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First Time Buyer
Mortgages in Hull

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First Time Buyer
Mortgages in Hull

Discover your borrowing potential and move closer to securing your dream home as a first time buyer in Hull.

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Looking at getting a mortgage as a first time buyer in Hull?

Purchasing a home is a significant milestone that can be both exciting and nerve-wracking, especially for first time buyers in Hull. We understand that the process can be complicated, especially when you don’t know where to start!

As an experienced mortgage broker in Hull, we have been providing mortgage advice in Hull for over 20 years now, helping thousands of first time buyers along the way!

We take pride in our personalised approach to mortgage advice, recognising that each customer has a unique situation. Whether you are buying a property on your own or with a friend or relative, our dedicated team will work with you every step of the way to ensure your journey is smooth and simple.

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First Time Buyer<br>Mortgages in Hull

Making an Offer on a Property in Hull

Making an offer on a property is a significant step in the home-buying process, and having a mortgage agreement in principle (AIP) can help you stand out in a competitive market. AIP confirms that a mortgage lender is willing to provide you with a mortgage based on your financial situation, which can give sellers confidence in your offer.

At Hullmoneyman, we recommend having an AIP in place before making an offer, and we can help you obtain one quickly. Our experienced mortgage advisors in Hull can provide you with an AIP within 24 hours of your initial appointment, and we will work at a pace that best suits your situation.

We understand that the process of buying a home as a first time buyer in Hull can be overwhelming, and the added pressure of the property market can be stressful. That’s why our supportive team of mortgage advisors in Hull is committed to helping you every step of the way and provide you with expert mortgage advice in Hull every step of the way.

How much deposit do I need for a mortgage in Hull?

The amount of deposit you’ll need for a mortgage in Hull can vary depending on the lender and the type of mortgage you choose. Generally, first time buyers typically aim for a deposit of at least 5% to 20% of the property’s purchase price. However, keep in mind that a larger deposit can lead to more favourable mortgage rates and lower monthly payments.

It’s advisable to consult with a mortgage advisor in Hull who can assess your financial situation and help you determine the right deposit amount for your specific circumstances.

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First Time Buyer FAQs in Hull

Are there ways to help me get onto the property ladder in Hull?

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Yes, the government has a set of mortgage schemes that you can take advantage of as a first time buyers in Hull. Here are some options to consider:

Shared Ownership: This government scheme enables you to buy a share (usually between 25% to 75%) of a property and pay rent on the remaining portion. As your finances improve, you can gradually buy more shares until you own the property outright.

Right to Buy: This initiative allows you to purchase your council property from the local authority. In some cases, you may not require a deposit to take out a mortgage on this type of property.

Lifetime ISA: The Lifetime ISA allows you to save for your mortgage with the government topping up your savings by 25% year on year. If you manage to save the maximum amount of £4,000, they will give you an extra £1,000! These savings can only be used to buy your first home.

What type of first time buyer mortgages can I get in Hull?

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As a first time buyer in Hull, you have access to various mortgage options tailored to your needs. Some of these mortgage options include:

Fixed-Rate Mortgages: These mortgages offer a fixed interest rate for a set period, typically 2, 3, 5, or 10 years. They provide stability in your monthly repayments.

Tracker Mortgages: Tracker mortgages have an interest rate that moves in line with the Bank of England base rate. Your repayments can go up or down based on this rate.

Discount Mortgages: These mortgages offer a discount on the lender’s standard variable rate (SVR) for a specific period, making your initial payments lower.

Repayment and Interest-Only Mortgages: You can choose between repayment mortgages, where you pay back both the principal and interest, or interest-only mortgages, where you only pay the interest during the term.

It’s crucial to consult with a mortgage broker in Hull who can assess your financial situation and help you select the most suitable first time buyer mortgage option. They can also assist you in finding the best deals available in the local market.

Remember that mortgage availability and terms can change, so it’s essential to stay updated and seek professional advice when making important financial decisions.

Why should I speak with a mortgage broker in Hull?

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Using a mortgage broker in Hull not only allows you to enjoy a stress-free mortgage process, it can potentially allow you to access better mortgage rates and products.

Unlike banks that can only access their own in-house deals, mortgage brokers have access to a wide range of high street and specialist mortgage products.

Our job is to search our panel of mortgage lenders and locate the perfect mortgage product tailored to your unique situation.

We have been providing expert mortgage advice in Hull and surrounding areas for over 20 years now, guiding our clients through the complexities of the mortgage process. We know how to find the perfect mortgage product for you!

On top of this, we will also prepare your mortgage application with you, help you make an offer on a property (if this is something that you need help with) and will explore your insurance options with you too.

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How Does The Process Work?

Free 30-Minute Mortgage Appointment

Step 1

During your free mortgage appointment, an expert mortgage advisor in Hull will conduct a thorough assessment of your income and expenses.

They will also be able to work out how much you can borrow as a first time buyer in Hull.

We Can Search 1000s of Mortgage Deals

Step 2

Our team of experts can search 1000's of deals tailored for first time buyers in Hull. This will set you on the right path towards becoming a homeowner.

