Let us guess: you’re fed up with living under your parents’ roof or renting somewhere you can’t really call your own. (Don’t worry, we’ve been there too!) But where do you even begin when it comes to getting a first-time buyer mortgage? Well, keep scrolling because we’ve got you covered.
We’re proud to officially be the number one mortgage advisor in Somerset and the South West for customer service, as well as the second best in the entire UK! Fingers crossed for one better next year 🤞
With access to more than 28,000 mortgage products from over 100 different lenders, we’ll be able to secure you an interest rate that keeps the most money possible where it belongs: in your pocket! 💷
We’ll support you with as much of the home buying process as we can by handling paperwork, recommending and dealing with solicitors, and even negotiating with estate agents on your behalf. 🏠
Because we always have your best interests at heart, you need to know that your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend on your circumstances.
The fee is up to 1%, but a typical fee is 0.3% of the amount borrowed.
What’s actually the point of using a mortgage broker?
Well, since you’re here, we’ll assume you already have a rough idea. However, not all first-time buyer mortgage brokers are created equal. While some will just sort your mortgage out, we’ll be here to guide you through the entire process of getting onto the property ladder:
As a first-time buyer, there’s no single path to homeownership. Whether you’ve been gifted a deposit, have a small one saved up, or have nothing put away at all, we’ll find a route that works for your situation and help you take that first step onto the property ladder.
The key is having the right people in your corner. We have access to lenders you simply won’t find by searching the market yourself, including some you may never have heard of. With access to over 100 different lender, we do all the comparing for you, so you can forget the endless research.
Instead, you’ll receive clear, tailored advice designed to save you both time and money.
Customer service is at the heart of everything we do; yes, it’s a cliche, but we couldn’t think of a better way of saying it, so it’s made the cut.
When we hire advisors, the one thing that matters above all else is that they get it: buying your first home is a huge moment in your life. You’re not a number on a spreadsheet, and they want to make sure you never feel like one.
From your initial questions to negotiating house prices, dealing with solicitors and everything in between, they’re with you all the way, so there will be a lot less stress sitting on your shoulders. The awards we’ve won tell us exactly how much that means to our clients…
I recently had the pleasure of working with Janek on the purchase of my first home. As a first-time buyer stepping into the unknown, I had many questions and Janek answered every single one clearly and patiently. Janek was incredibly supportive throughout the process, always willing to work around my busy schedule and never once making me feel rushed. He made the whole experience far less stressful than I expected.
Jack Tucker
First-Time Buyer
I would highly highly recommend The Levels and will be recommending to anyone I know in the future! I feel so thankful and lucky that Nikki was my mortgage advisor, I couldn’t have asked for anyone more better! Nikki provided me with a lot of support and always kept me updated all the way through my application. Nikki was extremely patient with me and made sure I was financially stable before I agreed to anything.
Yasmin Knott
First-Time Buyer
I honestly can’t recommend The Levels enough. My partner and I are buying our first home together and the level of service provided to us has been top class. We had the pleasure of working with Tom and Holly. From the very beginning, they were professional, knowledgeable, and always available to answer our questions. They explained the process clearly, kept us updated at every stage, and worked hard to find a lender that suited our circumstances.
Toby Harding
First-Time Buyer
As first time buyers, it's daunting not knowing what to do or how things work, but Michelle was there to answer all of questions, and no question was too small for her. She really got to know us as a couple, our situation and what we were looking for. The whole experience felt calm and stress free, with constant communication throughout so we were kept in the loop. Highly recommend Michelle and everyone in The Levels Financial team!
Eleanor Quanbrough
First-Time Buyer
Justine at The Levels has been helpful from start to finish and has gone above and beyond to help us buy our first home. She really took the time to make sure we understood everything and is always on the end of the phone if we have any questions. The team at The Levels are outstanding at what they do. You have a customer for life. Thank you Justine!
Kizzy Hooper
First-Time Buyer
I chose to go with The Levels Financial because I had heard the most incredible reviews from many of my friends. The whole process was impeccable from the first consultation all the way through to the application. The variety of lenders they have access to is helpful to get a clear understanding of your options. If you're a first-time buyer I would recommend this service a million times over. Thank you!
