First Time Buyer

Are you taking your first step on the property ladder?

First Time Buyer Mortgage

Buying a home for the first time is a big financial commitment: you’ll need to decide on a realistic budget, save for a deposit and shop around for the right mortgage. It makes sense to get expert first time buyer mortgage advice to help you make such a significant and life-changing decision, and the friendly team at J Finance can support you through the whole process.

It’s vital that you are confident you will be able to comfortably afford your mortgage repayments, for the duration of the loan.

When you meet us, we’ll talk you through your own financial circumstances and give you an idea of the amount you are likely to be able to borrow.

Based in Newbury, our mortgage experts can offer tailored and independent advice on every aspect of buying a home.

If you are buying a property in Berkshire and looking for first-time buyer mortgage advice, why not contact us to talk through your options?


Understanding mortgages

Getting a mortgage means convincing a lender to provide most of the value of the home you want to buy (minus the value of your deposit), in advance. They need to be able to trust that you can pay back the loan, with interest, over a period of years, so you need to provide solid evidence that you’re a good bet financially. That normally means having a good credit history, a dependable source of income and as big a deposit as you can manage.

It’s worth stressing that when you borrow money against a property, the lender uses that property as ‘security’ on the loan. This means that if you fail to repay your mortgage as agreed, your home could be repossessed by the lender and sold in order to recoup the amount owed to them.

Types of mortgage: which should you choose?

There are several different types of mortgage available, and the choice and financial jargon can often be confusing for first-time buyers.

  • Repayment mortgages are the norm: with a repayment mortgage you pay back a proportion of your loan, plus interest, every month.
  • Interest-only mortgages only cover the interest on the loan, so at the end of the mortgage you will still owe the lender the value of your property.
  • Fixed-rate mortgages mean that the amount you repay each month is set in stone from the beginning, so they won’t be affected by interest rates.
  • Variable-rate mortgages change with the economic climate, so you can’t know in advance exactly what you’ll be paying back. One common type of variable-rate mortgage is a tracker mortgage, whose rates change in line with the Bank of England base rate.

We’ll guide you through the choices available to you, and offer independent advice to help you to find a mortgage that’s right for you.

Mortgage Calculator

Take a look at our Mortgage Calculator to work out your monthly payment, just click on the button below:

Mortgage Calculator


Other factors to consider

A mortgage can be a 5-40 year commitment, so there are some other things to think about before signing on the dotted line.

  • Is it flexible – can you overpay if you find your financial situation improves and pay off your mortgage sooner?
  • Is it easy to move your mortgage if you find a better deal, or will you face hefty fees?
  • Can you move, sometimes referred to as ‘port’ your mortgage to another house if you need to in the future – for example if you want a bigger house or need to move location?
  • How much will you need to pay in insurance, solicitor’s fees, stamp duty and other expenses?

Meeting two people at desk First Time Buyer Mortgage J Finance