First Time Buyer Mortgage
Advice in Cardiff

There’s no single credit score that guarantees approval, as each lender has its own criteria.

That said, a higher score generally improves your chances of being accepted and could open the door to better mortgage rates.

As a first time buyer in Cardiff, it’s a good idea to check your credit report before applying.

Look out for any missed payments, incorrect information, or open credit accounts you no longer use.

These things can affect how lenders view your application.

Yes, several schemes could help reduce the cost of buying your first home.

Shared ownership allows you to buy a share of a property and pay rent on the rest, making it easier to get started with a lower deposit.

There’s also the First Homes Scheme, which offers new-build homes at a discounted price to eligible buyers.

If you’re a first time buyer in Cardiff, these schemes can provide more affordable routes into homeownership depending on your circumstances and the type of property you’re looking at.

Once your mortgage application is submitted, it usually takes between two to six weeks for the lender to process everything and issue a formal mortgage offer.

After that, the legal work and final steps leading to completion can take a few more weeks.

For a first time buyer in Cardiff, being prepared with all your documents and working with our mortgage team can help speed things up.

Every case is different, but we’ll keep things moving and keep you updated throughout.

Yes, it’s possible to buy with as little as a 5% deposit, especially if you’re using a scheme like shared ownership or a mortgage designed specifically for first-time buyers.

That means you could get on the property ladder in Cardiff without needing to save a huge amount upfront.

The size of your deposit can affect the interest rate you’re offered, so if you’re able to put down more, you might access better deals.

Student loans are considered as part of your monthly outgoings, and this can affect your overall affordability in the eyes of a lender.

It’s not the total loan that matters, but how much you’re repaying each month.

As a first time buyer in Cardiff, having a student loan won’t automatically stop you from getting a mortgage, especially if your income and other finances are in good shape.

Lenders are mainly focused on whether you can afford the repayments on top of your existing commitments.

An Agreement in Principle (AIP) is a document from a lender that gives an estimate of how much you could borrow.

It’s not a guaranteed mortgage offer, but it’s based on a quick look at your finances and credit history.

Estate agents in Cardiff often ask to see an AIP when you make an offer on a home, so having one can show sellers that you’re serious and ready to proceed.

It also helps you search for homes in your price range with more confidence.

You’re not required to use a broker, but many first time buyers in Cardiff find it helpful.

A mortgage broker in Cardiff can compare thousands of deals across a wide range of lenders, some of which aren’t available directly to the public.

We’ll handle the paperwork, explain everything clearly, and deal with the lender on your behalf.

This takes a lot of the pressure off you and can often lead to better mortgage deals than going it alone.

Alongside your deposit, you’ll need to budget for a few other important costs.

Solicitor fees cover the legal side of your purchase, including contracts and property checks.

Some lenders may charge a mortgage arrangement fee, though this isn’t always the case.

You’ll also pay for a survey to check the property’s condition, and Stamp Duty may apply depending on the purchase price, but many first time buyers in Cardiff benefit from a Stamp Duty exemption.

Having a clear idea of these costs upfront can help you plan more effectively.

Yes, you can. Being self-employed just means lenders will need a bit more information to assess your income.

Most will ask for at least two years of tax returns and business accounts.

As a first time buyer in Cardiff, being self-employed won’t stop you from getting a mortgage, it just requires some extra preparation.

Some lenders are more flexible than others when it comes to self-employed applicants, and our team knows which ones are more likely to support your application.

Fixed-rate mortgages are popular with first time buyers in Cardiff because they offer stability.

Your monthly payments won’t change for a set period, which can make it easier to budget.

Variable-rate mortgages may start with lower interest rates, but they can change over time, meaning your payments could go up or down.

The right choice depends on your financial preferences and how comfortable you are with potential rate changes.

We’ll help you weigh up the pros and cons based on your plans.