First Time Buyer

What Is a Mortgage?

A mortgage is a loan designed specifically for purchasing property. It’s secured against the value of the home you're buying — meaning if payments aren’t made, the lender can repossess the property to recover their money.

The Journey for First-Time Buyers

Buying your first home can feel complex and overwhelming. There are several important steps, from assessing your finances to choosing the right mortgage type and lender. Taking each step carefully helps you make the best decisions.

Assess Your Financial Situation

Start by reviewing your income, savings, and credit score. This will help you figure out how much you can afford for a deposit and monthly repayments. Lenders will also look at these factors to determine how much they’ll lend and on what terms.

Choosing the Right Mortgage Type

• Fixed-rate mortgages: Your interest rate and monthly payments stay the same throughout the loan term — offering stability.

• Variable-rate mortgages: Often start with a lower rate, but payments can change over time depending on market conditions.

Understanding these differences is key to finding a mortgage that fits your financial situation.

Shop Around for the Best Deal

Interest rates, fees, and lending terms can vary widely between lenders. Compare options carefully, and look out for special programs or incentives for first-time buyers that may save you money.

The Application Process

You’ll need to provide documents like proof of income, employment history, and assets. After reviewing your application, lenders will decide whether to approve your mortgage and offer terms. You may need to negotiate or meet certain conditions before finalizing.

Ready to Take the Next Step?

With thoughtful planning and research, you can find a mortgage that suits your needs and makes homeownership a reality.