Buying a home for the first time can be both exciting and confusing. Option Finance will recommend the best mortgage for you based on your personal circumstances, from the wide range of mortgages and Help to Buy schemes available on the market.
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Start your mortgage journey
- Find out how much you could borrow
- Get advice on available deals
- Speak to an experienced broker
- Get a Decision in Principle
Find a mortgage
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Get the best mortgage deal you can as a first time buyer
It’s not easy for first-time buyers to get on the ladder these days. However, the experts at Option Finance are here to help you to not only get a great mortgage, but understand your options and answer any questions you have.
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We’ve helped hundreds get great mortgage deals.
Over the years, Option Finance has helped countless people, just like you, get great mortgage deals. As a specialist mortgage brokerage, we match lenders to our clients based on their personal circumstances. Our job is to make the process as smooth as possible and find the best mortgage and insurance deal available for you.
Get a great deal in 3 simple steps
Let’s get you started in finding a great mortgage deal.
1. Enter some details
Use our online form to tell us a little bit about yourself, the kind of property you want and your current financial situation.
2. Discover your options
Discover what mortgage deals are currently available to you as a first time buyer. We can advise you on your best options here.
3. We’ll do the rest
Our team will guide you through the process of getting the best deal and make your first-time-buyer experience a good one.
Frequently asked questions
All of the most common first time buyer questions, answered by our expert team of mortgage brokers.
How much deposit do I need to buy my first home?
Typically, first-time buyers need a deposit of at least 5% of the property’s value. However, a larger deposit (10-20%) can result in more mortgage deals being available to you.
What is the Help to Buy scheme?
The Help to Buy scheme is a government program that assists first-time buyers with an equity loan, covering up to 20% (40% in London) of the property’s value, which means you only need a 5% deposit and a 75% mortgage (55% in London).
What is Stamp Duty and how much will I need to pay?
Stamp Duty Land Tax is a tax on property purchases. First-time buyers in England and Northern Ireland are exempt from SDLT on properties up to £425,000 and get a discounted rate on properties up to £625,000.
How much can I borrow for a mortgage?
The amount you can borrow depends on your income, credit score, and financial situation. Lenders typically offer 4 to 4.5 times your annual income, but this can vary.
What is a mortgage agreement in principle (AIP)?
A mortgage agreement in principle is a written estimate from a lender stating how much they might be willing to lend you. It helps show sellers you are serious and can afford the property.
What are the main costs associated with buying a home?
Besides the deposit, you’ll need to budget for mortgage arrangement fees, valuation fees, survey costs, legal fees, removal costs, and potentially Stamp Duty Land Tax.
Important information
You may have to pay an early repayment charge to your existing lender if you remortgage. Your savings will depend on personal circumstances. Your home may be repossessed if you do not keep up repayments on your mortgage. Option Finance Ltd is an Appointed Representative of Finance Advice Group Ltd, which is authorised and regulated by the Financial Conduct Authority under number 788478 in respect of mortgage, insurance and consumer credit mediation activities only. The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK.
Email: info@optionfinance.co.uk | Telephone: 01332 470400 | Open Monday - Friday
Option Finance Ltd Company no. 10906532 Registered at 119a Friar Gate, Derby, England, DE1 1EX
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