Isabella Bone
First-Time Buyer
Most people buy a home only a handful of times in their life, so there are very few who can call themselves an ‘expert’ in the experience. We’re telling you this because it’s completely okay to feel unsure about what lies ahead; you’re no different from any other first-time buyer. We promise!
While that may be true, we want to give you a head start so you can immediately feel more confident. That’s why we’ve put all of our advisors’ knowledge together in this free first-time buyer guide to help with any initial questions you may have.
The mortgage borrowing calculator is designed to help you work out how much you could borrow, getting you one step closer to owning your own home. Feel free to fill in your details, get an estimate, and then get in contact with us to discover all of the finer details.
*Please note this is only an estimate and can vary depending on the lender and your personal circumstances. You may be able to borrow slightly more or less, and we can help you clarify that.
Take your first step!
Book your free, no obligation chat with one of our first-time buyer mortgage brokers to talk through your options. We know life gets busy, so as well as standard working hours, we’re also available for evening and weekend appointment – whatever works best for you!
It always helps to know what to expect before you take the next step. So, with that being said, here’s exactly what to expect when securing a first-time buyer mortgage with us…
We’ll kick things off by introducing ourselves and walking you through exactly how we work and what you can expect from us.
Then, the focus shifts to you: your situation, your goals, and what you’re looking to achieve. From there, we’ll paint a clear and honest picture of what it will take to make it happen.
This is where everything start to take shape.
We’ll come back to you with a clear, tailored plan, covering exactly how much you can borrow, the rates and monthly payments you can expect, and a full breakdown of any additional costs involved.
With your Mortgage in Principle in hand, you’ll now be ready to start viewing properties and making offers with complete confidence.
Once you’ve found your dream home and agreed a sale price (which we’ll support you with), we’ll reconnect to finalise everything. We’ll revisit the numbers, make any necessary adjustments, and move forward with your full first-time buyer mortgage application.
We’ll also make sure you have a suitable solicitor in place and start looking at setting all the right insurances up.
Once your application is submitted, we don’t just step back and wait. We stay in close contact, track everything that needs to happen, liaise with the solicitors, and keep you updated every step of the way right up until the keys to your new home are in your hands.
Our job doesn’t end the moment you get the keys and finally sink into that new sofa with a well-earned takeaway and glass of prosecco in hand.
We’ll constantly monitor your mortgage and let you know if a better deal becomes available that will save you money. If you have any questions about your mortgage, we’ll always be just a call away.
A first-time buyer mortgage is a home loan designed specifically for those purchasing their first property. You’ll borrow a sum of money, secured against the property, and repay it monthly over an agreed term, usually between 25 and 35 years. Lenders will often offer incentives to help first-time buyers get on the property ladder
A mortgage broker searches the market on your behalf, comparing deals from a wide range of lenders to find one that best suits your situation. They handle the paperwork liaise with lenders, and guide you through the entire process.
An agreement in principle (or a decision in principle) is a lender’s confirmation that they would, in principle, lend you a certain amount of money. It’s not a formal guarantee, but will help you understand what properties you should be looking at.
Most lenders require a minimum deposit of 5% of the property’s purchase price; however, some only require a 2% deposit and others none at all. Overall, though, putting down a 10% deposit will give you access to better rates.
Once a mortgage broker has everything they need from you, they can submit a full mortgage application straight away. From there, lenders usually take between two and six weeks to issue a formal offer, depending on their workload and the complexity of your application.
When your fixed rate ends, your lender will put you on their standard variable rate (SVR), which is often expensive. To avoid this you can remortgage with your current lender or a new lender typically starting 3-6 months before your fixed rate ends.
Most mortgages are portable, which means you may be able to transfer your existing deal to a new property. If you need to borrow more, that can usually be arranged alongside it.
Still have questions?
Reach out to us anytime for assistance!
As a first-time buyer it’s well worth exploring our range of mortgage tools, including our Homebuying App and weekly email, both of which will support you along this exciting journey.
Learn all about how we can help protect your future home from unforeseen problems, such as being unable to pay your mortgage due to injury or illness keeping you off work.
