What credit score do I need to get a mortgage as a first time buyer 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.

Are there any first-time buyer schemes available in Cardiff?

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.

How long does the mortgage application process take for a first time buyer in Cardiff?

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.

Can I get a mortgage with a low deposit as a first time buyer in Cardiff?

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.

Will student loans affect my mortgage application as a first time buyer in Cardiff?

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.

What is an Agreement in Principle (AIP), and do I need one as a first time buyer in Cardiff?

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.

Do I need a mortgage broker in Cardiff to get a mortgage as a first time buyer?

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.

What costs should I budget for as a first time buyer in Cardiff?

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.

Can I get a mortgage if I’m self-employed as a first time buyer in Cardiff?

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.

Should I choose a fixed or variable-rate mortgage as a first time buyer in Cardiff?

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.

First Time Buyer Mortgages in Cardiff | Expert Mortgage Advice

Can I get a mortgage as a first time buyer in Cardiff?

Yes, many lenders offer mortgage products for those buying their first home, but your eligibility will depend on things like income, deposit size, and credit history.

As a first time buyer in Cardiff, it’s important to show that you can afford monthly repayments and manage your finances well.

Even if your situation is a little more complex, our mortgage advisor in Cardiff can help you explore the right options for your needs.

First Time Buyer Mortgage<br>Advice in Cardiff

How much can I borrow as a first time buyer in Cardiff?

This depends on a range of factors, including income, financial commitments, and the size of your deposit.

Generally, lenders may offer between four to five times your annual income, though this varies.

As a first time buyer in Cardiff, understanding what you can borrow is key to setting a realistic property budget.

With our mortgage advice in Cardiff, we’ll help you work out what’s affordable and search for suitable lenders.

How much deposit do I need as a first time buyer in Cardiff?

Most first time buyers in Cardiff will need at least a 5% deposit, though putting down more can lead to better mortgage deals.

For example, on a £180,000 property, you’d need a minimum of £9,000.

There are also schemes available that could help lower the upfront cost.

A mortgage broker in Cardiff like ourself can explain what deposit you’ll need based on your circumstances and what deals are available with your savings.

Speak to an Advisor

Important information

Your home may be repossessed if you do not keep up repayments on your mortgage.

There may be a fee for mortgage advice. The fee is up to 1% but a typical fee is £495.

FAQs About First Time Buyer Mortgages in Cardiff

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Lewis

Wayne was absolutely fantastic, and a pillar of support before, during and after we obtained our mortgage offer. I would absolutely recommend Wayne and MoneyMan again!

1 month ago

Eilish

Great service

7 months ago

Adrian

Excellent service

11 months ago

John

Wayne was great throughout whole process of buying our first home, he gave us great confidence and simplified the whole process for us. Would defintiely recommend.

1 year ago

Jack

Matt, Jo and all those involved have been excellent it helping me and my partner navigate the mortgage process. Their guidance have been invaluable and without the support we would have really struggled. Would highly recommend.

1 year ago

Anonymous

Brilliant service. Quick response to any questions we had and explained everything clearly. Kept the process moving for us which was greatly appreciated. Thanks!!

1 year ago

Justine

As a first time buyer and someone who doesnt know much about the process, Malcolm and the team were very informative and helpful during the entire process. We were allowed to ask a list of questions about our blind-spots to do with taking on a...

1 year ago

Matthew

Can’t thank Cardiffmoneyman enough in helping me buy my first home. Leo my appointed advisor has been monumental in getting me the most suitable deal and explaining the whole process and making it as easy as possible in what would be a stressful...

1 year ago

Elizabeth

Excellent service . Dan explained equity release clearly and ensured I got the most suitable interest rate.

1 year ago

Owain

Cardiffmoneyman have been fantastic at guiding me through the home buying process. Great and friendly communication with excellent pacing on the amount of information presented at once. Truly helped simplify the home buying process.

1 year ago

Charleigh

Very efficient, communication was excellant, and really helped as first time buyers advising the steps as we went!

2 years ago

Daniel

Matt has been brilliant throughout the whole process, very knowledgeable and helpful. The process has been smooth throughout. The application was submitted on Wednesday and the mortgage offer was approved by Friday! Talk about that for service.

2 years ago

Jane

I recently had the pleasure of working with UK Moneyman, and I couldn't be more impressed with the level of professionalism and care that they provided me. As someone with a poor credit rating at the age of 60, I never thought it would be possible...

2 years ago

Josh

Leanne was very friendly, build up an instance rapport and helped me with my all questions prior to my meeting with another Advisor tomorrow. Thank you Leanne for your help. Josh 😀

3 years ago

Thomas

Cardiffmoneyman has been perfect for us as First Time Buyers. Charlie & Leo were both great at sorting everything out for us promptly and explaining things clearly. Everyone we’ve spoken has been super friendly and helpful. We’re very grateful...

5 years ago

Stacie

We were recommended to use Cardiffmoneyman, by friends who used them looking to remortgage. They were fantastic. From start to finish, we were kept informed throughout the entire process, and their working hours were handy, as I and my husband both...

