Mortgage rates hit 6%: What you need to know
26 June 2023With mortgage rates once again hitting 6%, as a homeowner in Hitchin, Stevenage, or Letchworth, you may be rightly worried.
First Time Buyers
Our mortgage advisers believe that getting on to the property ladder should be as easy as possible. We’ll help take the stress out of the mortgage search, the decisions, and the paperwork.
As an Independent Mortgage Broker, we can search the mortgage market on your behalf to help find the right first-time buyer mortgage for you.
Speak to a mortgage adviserNew Buyer Mortgages
Buying your first home is one of the most exciting things you will do, and the team at Fortune Financial are here to make sure you enjoy it! Our friendly mortgage advisers are experts in the market and will guide you throughout the entire mortgage process.
We know that one size doesn’t fit all, and therefore offer appointments 7 days a week to find you a mortgage product that fits perfectly. Our mortgage advisers will assess your personal circumstances and talk you through all your affordability options, so you can get a good idea of how much you can borrow and start searching for your dream home. If you require an Agreement in Principle, this can be done within the hour at your convenience.
When you are ready to move forward with your mortgage application, we will manage the entire process for you via a dedicated case progression manager, keeping the estate agents happy, solicitors organized, lender in the loop and especially you, informing you of status of your application and helping you with any questions you may have along the way.
Mortgage Calculator
This Mortgage Calculator provides a guide to how much you’d pay each month. The exact amount will depend on the type of mortgage and the lender. Contact our team for an exact quote.
This calculator is for illustrative purposes only.
Ready to find the perfect mortgage?
Contact our Mortgage Advisers and we’ll find the perfect mortgage for your situation. Complete this form or call 01462 510 400.
You voluntarily choose to provide personal details to us via this website. Personal information will be treated as confidential by us and held in accordance with GDPR May 2018 requirements. You agree that such personal information may be used to provide you with details of services and products in writing, by email or by telephone. By submitting this information you have given your agreement to receive verbal contact from us to discuss your mortgage requirements.
Your home may be repossessed if you do not keep up repayments on your mortgage.
How much can I borrow with a First Time Buyer mortgage?
Our experienced and friendly mortgage advisors fully understand that starting your journey on to the property ladder can be both exciting but equally, overwhelming.
Purchasing your first home is likely to be amongst of the biggest steps you can make in your life, so we’re here to help and support you throughout your first time buyer mortgage process, all whilst being able to enjoy the excitement of buying your first home, stress and hassle free.
There is a quite lot to think about, not least of which is the question; how much can I borrow? To answer that, the mortgage lenders will have a careful look at what you earn and compare that with what you spend monthly. For rough estimate, simply multiply your yearly earnings by 4.5. This will give you an approximate on the amount you may be able to borrow.
Quick mortgage borrowing check list:
- Are you employed or self-employed?
- What is your annual salary?
- Do you receive a regular bonus?
- What is the value of your deposit?
- What are your monthly outgoings and expenses?
How much will a First Time Buyer mortgage cost?
The monthly costs of your first time buyer mortgage does depend on a number of things. Finding the right mortgage will play a huge part in how much you will pay each month.
Here are some of the factors that will influence how much your monthly repayments will be:
- Type of mortgage (Repayment, Interest Only, combination of both)
- Interest rate secured (Fixed Rate, Variable Rate)
- Number of years of the mortgage term
- Size of the mortgage vs deposit (Loan to Value)
Which is the best mortgage for my personal situation?
There are a range of factors that will have an impact on which mortgage will be the right fit for your personal situation. Unfortunately, there’s no single mortgage that will fit with every first-time buyer perfectly. Everyone is different.
This is where our experience and expert mortgage industry knowledge comes in to play. We will help you choose a first-time buyer mortgage that matches your financial individual needs.
Repayment or interest only mortgage?
When you take out a new mortgage you will need to decide how you are going to repay it. You can choose a repayment mortgage or an interest only option.
A repayment mortgage provides a mortgage that has a monthly repayment amount that covers both the loan itself and interest charged by the lender. Both will be cleared at the end of the mortgage term. However, an interest only mortgage only covers the interest on the loan but does not pay off any of the loan itself.
Our mortgage advisers can provide the advice to help you decide which is the right option based on your financial situation and life goals.
What mortgage product is right for me?
There are a wide range of mortgage ‘products’ available, each suited to different market factors as well as your personal finances.
- Fixed Rate Mortgage
- Tracker Mortgages
- Variable Rate Mortgages
- Discount Mortgages
- Standard Variable Rate Mortgages
- Offset Mortgages
We can help advise which is the right fit for you, so you don’t have to worry about having a detailed knowledge of the mortgage market.
What length of mortgage term is right for me?
The most common lifetime of a mortgage is 25 years, but there are options for much shorter mortgage terms. There are some lenders that offer mortgages for 30, 35 or even up to 40 years.
A shorter term mortgage will result in higher monthly repayments, but you see a benefit of paying less interest overall. There are a few things you need to take into account when choosing the length of the mortgage term:
- How old will you be when the term ends?
- The longer it is, the more you pay.
- What can you afford to pay each month?
“Cade, Gemma and Rachel have been extremely professional, providing clear, accurate and timely advice. I experienced some difficulties in obtaining a loan, Cade's tenacity and positivity made a huge difference. Excited to be able to move into my own apartment and am very grateful to the team. I would thoroughly recommended their services.”
“The whole team at Fortune Financial are simply first class. I have organised 2 mortgages through Cade and the team and have received exceptional service each time. One buy to Let mortgage and a new house purchase (during lockdown), each time the response and service through to completion was fantastic. I have subsequently recommended them to several people without hesitation. ”
“We are very pleased with the help we have received from Emma and Rachel at Fortune Financial. Being self employed, first time buyers and foreigners, it would have been very difficult to find a suitable mortgage and navigate the landscape on our own. They did all the work and helped us along every step of the way, making the process much smoother and faster. We recommend them 100%!!!”
Mortgage & Insurance News
Positive signs for the mortgage market
10 May 2023Mortgage adviser at Fortune Financial Planning in Hitchin Hertfordshire reviews why there are positive signs in the mortgage market this spring.
Introducing Claudia Capper our new mortgage and protection administrator
30 April 2023Claudia Capper recently joined Fortune Financial as a mortgage and protection administrator.