First Time Buyer's Guide
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Introduction for First Time Buyers
We understand the unique challenges and excitement that come with purchasing your first home. This guide is specifically tailored to empower first-time buyer’s like you with the essential knowledge and guidance needed to navigate the mortgage process with confidence.
At Manchester Money, we believe that informed buyer’s make better decisions. With that in mind, we’ve curated this comprehensive guide to demystify the complexities of mortgages, provide insights into the financial aspects of home buying, and offer expert tips to help you secure the best possible mortgage terms. Our team of experienced mortgage brokers are passionate about assisting first-time buyers on their journey towards homeownership, and we are proud to support you every step of the way. Let’s get started on this exciting adventure together, ensuring that you make sound decisions and find the perfect mortgage solution for your first home.
Are you ready to buy?
Renting? Buying? Living in the woods? What is the right answer?
The perception is that everyone wants to buy a home. But for some people, now might not be the right time, or the financial commitment too great.
There are pros and cons with both buying and renting, which you should consider carefully before you commit to buying your first home.
Freehold & leasehold: What's the difference?
It’s easy to get carried away by the excitement of buying your first home. But, knowing the difference is important.
There are two main ways of owning a property in England and Wales, Freehold and Leasehold. As a rule of thumb, houses are freehold and flats are leasehold. But, as with all rules of thumb there are exceptions and an ever increasing number of newly built houses are bought on a leasehold basis.
Mortgages
One small word, but your future rests on being able to get one and then the right deal.
Mortgages are quite simple in theory.
You borrow a sum of money from a bank or building society, and repay it over an agreed period, at an agreed interest rate.
We explain the mortgage process, how much you can borrow, the types of mortgages and which you should choose.
Parental Help For First Time Buyers
The ‘Bank of Mum and Dad’, has helped many people to buy their first home. The ‘Bank of Gran and Grandad’ is becoming a more common option too, with 1 in 10 first-time buyers receiving help from their grandparents. There are several ways families can help.
We explain the best way for your parents to help.
Top tips for getting a mortgage
There are things you can do to improve your chances of getting a mortgage such as keeping your credit record clean, registering on the electoral roll and paying rent on time
Buying a home is a dream which can only become a reality if you get accepted for a mortgage.
Here are our top tips to make that happen.
Government Help For First Time Buyers
A helping hand can make all the difference when it comes to buying a home, and not everybody can rely on family members. Since 1980, the Government has offered a way for people to get onto the property ladder with Right to Buy, and since the Help to Buy scheme was introduced in 2013, various other initiatives have been added.
In this section we explain the different schemes available for first time buyer’s and how you can access them.
Getting ready to move
Finding and purchasing a house is only the first part in the journey of a first-time buyer. The next challenge comes when you move in. Preparing to move into your home comes with its own challenges, with insurance a top priority.
You need insurance to protect your first home and everything in it even before you move in.
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Mortgage Tools
Affordability Calculator
Work out a rough estimate of how much you could borrow, based on your income and outgoings.
Book Appointment
Take the first steps towards your mortgage application and arrange an appointment with our expert brokers.
Repayments Calculator
See examples of monthly mortgage repayments and costs, along with potential interest rates.
