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Mortgages For First Time Buyers

Are you thinking about taking your first step on the property ladder? With our range of mortgages especially designed for first time buyers, Aldermore can help you buy the home you’ve fallen in love with.
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Aldermore offers a wide range of mortgages for first time buyers with up to 100%* loan to value mortgages, which means you don’t need a deposit and a personal service that treats each customer as an individual.

Finding your first home can be an exciting time but it can be daunting to know where to start with getting a mortgage.

If you’re struggling to raise a deposit or have been turned away by high street lenders, our teams of experienced mortgage advisers are on hand to find a solution for you.

We assess all applications on an individual basis, taking a common sense approach so that we can be sure we provide mortgages to creditworthy borrowers.

Am I a first time buyer?

We define a first time buyer (FTB) as an applicant who has not previously owned a property, with or without a mortgage on that property.

When you apply for your first mortgage with Aldermore you will be assigned a professionally qualified personal mortgage adviser who will guide you through each step of the mortgage process as shown below:

  • Initial Decision in Principle – our advisers will speak to you to fully understand your position and make a recommendation to you based upon this conversation. We will then apply for a Decision in Principle – which is a basic check that you meet our lending criteria.
  • Application – when you have found a house, and have received a mortgage illustration, our mortgage advisers will take you through the full application. We will keep you informed of the next steps of the application process and at this stage we will gather supporting documentation from you – such as proof of income (payslips or accounts etc.)
  • Referral to a conveyancing service – when purchasing a property, a conveyancer or solicitor will act on your behalf, and will provide information to us as your lender. We can introduce you to a suitable local representative if required.
  • Referral for a protection review – when taking out a mortgage, it is advisable that you ensure that, come rain or shine, your home and family are protected. Our business partners will provide a full review of your needs and existing cover to help you prioritise any protection needs. This will also include building and contents insurance.
  • Instructing the valuation – when your application has been assessed with our underwriters and all of your supporting information has been accepted, we will ask a surveyor to visit the property to ensure it is mortgage-worthy.  As standard, a valuation for mortgage purposes will be carried out, but you are welcome to arrange an additional more detailed survey should you feel this is necessary.
  • Mortgage offer – at this stage, a binding mortgage offer will be provided to you. This is the stage where your application has been fully accepted. Your conveyancer or solicitor will start to discuss exchanging contracts with the sellers and looking at a date you can complete. At this stage, it is advisable for you to take out a buildings insurance policy.
  • Completion - this is the date you get the keys to your new home! Any deposit you are paying, plus the mortgage funds will be transferred to the seller’s solicitor. The keys will be handed over and you can move in!

If you’re ready to make that first step onto the property ladder give our team of mortgage advisers a call today on 0333 920 6009.

We also participate in a number of different schemes to help first time buyers get on the property ladder. If you’re struggling to raise a deposit, then take a look at our 100% Family Guarantee Mortgage.

If you only have a small deposit then take a look at our Help to Buy mortgages:

Are you looking for your first mortgage but also self-employed?

* We offer 100% mortgages if you have a close relative who is willing to accept a collateral charge on their property


YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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Latest Rating and Reviews

3 Year Fixed Rate Mortgage (70% LTV)

Very upsetting experience.

I wanted to buy a new house with a little more space and some character. I sold my house and found a house I liked I asked Aldermore for a new mortgage and they agreed. Then everything went horrobly wrong. Aldermore insisted I use their solicitors who turned out to be shockingly bad, I asked if I could change for better ones, they said no. The purchase of the new house should have takens 2 to 4 weeks, there is no chain and its effectively a vacant possession. Yet neary 3 months on there is no sign of it ever being completed and I am living out of my car. The whole experience has been horrifically expensive and one I would never wish to repeat. If I could go back in time and choose an alternative I would.

28th March 2016
2 Year Fixed Rate Mortgage (85% LTV)

Excellent for people with credit rating issues

Aldermore were fantastic and treat you like a real person rather than a computer says no approach. Myself and my wife could easily afford the mortgage we needed, but nobody would go near us because of a minor credit rating issue for my wife (a £5 discrepancy in a phone bill that was showing as a default!). Aldermore look at the bigger picture and after an appeal we were granted a mortgage and we're now in a new home. Would Defnitely recommend they are super fast as well as very helpful. You get the impression they want to help you, rather than desperate to find any opportunity to decline you

3rd February 2016
2 Year Fixed Rate Mortgage (85% LTV)

Fantastic quick completion

I loved working with Aldermore because it was straight forward, my account manager had updates for me and was great throughout the process. Their turnaround time was 2 weeks during the christmas period which I found was impossible with any other lender.

25th January 2016
2 Year Fixed Rate Mortgage (75% LTV)

Great service

The whole process was really simple! Great approach, really happy and pleased with service received. My mortgage advisor Francesca was fantastic and I definetly recommend her.

11th December 2015 Krzy
2 Year Fixed Rate Mortgage (85% LTV)

Excellent Service Throughout

Mark R handled our case from start to finish. He took us through the whole process and his attitude was first class. After passing the DIP stage, we proceeded to full application and received an offer approximately two weeks later. This would have been within a week, however was delayed by our employers. After receiving our offer we proceeded to exchange and completion with no hassle at all. Mark R and Aldermore were excellent throughout and the whole process was professionally handled.

2nd December 2015