s our job to search through thousands of mortgage deals, to find the right mortgage based on your circumstances. Whether you’re buying by yourself, with a friend/partner, or are having mortgage problems, we’re usually able to help. We like to inform our customers that having your Agreement in Principle handy at all times is a good idea, especially if you’re ready to make an offer. Worry not we can help you out with this.

How Much Deposit Will I Need?

The minimum deposit required for a first-time buyer is 5%. The deposit can come from your savings or even a gifted deposit from a friend or family member. In some cases, you can have a combination of both gift and savings.

Are You Currently Renting?

In many cases, buying a property and taking out a mortgage can be cheaper than privately renting. If you’ve thought about purchasing the property, you’re currently in from your landlord or housing association, and it’s worth checking your eligibility for the Right to Buy Scheme. Speaking to your local authority should allow clarification on this.

 

How does it work?Get a quote nowMeet your advisor

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

Mortgage Lenders 007

First Time Buyer Mortgage Advice in Cambridge

  • Wanting to get an idea of how much you can borrow and how much this will cost before you start viewing properties?
  • Seen a property that you’d like to go for and are wanting to make an offer?
  • Already had your offer accepted and want to get going with your mortgage application?
  • Would like a Mortgage Agreement in Principle Certificate to back-up any offers you are ready to make?
  • Already visited your Bank’s Mortgage Advisor and been declined? i.e. poor credit, income mix, the bank won’t lend enough, not fitting their lending criteria etc
  • Do you have an unusual or complex mortgage situation and need help?

 

Contact us your Mortgage Broker in Cambridge to book your free mortgage consultation.

How We May Able to Help

We only work with your best interests at heart, without any ties to estate agents, banks or building societies. Our Mortgage Advice team will do their best to make the process as simplified & stress-less as possible, free of industry jargon. We are also able to look at sourcing conveyancing and solicitors’ quotes for you, as well as speak with an Estate Agent about an offer you wish to make – We’re with you for the whole journey!

 

Contact us to book your free mortgage consultation.

What our customers say

Common mortgage
questions

Your initial mortgage consultation will usually take around an hour. A Mortgage Advisor in Cambridge will then do some research and recommend a potential mortgage for you, which you can then choose to proceed with or decline – There is not any obligation!

As your dedicated Mortgage Broker in Cambridge, we will gather some information about you and your personal circumstances by carrying out a Fact Find. The next step would be looking to obtain an Agreement in Principle which can be granted after a credit check. Once your Mortgage Advisor in Cambridge has gathered all the appropriate information, and a valuation of the property has been undertaken, a formal mortgage offer can then be issued.

To avoid possible disappointment, we recommend you obtain an Agreement in Principle before you begin viewing properties in Cambridge. At the very latest you should obtain one prior to making an offer to assist your bargaining position.

An Agreement in Principle typically lasts around 30 to 90 days depending on the Lender you have gone with. If your Agreement in Principle expires, you can always get another one.

If you are interested in things such as debt consolidation or home improvements, then you may be eligible for a second mortgage. Second mortgages may also be relevant if you are hoping to use it for yourself, a family member, a holiday home, or a Buy to Let mortgage.

When buying a house in Cambridge, the deposit required with High Street Lenders is typically 5%. Depending on your past credit history, this percentage could be higher.

If you have a poor credit history you may still be able to obtain a mortgage, but this will often require a higher deposit than you would normally need, sometimes around 15% of the property purchase price.

You are able to progress with a possible mortgage whilst Self Employed in Cambridge once you have submitted at least one years’ account. Most lenders use your salary plus dividend to calculate what your maximum mortgage, could be. Other lenders may opt to go off your net profit.

For an employee to prove income you would need the last 3 payslips and if you are Self Employed you will need the last 2 years of accounts. You will also need to provide us with proof of ID, address, and 3 months’ bank statements.

Our free consultations in Cambridge normally take around 1 hour. A Mortgage Agreement in Principle can usually be sorted within 24 hours of the appointment. A formal mortgage offer takes about three weeks on average, depending on the situation.

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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.

Handy quick links

Cambridgemoneyman.com & Cambridgemoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.

© 2021 Cambridgemoneyman

Cambridgemoneyman, Nine Hills Road, Cambridge, CB2 1GE.

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