5 years ago

Emma

Jason was great! Being self employed I thought I would never get a mortgage, but here we are and im happily moving into my new home. Couldn't have done this without you and your team, thank you!

5 years ago

Our Simple Mortgage Process

Free Initial Mortgage Appointment

It’s key to speak about your financial situation as well as what you’re looking to achieve with an expert mortgage advisor in Cardiff. Within your free initial mortgage appointment, your designated advisor will look into your income and expenses to work out the maximum amount you can borrow as a first time buyer in Cardiff.

Get in touch to schedule your free initial mortgage appointment and begin you mortgage journey towards getting your dream home.

We Can Search 1000s of Mortgage Deals

Our team at Cardiffmoneyman have access to a large panel of lenders that offer a variety of products for first time buyers in Cambridge.

After you attend your free initial mortgage appointment we hit the ground running bu getting your mortgage agreement in principle sorted which can usually be sorted within 24 hours of your appointment.

With a mortgage agreement in principle, you can be confident in making offers on properties in Cardiff. This is because it shows the seller that ou are a in a serious position to proceed.

Submit Your Mortgage Application

When you have got an offer accepted on a property, it is then time for your dedicated mortgage advisor in Cardiff to submit your full mortgage application and additional documentation to the lender.

Within the mortgage process, your case manager will inform you of any updates. We will provide a helping hand from the initial contact all the way to obtaining the keys to your new home.

Our team work hard in providing a service that is simple & stress-free. We work hard to make sure the outcome is smooth & successful.

Protecting You and Your Mortgage

Here at Cardiffmoneyman, our service goes above getting a mortgage! As well as finding you the most suitable first time buyer mortgage deal, our team will find you the most suitable insurance to financially cover you and your loved ones.

Having protection whe getting a mortgage can provide a financial blanket in unexpected events like death, disability or job loss.

Having an insurance product that can cover mortgage payments making sure the borrower’s family is not left with the financial burden of paying off the mortgage.

Why choose us for mortgage advice in Cardiff?

Free Initial Mortgage Appointment

Get in touch with our team to get yourself booked for your free initial mortgage appointment with one of our expert advisors today. We offer a free initial mortgage appointment to all our new/existing customers which can be carried out on the telephone or via Microsoft Teams video call.

Our team work hard in making the mortgage process as smooth and simple as possible. Within the process, your dedicated case handler will update you on your process and will keep technical jargon to a minimum.

1000s of Deals

If you’re a first time buyer in Cardiff, finding a suitable mortgage deal for your circumstances is crucial. That’s why our team searches through thousands of options to find the most suitable one for you. We’re committed to supporting you throughout the process, as we believe it’s not just about securing the right mortgage, but also about the journey towards achieving that goal.

Our Service

Over the years we have helped hundreds of first time buyers in Cardiff to achieve their mortgage goals. Throughout that time, we’ve encountered various similar mortgage situations, as well as some unique. In any case, we’ll do whatever we can to help you as a first time buyer in Cardiff.

It is our job to provide fast and friendly mortgage advice in Cardiff. We will try and find the most suitable mortgage product for you. Book yourself in online for your free initial mortgage appointment using our online booking feature. It’s clear and simple, just like our mortgage advice service.

7 days a Week

If you feel your situation is too complex for our team to help you don’t hesitate to get in touch as it is very likely we have encountered a mortgage scenario to yours before and can provide you with the appropriate Mortgage Advice in Cardiff seven days a week.

Malcolm and Amy Davidson - Mortgage Advice in Newcastle

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Cardiffmoneyman is a trading name of UKMM Limited, which is an appointed representative of Mortgage Advice Bureau (Derby) Limited, who are authorised and regulated by the Financial Conduct Authority.

UKMM Limited is Registered in England, No. 16541342 | Registered Address: Capital House, Pride Place, Pride Park, Derby, England, DE24 8QR.

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First Time Buyer MortgageAdvice in Cardiff

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Why are you looking to remortgage?

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Can I get a mortgage as a first time buyer in Cardiff?

How much can I borrow as a first time buyer in Cardiff?

How much deposit do I need as a first time buyer in Cardiff?

Important information

FAQs About First Time Buyer Mortgages in Cardiff

What credit score do I need to get a mortgage as a first time buyer in Cardiff?

Are there any first-time buyer schemes available in Cardiff?

How long does the mortgage application process take for a first time buyer in Cardiff?

Can I get a mortgage with a low deposit as a first time buyer in Cardiff?

Will student loans affect my mortgage application as a first time buyer in Cardiff?

What is an Agreement in Principle (AIP), and do I need one as a first time buyer in Cardiff?

Do I need a mortgage broker in Cardiff to get a mortgage as a first time buyer?

What costs should I budget for as a first time buyer in Cardiff?

First Time Buyer Mortgage
Advice in Cardiff

First Time Buyer Mortgage
Advice in Cardiff