First time buyers
We at Rhino Mortgages are aware of the particular difficulties faced by first-time homebuyers. First-time homebuyers may find the process daunting, but our knowledgeable staff makes it easy at every turn. We provide specialized first-time buyer financing alternatives and help you navigate the various first-time buyer programs that are available, such as the First Home and Help to Buy government programs. To make your dream house more attainable, our experts assist you in finding first-time buyer grants, incentives, and low-deposit mortgages. To get affordable rates and flexible terms for first-time buyers, we collaborate with the top banks. Rhino Mortgages is your reliable partner whether you’re looking for helpful advice for first-time homebuyers or need clarification on the process. From day one, let us assist you in becoming knowledgeable and self-assured property owners.
The Importance of First time buyers
Home ownership opportunities
Making the switch from renting to home ownership offers security and self-reliance.
Financial Growth
Rather than paying rent, purchasing a home enables you to accumulate equity and long-term prosperity.
Government Schemes
First Homes and Help to Buy are two initiatives that can help first-time homebuyers afford a property.
Long-Term Security
Having a home gives you and your family a stable future and protects you from growing rents.
Documents Required for Mortgage Application
You will need to submit a number of documents in order for your mortgage application to be processed efficiently. These could change based on your personal situation and work position.
For Employed Applicants
ID: Ideally, a passport
A valid driver's license or utility bill from the last three months serves as proof of address
Four months payslips
Four months' worth of bank statements
Information about all credit obligations (including credit cards that are not being used)
signed consent document granting your broker permission to work on your behalf
For Contractors
Contracts from the previous 12 months
Four months' worth of bank statements
Certificate of accountant (if needed)
Additional ad hoc documentation according to your situation
Property-Related Documents
Evidence of deposit
Current property's mortgage statement
For self-Employed Applicants
The last three years Overviews of Tax Years and SA302s (two years may be appropriate)
Perhaps two years' worth of business accounts
Four months' worth of business bank statements
Certificate of accountant (if needed)
Things to Consider
Budget & Deposit
Figure out how much you can spend and put away at least 5–10% of the price of the house as a down payment.
Mortgage Options
Look at a number of companies and deals to discover the best one for you.
Credit Score
Check your credit report and make changes to get better borrowing rates.
Additional Costs
When making your budget, don't forget to include attorney fees, polls, and other up-front costs.
Location & Property Type
You can look at places based on schools, transportation, and safety, and you can pick between freehold and leasehold.
Future Planning & Insurance
Get home and mortgage protection insurance and make sure the house fits your long-term wants.
Find Out Answers Here
The application process for your initial mortgage is identical to that of any other mortgage.
The amount of money you are able to borrow is significantly influenced by your income. In general, it is possible to borrow up to 4.5 times your sole or joint income, although certain lenders may provide a higher amount based on the specifics of your application. Additionally, this is contingent upon the successful completion of an affordability assessment.
Although each lender has its own criteria, the following are the primary factors that are considered:
What is your annual income?
Your remaining disposable income following the expenditure of essential items.
The potential cost of your mortgage in the present and the future.