Holding your hand throughout your mortgage process!
Mortgages are a massive financial commitment to take out. Understandably, as a first time buyer you can find starting your process to be a little daunting. As a mortgage broker in Sunderland, it’s our job to help you be as stress-free as possible, doing the hard work so you don’t have to.
Our service is beyond just getting a mortgage, it’s all about your journey, how you got there and what happens next. We aim to make the process simple and keep you constantly informed; your mortgage advisor will be by your side all throughout.
How much deposit do I need for a mortgage in Sunderland?
The amount of deposit needed will depend on your credit score. As a common rule, we tend to find that first time buyers have a good credit score, which in turn may give you access to much better mortgage rates and put down a lower deposit, possibly as low as 5% of the purchase price.
Alternatively, for first time buyers with a rather low credit score, you may only have access to much higher rates and be required to put down a higher deposit, somewhere maybe within the area of 10-15%.
Your deposit amount will also be different depending on the type of property you’re looking to buy. If your property is more expensive, you may need to put down a larger deposit.
Are there ways to help me get onto the property ladder in Sunderland?
If you are finding it quite challenging to reach the minimum deposit that is required, you may be able to use one of the government mortgage schemes. These schemes were introduced as a means of helping first time buyers find success in their home owning dreams.
The schemes available currently include the Help to Buy Equity Loan, Shared Ownership, Mortgage Guarantee Scheme, the First Home Scheme, as well as a handful of others. Every one of these schemes is designed with the intention of helping home buyers get onto the property ladder in some way. You’ll still need to qualify, which is where a mortgage broker in Sunderland can come in.
For additional mortgage advice in Sunderland for first time buyers, as well as explanations of the available government mortgage schemes, book your free mortgage appointment with one of our mortgage advisors in Sunderland. They’ll be able to help you check eligibility and apply for your mortgage.
How does it work?Get a quote nowMeet your advisor