First Time Buyer Mortgages

Even though economic conditions may have left you wondering how to get onto the property ladder, with the right financial preparation and advice, First Time Buyers can still find a competitive mortgage deal.

As independent brokers we have access to a wide range of mortgage products across the market, including many not available on the high street.

Our friendly, expert advisers are on hand to clearly explain the options available, simplify the process and provide reassurance at every step to ensure that buying your first home is as smooth and stress-free as possible.

What offers are available to First Time Buyers?

Ask your Cowens adviser for more details about:

Your friend LISA
In 2017 the government introduced a bonus scheme which can be used to add to your savings. The Lifetime ISA is a tax-free savings or investment account, designed to help those aged 18-39 (at the time of opening) to buy their first home costing up to £450,000. You can pay up to £4,000 per year into a Lifetime ISA and the government will add a 25% bonus to your savings, up to a maximum of £1,000 per year.

Deposit Unlock
This is a brand new scheme in collaboration with selected lenders and the home-building industry. It enables first time buyers (and existing home owners) to purchase a new-build home with a 5% deposit/95% mortgage, making a new home more affordable whilst providing competitively priced mortgage products.

Shared ownership
In this case you buy at 25%-75% share in a property and pay discounted rent on the rest, so that your mortgage borrowing is much lower.
It is possible to buy more of your home by ‘staircasing’ – increasing your share by 10% increment. However properties are usually leasehold so you may have to pay a monthly service charge as well as contribute to maintenance costs.
Shared ownership schemes are provided by housing associations or private developers, with details, costs and restrictions varying by provider.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Get in touch with a friendly, expert Cowens adviser to find out more.