If you’re a first time buyer, chances are you’re feeling overwhelmed by the process of buying your first home. There are so many things to think about – from finding the right property to getting a mortgage.

This situation will also apply to those local authority tenants who have the Right to Buy. Yes you are probably a first-time buyer too! A Right to Buy mortgage can be used to buy your home for a discounted price.

But don’t worry, help is at hand. A first time buyer mortgage broker can assist you every step of the way and make the process much easier

A mortgage broker is a qualified specialist who can offer advice and guidance on the whole process of buying a property, from start to finish. They will work with you to understand your financial situation and requirements, and then use their knowledge and expertise to find the best mortgage deal available, from thousands of different options.

Brokers can save you time and stress by doing all the hard work for you, and they will also be on hand to answer any questions you have throughout the process. So if you’re looking for a helping hand with buying your first home, using an independent mortgage broker is a great option.

What types of mortgage brokers are there?

There are two main types of mortgage brokers: independent and tied.

An independent mortgage broker is not linked to any lender, meaning that they can offer impartial advice on the best mortgage deals available from the whole market.

A tied mortgage broker, on the other hand, is linked to a specific lender or small group of lenders, and may only offer products from those lenders.

You need to ask what types of mortgage they specialise in. Some brokers do all types of mortgages where some others concentrate on bridging loans or second charge loans. You will benefit by finding a broker who is experienced in arranging mortgages for first time buyers.

Whichever type of mortgage broker you choose, make sure that they are fully qualified and regulated by the Financial Conduct Authority (FCA). This will ensure that you receive the highest standard of service.

But I don’t know anything about buying a house

Don’t worry, mortgage brokers are experts in the field of buying property, so they will be able to guide you through every step of the process, from start to finish.

They will explain everything to you in simple terms, and can even put you in touch with other professionals who can help, such as solicitors and surveyors.

So if you’re feeling lost or confused about the process of buying your first home, a mortgage broker can offer invaluable support and guidance.

What does completion date mean when buying a house?

What is the best mortgage for me?

The best mortgage for you will depend on your individual circumstances and requirements.

A broker will take into account factors such as your income, outgoings, deposit size and property type to find the best deal available from the whole of the market. They may ask to see a copy of your credit report. By looking into your credit history your adviser can pre-empt any issues that a lender might see.

Where your income, or credit status, is not quite enough to qualify for the mortgage you need you could consider a joint mortgage with parents. Bringing your parent/s onto the mortgage should raise the amount you can borrow. Or perhaps they may be able to give you some cash for the deposit, this would be a gifted deposit.

Or you may find help from a JBSP mortgage or guarantor mortgage. This involves a close family member becoming part of the mortgage so you can be eligible for a higher amount.

They will also be able to advise you on the different types of mortgage available, such as fixed rate, tracker or discount mortgages, and help you choose the one that best suits your needs.

If you are looking at buying a brand new house then you need a new build mortgage. The process for buying a new home can take quite a bit longer, with a few extra steps, so it will be useful to have a broker to help.

If you have family members with cash savings then a family offset mortgage could be worth considering, or a family savings mortgage. As they are putting some cash on the line, you end up with a no-deposit mortgage.

Should graduates use a mortgage adviser?

Everyone should be able to benefit from using a mortgage broker as they offer the widest choices of lenders and can give personalised advice.

Most graduates will now have some level of student debt. Depending on your earnings, you may have started to make the monthly repayments. The fact that you have student loan must be disclosed to a lender, even if you are not currently making payments.

An experienced adviser will be able to locate lenders who look on student loans more favourably than others, which may enable you to borrow a bit more, or secure a better deal. A common question we get asked is “Does a student loan affect your mortgage?“. Lenders will take student debt into consideration but mostly it only affects your monthly affordability calculations.

Graduates may also qualify for a professional mortgage. These are enhanced mortgage deals available to graduates with specific qualifications.

Where can I find a first time buyer mortgage broker?

You can find an independent mortgage broker in your local area by searching online, or you can use a broker comparison website to compare different brokers and find the best one for you.

Alternatively Respect Mortgages can introduce you to one of the largest brokers in the country, with specialists trained in all types of mortgages and loans.

They are an award winning business that helps first-time-buyers purchase their first home.