First-Time Buyer Mortgages in Essex

It has become increasingly difficult for first-time buyers to take their first step on the property ladder over the past 20 years. This is despite advantages such as reduced stamp duty. Prices have continued to rise whilst affordability checks and lenders’ credit criteria have become more challenging.

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At Goldmanread, our goal is to help you navigate the mortgage market and turn your dream of a first home into a reality.

What is a first-time buyer mortgage?

Lenders class a first-time buyer as someone who has not previously owned their own home or, if they did, sold it several years ago.

First-time buyer mortgages often have incentives which aim to help with the expense of buying your first home. These incentives can include but are not limited to such things as a free valuation or cashback to help with moving expenses.

Apart from that, these mortgages will tend to mirror standard mortgages, i.e. in terms of features such as mortgage terms or early repayment charges.

First-time buyer rates

Lenders often offer competitive mortgage interest rates for first-time buyers. These will also be set depending on the level of deposit available. A higher deposit will make the monthly payments competitive.

The mortgage payments will also depend on whether the borrower is structuring the loan as a repayment mortgage or an interest-only mortgage.

First-time buyer mortgage application process

There are a number of steps a first-time buyer will need to go through when applying for a mortgage, as follows:

1) Initial discussion with their mortgage adviser to ascertain how much you could borrow. This will be based on their ideal budget and deposit and also take into account factors such as their incomes, existing debts, credit history and whether they have any dependents.

The mortgage broker will use such tools as a mortgage calculator and their knowledge of the lender’s eligibility criteria to find the most competitive interest rate to ensure the monthly payments are affordable.

2) Gathering together the necessary information so that their adviser can check the details originally discussed.

Typical documents required are as follows:

  • Proof of ID & Address, e.g. Passport, driving licence, latest council tax bill.
  • Last 3 months payslips and P60.
  • Last 3 months bank statements.
  • Proof of deposit.
  • Copy of full credit report.

3) Once their adviser is in possession of all of this information, they will apply for a mortgage on behalf of the borrower. This will prove to the estate agents that they are able to borrow the amount needed to complete the property.

4) Once they find a property and agree on the price, a full application is then submitted and a valuation instructed. On the basis that the lender is satisfied with the supporting documents provided, they will then issue a full mortgage offer.

First-time buyers mortgage for working professionals in Essex

Professional clients are at a distinct advantage when it comes to buying their first home.

There are many lenders who recognise that the career trajectory of most Professionals will mean that their income is likely to increase over time.

This means that the lender is prepared to offer enhanced income multiples enabling clients to buy a larger property than they would normally be able to. They will therefore be able to boost their way up the property ladder.

Buy-to-let mortgage for first-time buyers in Essex

Most lenders will not consider a first-time buyer for a buy-to-let. This is because they are concerned about mortgage fraud. In other words, they are concerned about the buyer moving in and living in the property themselves rather than actually renting it out.

Where a lender will consider a first-time buyer for a buy to let they may on the basis of the two following conditions:

1) They will not lend any more than how much you could borrow with a standard residential mortgage.

2) They may make you sign some form of a document confirming that it is not your intention to live on the property.

Why choose Goldmanread to source your first-time buyer mortgage in Essex?

At Goldmanread, we have been assisting first-time buyers with their mortgage requirements for over 20 years. We can help guide clients through the mortgage maze and assist them with finding the right deal for the right amount.

We take the stress out of the mortgage process but, perhaps most importantly, can provide the detailed advice which helps save you time and money and avoids costly mistakes that may mean you end up losing your dream home. Contact us today!


It is not necessarily harder to get a mortgage as a first- time buyer as opposed to being a standard purchaser.

First time buyers must still meet a lenders lending criteria when buying a residential property.

Whether they are buying on their own or it is a joint mortgage mortgage advisers will be looking to assess eligibility criteria such as credit rating.

Lender will sometimes offer extra incentives to first-time buyers. Typically this may be a free valuation and cash back payable at completion. Some lenders may offer a more competitive mortgage deal to a first time buyer.

In addition first time buyers currently benefit from favourable treatment as far as Stamp Duty is concerned.

Previously there was assistance in the form of the government's mortgage guarantee scheme whereby the government provided a guaranteed equity loan based on the purchase price to the lender. The monthly payment for this guarantee comes on top of the mortgage cost. This is unfortunately no longer available.

Some shared ownership developers may also only offer homes to first time buyers. Shared ownership is a way for first time buyers to get on the property ladder when they may be ineligible or unable to buy the property outright.

With this type of development the borrower typically buys a percentage of the property with a mortgage and will pay rent and other costs such as a service charge or buildings insurance separately.

Lenders will offer separate mortgage deals for this type of property purchase with mortgage rates that reflect that this is not a standard purchase.

The most important things to do to prequalify is to arrange an agreement in principle for your proposed mortgage. This will demonstrate to the estate agent, Developer of Builder that you will actually be eligible for a mortgage and will therefore be able to complete on the purchase.

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