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Chelmsford First Time Buyer Mortgage Advice

How does a first time buyer mortgage work?  Let Oliver Reece, our lead Chelmsford mortgage advisor help you.

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  • What are your fees?

    We do not charge broker fees

  • What is the first step?

    After you complete your first-time buyer questionnaire online, Oliver will send you the best possible option for you over email. We'll then need to have a conversation on the phone to confirm if you are eligible for it. 

 We are a trading style of Simply Lending Solutions who have featured in >

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Thinking about becoming a homeowner?

With numerous factors to take into account, the mortgage process can seem overwhelming. It’s often challenging to determine the best starting point to your first mortgage. We are here to assist you throughout the entire first mortgage journey, offering complimentary advice every step of the way.

The basics

  • How much can I borrow?

    The amount you can borrow is dependent on your verified income and your outgoings. If you have no debt, the amount that you can borrow is usually around 4.5x your income e.g. £40k salary = £180,000.00 loan amount. The amount that you can borrow can change depending on your debts, credit history, age, and lifestyle. Furthermore, some lenders lend more than others.  The best option for anyone wanting to find out exactly how much they can borrow is to speak with a qualified mortgage advisor. 

  • How much will my mortgage cost?

    The amount that you pay each month on your mortgage is dependent on your loan amount, mortgage term, and interest rate. 


  • What deposit will I need?

    The minimum deposit needed is generally determined by the property type you wish to buy, your credit rating, and your max loan. You should always speak with a mortgage adviser regarding this. 


The costs

  • How much stamp duty will I pay?

    For first-time buyers, anything up to £425,000.00 is stamp duty-free, and the next £500,000.00 is taxed at 5%. For instance, if you wanted to purchase a property worth £500,000.00 as a first-time buyer, you would pay £3,749.95 in stamp duty tax

  • Do I need life insurance?

    By law, when you buy your first property you will need home insurance. Life insurance is a separate policy designed to pay you or your family an income or a lump sum should you fall seriously ill or die during the mortgage term. It is not obligatory, but 1 in 2 people in the UK contract cancer during their lifetime and it is a sensible choice to commit to a life insurance policy early in your life as policies become more expensive in older age. 

  • How much does it cost to buy a house?

    There are various fees to think about when purchasing your first property. These are solicitor fees, mortgage lender fees (dependant on lender), possible valuation fees, and stamp duty (if buying property over £425k). You should also consider moving costs into your budget and of course, your deposit.

What else?

  • What are the different types of survey?

    Basic valuation, Homebuyers report, and building survey. A basic valuation is the most common form but if you would like in-depth information regarding the property you want to buy, you should look at a homebuyer’s report or a building survey. 

  • What are the different types of mortgage?

    The main types are fixed-rate mortgages and variable-rate mortgages which include tracker, discounted, and capped. The most common form is a fixed-rate mortgage. This is where your monthly payments remain consistent between 2-15 years. 

  • What if I have bad credit?

    Bad credit can be a result of having defaults, county court judgments, and missed payments on your credit file. Getting a mortgage with bad credit is available but you may need to go to a specialist lender that may offer higher interest rates and fees. We advise that you speak with a mortgage adviser regarding your options. We are very able to deal with bad credit mortgage applications. 

Meet Your Chelmsford Mortgage Advisor

Thank you for visiting our website. Joining our client list offers you unique insights and practical mortgage advice. We encourage you to ask questions and share concerns, with the goal of securing your best mortgage and supporting you until you're mortgage-free.


Our mission is to be Chelmsford's top mortgage advice company, known for outstanding results and exceptional customer service. We're happy to assist you in person, over the phone, or via email.

We look forward to hearing from you!

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Oliver Reece CeMap, CertPro

Lead Mortgage Advisor, Bright Future Mortgage Advisors

Contact Oliver Today

Ready to find your perfect mortgage deal?

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We'll search far and wide to find you your best mortgage deal

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We'll handle all the paperwork and make your mortgage application stress-free

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We will not charge you a penny

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