Mortgages for
first time buyers.
First time buyers
Our mortgages
make things possible.
Buying your first home is an exciting time and a milestone occasion. We could help make your dream a reality and will be on hand throughout the process and explain all you need to know.
Whilst saving for a deposit for your first home may seem like a never-ending task, a low deposit mortgage could make this achievable more quickly. We may be able to offer first time buyer mortgages requiring as little as a 5% deposit, also known as 95% Loan To Value, or 10% deposit, also known as 90% Loan To Value, enabling you to purchase your first home sooner. It’s always best to be aware of all of the options available to you, so take time to do your research and find a first time buyer mortgage product which best suits your needs.
Bringing people together
Types of mortgages
for first time buyers.
Life isn’t one size fits all, and neither are our first time buyer mortgages. There are several things to consider when looking to finance the purchase of your first home, and we offer a range of options for people looking for a first time mortgage.
So, whether you are looking for a straightforward purchase using your own funds for a deposit, have a gifted deposit from a family member or are looking for a part-buy, part-rent shared ownership arrangement we may be able to help.
Tips for First time buyers
Five things to consider before looking for your first time buyer mortgage.
If you’re now thinking about buying your first home there’s a few things you’ll need to prepare before applying for a mortgage. Whether you’re a spreadsheet superhero, or always have your trusty notepad to hand, it’s well worth spending the time on a proper plan to make sure you do not incur any unwelcome surprises and can demonstrate your budget to your prospective lender.
Here’s our top 5 to get you started:
- Assess your savings and calculate how much deposit you’ll be putting towards the purchase of your home.
- If you have found your ideal property, or have a shortlist in mind, you can calculate how much you may need to borrow. Although it can be tempting to keep increasing that maximum search value on Rightmove, remember to keep your expectations more realistic!
- Draw up a detailed budget and outline all of your “move in” expenses. Don’t forget things like stamp duty (if applicable) and moving services, alongside the exciting things like decorating and furnishing your home.
- Next, turn your attention to your estimated monthly living expenses. It might seem like the list is never ending, including things like council tax, travel, utilities, insurances, groceries and recreation spends. It goes without saying that your monthly income must outweigh your outgoings!
- Finally, and here comes the important bit, go back through steps 3 and 4 and see if you’re able to shave off any costs. When moving into your new home remember you don’t have to do everything at once, so that fully landscaped garden could probably wait whilst you rebuild your pot of savings – and if you are struggling to control monthly costs do you really need to subscribe to Sky, Now TV, Netflix and Disney Plus?
Once you’ve got a clear picture of your finances you’ll be better prepared to start looking for the right mortgage product to help you buy your first home.
Building relationships
“
We took out a mortgage on our house to help children get on the property ladder and have found Ipswich now Suffolk Building Society a friendly, professional and human organisation – just like building societies and banks used to be but so few are these days. A great team of people.
Mortgage member via
“
I have always found it very easy to contact Suffolk Building society by phone, or by email or on line, and the staff are always friendly, knowledgeable, helpful and efficient. For me, this is the most important feature of a good building society.
Mortgage member via
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Find the mortgage product for you.
Enquiries
We have conversations, not algorithms.
Our decisions are made by experts, not computers. We need to calculate the financials, but we understand there’s more behind a mortgage than the numbers on a page. We can’t promise to lend to everyone and anyone, but we’ll consider most applications on an individual basis.
Ready to go? We’d love to hear from you. Get in touch with our friendly and knowledgeable team.
Prefer to talk?
Call 0330 123 0723
Contact us
From Our Blog
Mortgage news.
Our blog contains the latest goings-on and updates across the Society, so here’s where you can check out our latest mortgage news.
Or, if you want to see more than just mortgages, take a look at all of our blogs.
First time buyers & side hustles
First time buyers and COVID-19
Call in and learn more about buying your first home
Longer term mortgages – why borrowers are taking out mortgages for longer
What is a leapfrog buyer?
Buying a home without the Bank of Mum and Dad