Following your consultation, we will promptly secure your mortgage agreement in principle (AIP) on your behalf. This can usually be done within 24-hours of your appointment!

Submit Your Mortgage Application

Step 3

Once your offer on a property is accepted, our dedicated mortgage advisors in Hull will take care of submitting your mortgage application and forward any additional documentation required by the lender.

We will never put your application forward if you are going to be declined.

Protecting You and Your Mortgage

Step 4

In addition to finding the most suitable mortgage deal for first time buyers in Hull, our team is devoted to helping you obtain comprehensive insurance coverage to safeguard you and your loved ones financially.

This is just a recommendation, not an obligation.

Why Choose Us?

Free Mortgage Appointment

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Our team of experienced mortgage advisors in Hull has helped a great number of first time buyers in Hull to find their footing on the property ladder by providing expert mortgage advice in Hull.

Whether you have a complex situation or just need some mortgage advice in Hull, every customer can benefit from a free mortgage appointment, so make sure that you take advantage of this!

1000s of Mortgage Deals

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As an expert mortgage broker in Hull, we can access thousands of mortgage deals to find the best one for your unique situation. It’s not just about finding the right mortgage; we are here to guide and support you every step of the way.

The mortgage case handlers we have working here at Hullmoneyman, will keep you informed throughout the process, so you always know what’s going on.

Our Service

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With over two decades of experience, we possess in-depth knowledge of the market and have handled a variety of complex situations.

Our service is tailored to your specific needs, and we strive to offer a personalised and stress-free experience.

7 days a Week

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We understand that obtaining a mortgage can be a daunting process, so we strive to make it as stress-free as possible.

we work 7 days a week to suit your schedule and are available for a free mortgage appointment either via phone or Microsoft Teams video call.

Open & Honest

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As a mortgage broker in Hull, we are committed to helping you overcome any obstacles in your mortgage journey. Our trusted and versatile team offering mortgage advice in Hull, have a wealth of experience in finding the best outcome for your personal situation, no matter your circumstances.

We believe that every customer deserves the opportunity to explore their mortgage options with a professional and experienced mortgage advisor in Hull. That’s why we offer a free initial mortgage appointment to all customers who get in touch.

We are committed to making the mortgage process as straightforward and stress-free as possible, and our team will work tirelessly until we find the best outcome for you.

Malcolm and Amy Davidson - Mortgage Advice in Hull

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Common First Time Buyer Mortgage Scenarios

Working out how much you can borrow as a first time buyer in Hull

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If you are a first time buyer in Hull and want to know the maximum amount you could borrow for a mortgage, our mortgage calculators can give you a good indication. That being said, this is only a rough estimate and may not factor in your specific situation.

Therefore, we recommend speaking to a mortgage advisor in Hull, who can provide you with a more accurate and personalised assessment of your borrowing capacity.

At Hullmoneyman, we have a team of experienced mortgage advisors in Hull who will work with you to find the right mortgage deal for your needs.

Ready to make an offer on a property in Hull

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As you start looking for your dream home, it’s essential to have a mortgage agreement in principle in hand. This is a document that confirms how much a lender may be willing to lend you, based on a preliminary assessment of your finances.

Having an AIP can give you an advantage when making an offer on a property, as it shows the seller that you are a serious buyer.

At Hullmoneyman, we understand the importance of an AIP and are able to obtain it for you within 24 hours of your initial appointment.

Our trusted team of mortgage experts will work with you every step of the way, ensuring you have the right support and guidance to make your home-buying journey as smooth as possible.

Need an agreement in principle (AIP) in Hull

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An AIP can make a big difference when making an offer on a property.

As we’ve mentioned before, an AIP confirms how much a mortgage lender may be willing to lend you, based on a preliminary assessment of your finances.

Having an AIP in hand when making an offer can show the seller that you are a serious buyer. At Hullmoneyman, our team can usually obtain an AIP for you within 24 hours of your initial mortgage appointment.

Our goal is to make the home buying process as stress-free as possible, so you can focus on finding your dream home.

Been declined by a bank for a mortgage in Hull

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If you have been declined for a mortgage by a bank, it can be disheartening. Even with this in mind though, this doesn’t mean that you won’t be able to get a mortgage at all.

As a mortgage broker in Hull, we’ve helped many clients who have been turned down by a bank get a mortgage. It may come down to something as simple as that you were applying for the wrong type of product.

As an open and honest mortgage broker in Hull, we are committed to finding the best mortgage solution for your specific circumstances.

We have access to a wide panel of mortgage lenders, including those that offer specialist products, so we can find the right deal for you.

Trying to find information on mortgage schemes

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If you are looking at ways to help you try and save for a mortgage or get a mortgage in Hull, perhaps exploring government mortgage schemes could help.

Some of the schemes on offer include Shared Ownership, Right to Buy and the Lifetime ISA, just to name a few.

To find out more information on these schemes, you can learn more by following the links below or heading to a complete list on ownyourhome.gov.uk:

Mortgage Guides

Hullmoneyman.com & Hullmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

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