Top ten mortgage schemes to help first-time buyers get on to the property ladder

Yes — it is pretty hard to argue that for most first-time buyers, it is not worth using a good mortgage broker with great reviews.  They can help find suitable deals (including ones you might not find yourself), save time on research, explain complex terms, and guide you through the application process. They can tell you all of the mortgage options available, including how much they cost and the minimum or maximum amounts you can borrow, subject to mortgage affordability. A good broker will also advise the size of the deposit you need to get a good mortgage and let you know which lender is the most suitable one for your situation. They will even consider what position you will be in when your fixed or tracker rates expire and work out whether the lender will offer you a good new deal or product transfer/rate switch. However, it’s important to consider fees and choose a reputable broker to make sure the value you receive outweighs the cost. A reasonable broker fee for a first-time buyer is up to £495 unless your situation is particularly complex or you need to use an adverse credit lender.

Getting a mortgage through a specialist broker like Trinity Financial is typically far quicker than visiting bank branches or applying to a bank over the phone.

We constantly speak to borrowers who have been to their bank or building society and sat through lengthy video consultations, only to be told they do not qualify or cannot borrow enough money. Many buyers also get fed up with waiting for the mortgage offer, especially when they get closer to their exchange date.

Trinity Financial's experts will assess the market to ensure you get the most competitively priced and suitable rate, depending on the size of your deposit, and then find a lender to provide you with the amount you need to buy a property or refinance. 

In some cases, getting a mortgage offer on the same day an application is submitted is possible, especially for borrowers with straightforward financial situations. However, mortgage offers normally take between ten days and two weeks to be offered, depending on how busy the lender is and the complexity of the case.

If your situation is straightforward and you understand mortgages and how the banks and building societies work, then it may make sense and potentially be cheaper to arrange your own mortgage. This depends on the broker you use, whether they charge a fee, and, obviously, the rate you consider cheapest versus the one a broker recommends.

In many cases, brokers can receive mortgage offers from lenders more quickly than first-time buyers when they are applying directly. Mortgage lenders typically do not notify first-time buyers when they are withdrawing and increasing their rates, which means a broker can often secure more competitively priced rates before they are withdrawn. Brokers can also swap rates if and when cheaper mortgages become available, once the mortgage offer is produced. 

• You can contact one of our consultants by calling 020 7016 0790, or complete our basic enquiry form or mortgage questionnaire for a more detailed initial response.
• You tell us what you are looking for and the property type you want to buy. We assess your mortgage and financial protection needs based on your monthly budget.
• We collect the information and documentation that the lenders and providers need.
• Based on the information supplied, we provide you with illustrations of the most suitable products for your circumstances.
• We then apply on your behalf to secure a mortgage offer as quickly as possible. This is once you have confirmed you are happy to proceed.
• We manage the application through to completion and liaise with all involved parties, including valuers, estate agents, and solicitors.
• Post-completion, we are available for any questions. When you reach the end of your initial product, we can also discuss any further mortgage, will or financial protection product requirements.

As part of our ongoing service commitment, we will contact you at least five months prior to your fixed or tracker rate expiring to ensure you avoid reverting to an expensive standard variable rate.

If you use a good company with great reviews, it is hard to see a downside to using a broker. Firms like Trinity Financial have contacts at virtually all the main banks and building societies, which means they can get cases agreed and get problems rectified more efficiently if something goes wrong. They also have robust complaint procedures and provide the direct contact details for their directors on their website. This means that if any issues arise, a senior representative is available to address them with customers. Brokers can also provide a list of the most competitively priced rates available to first-time buyers when applicants apply directly to one bank or building society; they will not receive a market-wide assessment or details of any broker exclusives.

Some FAQs online include ones from first-time buyers, such as "What not to tell a broker?" If you have decided to apply for a mortgage via a broker, then it is advisable to be open and honest. If you have missed payments, a deposit from overseas, or have not been truthful about your income or the amount you are paid, there is a good chance you will be found out. Even if your broker does not find out exactly what's happening, this is likely to be highlighted by the bank or building society you apply to. If there is "scheme manipulation", you could be added to the CIFAS register, which means you will find it hard to borrow for up to six years, plus your application will probably be declined, and the broker could face disciplinary action. Please be open and honest with your mortgage adviser because they are more likely to identify options for you with the information they need.