First-time home buyers may find the prospect as daunting as it is exciting. It is essential, prior to shopping for a property that matches your needs, to investigate the market and the mortgage options available to you.
Our team at Canaan Finance can assist you in every aspect of your home-buying process, including negotiating the best price for your property and arranging your mortgage.
CONTACT US
Start the process today by calling, email or visiting us in our office for a free no obligation advice on how we can help you.
YOUR OPTIONS
We will listen to you to understand your needs to enable us find you the right mortgage lender that fits your circumstance.
MATCH TO LENDER
We will compare all the mortgage lenders in the market to find you the best one to enable you start your property journey.
HOW MUCH OF A DEPOSIT IS REQUIRED?
It is possible to obtain a mortgage with a deposit of as little as 5%. In general, 10% and occasionally 15% are more common. You should keep in mind that lenders prefer borrowers who have a higher deposit due to the lower risk, resulting in a better deal and a better interest rate.
For those with lower deposits, there are many schemes and products available to help you. Let us assist you in determining which options are available to you.
HOW MUCH YOU CAN BORROW?
In determining a loan amount, lenders use an income multiple. It might be four times your income or it could even be four and a half times.
As well as your expenditures, any existing credit obligations, and whether you have any dependents, they would also take these factors into consideration.
In terms of affordability, it is the same regardless of whether you are a first-time buyer or not. Fortunately, there is a lender who has released enhanced affordability criteria specifically for first time buyers and is offering up to five times your income as a down payment.
FREE MORTGAGE & FINANCE ADVICE TAILORED TO YOUR NEEDS, WITH NO OBLIGATION