Mortgage Advice

First-Time Buyer

Buying your first home is a significant milestone, and it can feel both exciting and challenging. At CHFinance, we provide regulated mortgage advice to guide you through the process. We will help you understand your options, prepare your finances, and choose a mortgage that is suitable and affordable for your unique circumstances. Our goal is to provide clear information, practical support, and personalised recommendations, empowering you to move forward with confidence.

Who Counts as a First-Time Buyer?

Understanding your status is key, as it can affect available schemes and mortgage products. Definitions can vary by lender and scheme. For example, SDLT first-time buyer relief requires you to intend to live in the home as your main residence.

You are typically considered a first-time buyer if:

• You have never owned a residential property before, either in the UK or abroad.
• You only own a commercial property (e.g., a shop or office) with no residential living space.
• You have never owned a home and are now purchasing a property for the first time.

Some lenders will consider first-time buyers for buy-to-let, but first-time buyer schemes and tax reliefs may not apply.

You are generally not a first-time buyer if:

• You are buying with someone who currently owns or has previously owned a home.
• The property is being bought for you by someone else who already owns their own home (e.g., a parent or guardian).
• You have previously inherited a property, even if you never lived there.

We will help you understand how lenders and schemes define first-time buyer status and what evidence may be needed.

How We Can Support You

1. Understanding Your First-Time Buyer Options
   • We will explain what being a first-time buyer means in practice, including how it affects deposit requirements, affordability assessments, and access to specific mortgage products or government schemes.
2. Regulated Mortgage Advice
   • We will conduct a thorough assessment of your income, outgoings, existing credit commitments, and deposit to determine what is realistically affordable for you.
   • We will compare suitable mortgage products from our limited panel of lenders.
   • We provide advice on key decisions such as:
     • Repayment methods (e.g., capital and interest)
     • Interest rate types (e.g., fixed vs. variable)
     • Mortgage term and monthly payment levels
   • Based on this, we will recommend a mortgage option that we believe is suitable and affordable for your circumstances and objectives.
3. Credit Profile and Application Readiness

   Your credit history significantly influences the mortgage products and rates available. While we do not directly manage your credit score, we can explain how lenders view your credit profile and offer general guidance on good practices, such as:

   • Ensuring your personal details are accurate across all accounts and credit reports.
   • Registering on the electoral roll at your current address.
   • Managing existing credit responsibly, including paying bills on time and in full.
   • Understanding how responsible use of credit, including credit-builder cards, can demonstrate good repayment behaviour.
4. Guiding You Through the Buying Process
   • We will outline the typical steps involved, from obtaining an Agreement in Principle to exchange and completion.
   • We will highlight the importance of appointing a chartered surveyor to inspect the property before you exchange contracts.
   • We will help you prepare the necessary documents for lenders and solicitors, such as proof of income, bank statements, and evidence of your deposit.

Our Approach

We offer personal, regulated mortgage advice tailored specifically to your journey as a first-time buyer. We take the time to understand your unique circumstances, plans, and priorities. Our approach is supportive and clear as we explain complex information in plain language. The final decision is always yours, but you will have professional advice to support you.

Important Information

CHFinance provides regulated mortgage advice for first-time buyers. We are an Appointed Representative of Clarke Hendrik Group Ltd, which is authorised and regulated by the Financial Conduct Authority. We will:

• Assess your needs, circumstances, and preferences.
• Recommend suitable mortgage products from the range we are able to access.
• Explain the features, benefits, and risks of the options we recommend.

Remember: Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. If you also have broader debt or money worries, we may suggest speaking to free, impartial services such as StepChange, MoneyHelper, or Citizens Advice alongside your mortgage advice, ensuring you receive comprehensive support for both your mortgage plans and your wider finances.