First Time Buyer Mortgage Referrals
Your First Step Towards Homeownership.
Stepping onto the property ladder for the first time can feel like a huge leap, but with Goodniss, you don't have to navigate it alone. We understand that securing your first mortgage is a significant milestone, and the market can seem overwhelming. That's where we come in.
Goodniss is a dedicated referral service for first-time buyer mortgages. This means we act as your trusted guide, connecting you with the right mortgage lenders and expert advisors who specialize in helping people just like you achieve their home ownership dreams.
We don't lend money ourselves, but rather, we leverage our extensive network to introduce you to a wide range of options, ensuring you get access to clear recommendations tailored to your unique circumstances.
Forget endless searches and confusing jargon. With Goodniss, you'll benefit from access to a diverse panel of lenders, including those who offer exclusive products not always found on the high street. Our goal is to simplify the process, helping you:
Understand your borrowing potential
Explore different mortgage types
Navigate the journey from initial enquiry to getting the keys to your new home.
Let Goodniss be your first step towards a brighter, more settled future.
Contact Us
If you are interested in becoming a client or you would like to learn more about our services, then we would be delighted to hear from you.
What can I borrow?
Understanding Your Borrowing Potential When you speak with a regulated mortgage adviser from our network, they will explain what you can borrow based on a number of factors, including your income, credit rating, and the number of applicants. By understanding your borrowing potential alongside your deposit, you can get a good idea of what house price you can afford.
Typically, lenders may let you borrow 4 to 5 times your income, but this is dependent on other factors. The best way to find out what you can borrow and receive advice tailored to your circumstances is to speak directly with the mortgage broker we connect you with.
How much deposit do I need?
Understanding Deposit Requirements A regulated mortgage adviser can help you understand how much deposit you may need, which typically depends on the value of the property you want to buy. They will explain that, while a deposit of at least 10% is typically required, a higher deposit can often be beneficial, potentially securing you a lower interest rate due to a lower loan to value (LTV).
The LTV is a percentage of the house value that is bought with a mortgage. For example, if you buy a house worth £200,000 and put down a £20,000 deposit, that’s a 10% deposit, and your LTV is the remaining 90%.
Types of Mortgages
The regulated mortgage adviser we connect you with will explain the different types of mortgages available and help you understand which might be best suited to your needs. They can discuss options such as:
Fixed Rate Mortgage
Your adviser will explain that with a fixed-rate mortgage, you make the same monthly payment over the term of the deal, regardless of how the interest rate changes. A fixed rate mortgage lasts for typically 2-6 years. When the deal term ends, you would switch to the lender’s Standard Variable Rate (SVR), unless you get a new mortgage products. The SVR is often a worse rate than a fixed rate mortgage, so it’s good to find a new deal.
Standard Variable Rate (SVR) Mortgage
Your adviser can clarify that the SVR mortgage is typically the lender’s standard mortgage. The SVR rate changes periodically, based on a number of factors, including the Bank of England base rate.
Tracker Mortgage
An adviser will explain how a tracker mortgage ‘tracks’ the Bank of England base rate. Assuming the base rate is at 0.75%, a lender may apply an interest rate of 1.5% on top of this. This means your interest rate is 2.25%. Assuming the base rate increases to 1%, your new interest rate would increase in line, to 2.5%.
How do the repayments work?
Your regulated adviser will help you understand how repayments work and the various mortgage types, primarily focusing on capital repayment or interest only options:
Capital Repayment
An adviser can explain that with capital repayment mortgages, you make monthly payments to pay off both the interest and the property value. When your payment term has finished, you have full ownership of the house.
Interest Only
Your adviser will discuss that with interest only mortgages, you pay off only the interest in monthly repayments. Once you've made the repayments, the value of the property is due. This is often paid by selling the house.
Help to Buy
A regulated mortgage adviser can explain how Government schemes, such as Help to Buy (where applicable and available), might assist you. They will clarify how these schemes could potentially allow you to need a smaller deposit, and detail how the loan aspects and repayments work.