Financial Adviser Newton Stewart, Wigtownshire ~ Financial Planning Newton Stewart, Wigtownshire
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Tel: 01671 403080

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First Time Buyer

Mortgages for First Time Buyers

The prospect of buying your first home could be both daunting and confusing. Our aim is to guide you through the transaction from start to finish so that you understand exactly what the purchase entails and how much it will cost. We can recommend the services of local solicitors to assist in this process. This maybe the largest financial transaction you are ever likely to make so it must be done with clarity.

Prior to the credit crunch, the property market moved very fast which led to significant increases in property prices. This made it very difficult for many people to afford to buy a home, particularly for first time buyers.

The credit crunch of 2007 saw property prices drop considerably in many regions of the UK, making housing more affordable. However, since the 4th quarter of 2013, we have seen an improvement in the housing market and house prices have started to rise again.

The effects of the credit crunch and the continued financial uncertainty globally means that mortgages may still be difficult to find and we believe borrowing criteria is likely to remain stringent. There are, though, still a significant number of lenders to choose from, and we will search a comprehensive range of mortgages from across the market to find a mortgage appropriate to your requirements.

Getting on the ladder

There are actually some advantages to being a first time buyer. Interest rates are currently very low, and first time buyers are more appealing to sellers because they are not in a chain.

As we have access to many lenders we are well placed to assist you, however these days it is a necessity to provide a substantial deposit in order to get a mortgage (although there are a number of 95 per cent mortgage deals around), and you may be eligible for further assistance from the Help to Buy Scheme.

Help to Buy Scheme

Help to Buy: Equity Loan

In April 2013, the Government rolled out the first phase of a new Help to Buy scheme, which offers equity loans to first time buyers (as well as existing homeowners) by providing borrowers with a loan for 20% of the property value. This scheme applies to new build properties only, and with the purchaser being required to put down as little as 5% as a deposit, a mortgage of only 75% would be needed from a lender.

This scheme is available in England only until 2020. Different variations to the Help to Buy scheme apply in Wales and Scotland.

Call us now or use our mortgage enquiry form and we'll be delighted to assist you.

A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

You can choose how we are paid. We can either accept commission from the lender or you can choose to pay on a fee basis. Should you choose to pay a fee we will usually charge 0.5% of the loan amount subject to a minimum of £250.00. If the commission from the lender falls below £250.00 you will be charged the difference. We can also arrange a combination of these options.

For example, for a mortgage of £100 000 we will charge a fee of £500 (£100 000 x 0.5%)


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Company address:
Marr Financial Services Ltd, Central Office, 61 Victoria Street, Newton Stewart, Wigtownshire, DG8 6NL
T: 01671 403080
F: 01671 402549

Email: advice@marrfinancial.co.uk

Registration address as company address
Registration number: SC275449
Registered in: Scotland

Marr Financial Services Ltd is authorised and regulated by the Financial Conduct Authority.

Marr Financial Services Ltd is entered on the Financial Services Register (http://www.fca.org.uk/register/) under reference 705884.

The FCA do not regulate National savings products, loans, Will writing, Commercial Mortgages and some forms of buy to let mortgages and inheritance tax planning.

The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

Telephone: 01671 403080 | advice@marrfinancial.co.uk

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