By James Evans, Director, TouchPoint Mortgages.
Buying your first home is an exciting milestone, but it can also feel overwhelming. Securing your first mortgage is likely the biggest financial commitment you’ll ever make, so it’s crucial to understand the process. Whether you’re a first time buyer in Littlehampton, Rustington, Angmering, Arundel, or Worthing, this guide will walk you through every step and explain why seeking advice from a mortgage advisor in West Sussex is essential.
Your deposit is one of the most critical factors as a First Time Buyer, when applying for a mortgage. Most lenders require at least 5% of the property’s value as a deposit. However, a larger deposit (e.g., 10% or 20%) can unlock better interest rates, saving you money over time.
Tips for saving your deposit:
Set a clear goal and timeline.
Consider government schemes like Help to Buy or shared ownership to reduce the deposit needed.
Cut unnecessary expenses and set up a dedicated savings account.
Lenders assess your income to determine how much you can borrow. This includes:
Gross annual salary: Your base income is a starting point.
Additional income: Bonuses, overtime, or rental income may be considered.
Joint applications: If applying with a partner, both incomes are taken into account.
Typically, lenders will offer up to 4.5 times your annual income, though affordability checks will also consider your outgoings. Working with a mortgage advisor in Littlehampton or Rustington can help you understand how much you can realistically borrow.
Your credit score plays a significant role in mortgage approval as a First Time Buyer. A higher score indicates you’re a reliable borrower, improving your chances of securing a competitive deal.
To improve your credit score:
Check your report for errors and dispute inaccuracies.
Pay bills on time and reduce outstanding debts.
Avoid applying for new credit in the months leading up to your mortgage application.
Our mortgage advisors in Angmering and Arundel can guide you on how your credit report impacts your application and what steps to take to strengthen it.
There are hundreds of lenders and thousands of mortgage products available. Understanding the differences between fixed-rate, tracker, and variable mortgages is key to finding the right fit for your circumstances.
Fixed-rate mortgages: Provide stability with set monthly payments.
Tracker mortgages: Follow the Bank of England base rate, offering potential savings but with more risk.
Variable-rate mortgages: Rates can change, affecting your monthly payments.
Navigating these options can be daunting, but our team of mortgage advisors in Worthing and beyond has access to exclusive deals and can match you with the best product.
An AIP gives you an idea of how much you can borrow and shows sellers you’re a serious buyer. This is a critical step before starting your property search. At TouchPoint Mortgages, we can secure an AIP quickly and efficiently.
Buying a home involves more than just the deposit. Don’t forget to budget for:
Our mortgage advisors in Littlehampton, Rustington, and Angmering will ensure you have a clear understanding of these costs upfront.
Securing a mortgage is one of the most significant financial decisions you’ll make. With so much at stake, why wouldn’t you seek professional advice? A trusted mortgage advisor in Arundel or Worthing can:
Simplify the process
Access exclusive deals not available on the high street
Provide tailored advice based on your circumstances
At TouchPoint Mortgages, we’re proud to be the leading choice for first time buyers in West Sussex. With 5-star Google reviews and a commitment to exceptional service, we’ll guide you through every step of the mortgage journey.
What We Offer:
Free initial advice with no upfront fees
Lifetime membership for ongoing mortgage support
Access to exclusive rates
Local expertise in Littlehampton, Rustington, Angmering, Arundel, and Worthing
If you’re a first time buyer in Littlehampton or the surrounding areas, let us help you make your dream of homeownership a reality. Contact TouchPoint Mortgages, your trusted mortgage advisor in Rustington, Angmering, and Worthing, to book a free consultation.
Call us today or fill out our online contact form to get started. We’re here to make the process simple, stress-free, and tailored to your needs.
Send your message and we will be in touch, alternatively you can book an appointment to chat to one of our team.
