First Time Buyers
We love working with first-time buyers and contributing towards the excitement of making their home-owning dream a reality.
As a first-time buyer, you are likely to have heard lots of conflicting information and snippets of advice about getting your first mortgage. We often see first-time buyers who are still saving for a deposit thinking they don’t have enough to meet lending criteria when they were actually ready to secure lending.
The residential market is moving fast, and it may be that property prices are rising faster than the cash you are saving every month for your deposit.
Mortgage enquiries…
Here at IMS Financial we are passionate about connecting our clients with a mortgage that truly suits them.
- Friendly advisers with a wealth of knowledge
- Access to a wide range of products
- Trusted and stress-free financial advice
How much can a first time buyer borrow?
The amount you can borrow depends on your income, outgoings, credit history, and the specific lender’s criteria. We will help you understand your borrowing capacity and find the best mortgage options available.
How much deposit do I need as a first time buyer?
Typically, first-time buyers need a deposit of at least 5-10% of the property value. However, having a larger deposit can improve your mortgage options and terms. We can guide you on how much you should aim to save, depending on your individual circumstances.
What help is available?
There are various schemes and incentives available to first-time buyers, such as Shared Ownership, and government bonuses on savings. We can help you navigate these options and determine what suits your needs best.
How to improve your credit score
Your credit score significantly impacts your mortgage application. Simple steps like paying bills on time, reducing debt, and checking your credit report for errors can improve your score. We can provide tailored advice to boost your creditworthiness.
Here are a few ways to increase your score:
- Make sure you’re on the electoral register
- Check that your address is correct on all accounts
- For as long as possible in advance of the application stay within 50% of your available credit
- Ensure all payments are prompt and clear balances where possible
What fees are involved when buying a home?
Buying a home involves several fees, including mortgage arrangement fees, legal fees, survey costs, and stamp duty. We will provide a comprehensive breakdown of these costs so you can plan your budget effectively.
Access to a wide range of products from over 70 lenders
A family-run business offering friendly and personal advice.
IMS Financial is an appointed representative of PRIMIS
Important
For our mortgage advice services, we will charge a fee of between £0.00 and £495.00. The level of the fee will be determined by the complexity of the enquiry and the duration of research required to assess your needs and provide a suitable recommendation.
IMS Financial is a trading style of IMS (Watford) Ltd. IMS (Watford) Ltd is an appointed representative of PRIMIS Mortgage Network. PRIMIS Mortgage Network is a trading style of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority.
The guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers
based in the UK.