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First Time Buyers


Coventry Building Society launches unique 90% LTV first time buyer mortgage! Coventry is providing further support to first time buyers with the launch of a totally unique ERC free 5 year fixed rate mortgage at 90% loan-to-value. This new product stands out in a market where the majority of first time buyer fixed rate products are limited to 2 years. With uncertainty over when interest rates will move and by how much, a first time buyer mortgage that provides certainty over 5 years is the sensible option, ensuring that your repayments aren't affected by very different interest rate environment in only a couple of years time. Furthermore, this product comes with the added benefit of not having any ERCs, providing you with the flexibility of being able to overpay or change product without penalty. Designed to support first time buyers It's not just about the rate, it's about certainty. Coventry's new first time buyer product is designed to give borrowers the best start in their first home: • A competitive rate of just 5.99% • A 5 year term - giving certainty of rate beyond the uncertainty of the current market • Low upfront fees - just a £199 booking fee, with no arrangement fee • ERC free - the flexibility to move to another mortgage product, as well as the opportunity to make overpayments, without paying a penalty • Valuation up to £670 included A deal as good as this may not be around for long - so contact us today!!!!

As you may be aware George Osbourne, the chancellor of the exchequer, threw a lifeline to First Time Buyers in his budget. He has put aside £250 Million to fund an assisted deposit scheme for First Time Buyers that wish to purchase a new home.

The 'First Buy Scheme' will be available to First Time Buyers that have a combined income of less than £60,000 and are able to put down a deposit of at least a 5%. First Time Buyers that qualify for the First buy scheme will be able to borrow up to 20% of the purchase price of the property they wish to buy. The loan will interest free for the first 5 years and then will be charged and interest rate of 1.75% in year six, and at inflation plus 1% thereafter. . The loan will only become repayable when the property is sold.

This will also be a boon to First Time Buyers that wish to purchase a Shared Ownership property. Lenders that offer this type of mortgage typically lend up to 95% mortgages on the share of the property purchased. Another benefit in the budget for First Time buyers is that the stamp duty threshold, the amount when buyers become liable to pay a tax on the property, has risen to £250,000. This came into effect on March 25th 2011 and will last for 2 years.

However, this is by no means as simple as it appears. When deciding wether to lend or not lenders will take into account other factors such as income multiples, credit scores, number of dependants and any loans including credit cards and H.P. All of these will play a part in the decision making by a potential lender. So if you would like to find out how much you could borrow and what the monthly payments would be or if you would like us to obtain a provisional offer of a mortgage. Contact us Here.

MORTGAGE CERTIFICATES.. These are certainly worth obtaining, and indeed are sometimes insisted upon by Estate Agents, a mortgage agreement in principle. This is a written certificate from a lender showing how much they would be willing to lend. These certificates are sometimes known by different names, such as a mortgage promise, a decision in principal or agreements in principle. The advantage of having a mortgage certificate is that it shows a seller that you are a serious buyer and that a lender has already agreed in principle to lend you the money to enable you purchase the property they are selling.

Contact us today for your MORTGAGE CERTIFICATE

Insurance Cover

Authorised and Regulated by the Financial Conduct Authority.UK Financial Consultancy Services Ltd, Registered in England and Wales No.5467810
Registered Office: 33 Darnley Road, Gravesend, Kent, DA11 0SD Your home may be repossessed if you do not keep up repayments on a mortgage or any other debts secured on it.
The overall cost for comparison is 4.4% however the actual rate will depend on your circumstances.
UK Financial Consultancy Services Ltd operate as an intermediary and are not a principal lender
Our FCA registered number is 435495 and can be found on the regulators website at www.fca.org.uk/register

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140A Station Road, Sidcup, Kent, DA15 7AB
Tel: 0800 4334 576 / 0208 303 7897 - Fax: 0800 4334 579
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Tel: 0800 4334 576 / 0203 417 2332