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We Help First Time Buyers with a Very Low Deposit

Buying your first home is an aspirational goal for many professionals, and one that in the past was greatly achievable with a little extra hard work and saving the pennies. Nowadays, finance reports show a different story.

This article does not constitute advice. Professional advice should be taken prior to acting on any part of it. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

The rapid increase of personal or business debt, and the rising in house prices mean that even a low first-time buyer deposit equates to a pretty large sum of cash.

On average first time buyers in 2018 saved up £32,800 for a deposit on their property.

The bigger your deposit the better your mortgage rate

You need a minimum of a 5% deposit to get yourself on the property market. If you have more than 5% then this opens the door for better mortgage rates. Even a low 10% – 15% deposit on the property you wish to purchase can save you money in the long run.

The increasing age of first time buyers

It’s taking longer in our lifetimes to begin building our property empire. Technically this means that you have more years to work and accumulate savings so should be able to save up a substantial amount for a deposit, but sadly this isn’t the case. With the rising cost of living, and the expenses that owning your own practice can bring, spending more on outgoings a month is a strong inhibiter to saving money.

The average age of first time buyers in Britain has increased to 34 years – compared to 26 years in 1997 – an 8 year increase over the last 22 years.

Saving for your deposit isn’t the only stress first time buyers have to deal with

Not only do you need to save for a deposit and search for your picturesque first home, you also need to be comparing mortgage lenders and calculating which deals are right for you, plus working out the fees you’ll need to pay in order to secure your first home.

Mortgage rates are rising and product options are becoming fewer for first-time buyers, which is even more of a hindrance to getting on the ladder.

Use our online mortgage loan calculator to see how much you could borrow.

Knowing the different types of mortgages on offer can be unfamiliar ground

How do you know which product is best for you, and which rates are a good deal for first-time buyers? This is where a financial adviser comes in. You need specialist professional advice to help make the right choice for you – we can make the process of buying a property simple and stress-free.

Speak to Chris, specialist mortgage adviser.

If you are looking to buy a home in 2020, then our expert professional adviser can research and compare rates and deals from a wide range of mortgage lenders. We will help you to find the best deals for you. You won’t need to panic about paperwork, or make hundreds of to-do lists to make sure you do things on time – Chris will work with you each step of the way to make your homeowner dreams come true.

Need a mortgage with a low deposit?
Mortgages | Buy to Let | Property | Mortgage Planning |

Dental & Medical Financial Services have been helping doctors and dentists with finding low-cost mortgages for your home and investment properties for over 25 years. Call Chris to discuss your options.

Tel: 01403 780 770


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