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First Time Buyers

Take Your First Step With The Mortgage Hive



We understand how confusing buying your first home can be. The Mortgage Hive will give you free advice on all aspects of purchasing your first property. With access to the whole of the market, you can be sure to get the best mortgage to match your circumstances. The Guidance we offer will help you understand:

How much you can borrow
The deposit you will need
The Help to Buy Schemes you are eligible for
Other costs you may incur
How long will the process take

 

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Expert Advice - Check If You Are Eligible

The Mortgage Hive Fee Free Mortgage Advice BournemouthCall01202 084 064

  • Platform residential mortgage
  • Principality first time buyer
  • Santander high street lender
  • Scottish Building Society low deposit mortgage
  • Skipton 1 year accounts mortgage
  • Tesco Bank poor credit mortgage
  • The Mortgage Lender buy to let mortgage
  • The Mortgage Works SPV mortgage
  • TSB 5% deposit mortgage
  • Virgin 10% deposit mortgage
  • aldermore adverse credit poor credit mortgage
  • axis bank commercial mortgage
  • barclays joint borrower sole properitor mortgage
  • Birmingham midshires portfolio lending
  • cambridge and counties mortgage guarantor
  • clydesale self employed mortgage
  • Leeds Building Society holiday let mortgage
  • Halifax new job mortgage
  • metro bank poor credit mortgage
  • nationwide help to buy mortgage
  • natwest high street lender
  • newcastle defaults mortgage
  • coventry sole trader mortgage
  • accord no minimum income mortgage
  • HSBC shared ownership mortgage

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Residential Mortgages, Buy to Let, Equity Release

Life Insurance, Critical Illness Cover, Income Protection


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Your Situation Is Unique
So Is Our Advice.


As you are just starting out, let us guide you through the process and make this an exciting, memorable experience from your initial enquiry to opening your front door for the very first time.

First Time Buyers Schemes

Help To Buy Equity Loan (England)
This is available for First Time Buyers only.

It is only available on "New Build" homes. You will need to put in a 5% minimum deposit of the Property Value. The Scheme allows you to borrow up to 20% (40% in London) of the purchase price.
The loan is interest free for the first 5 years. After the 5 years you will make monthly, interest only payments on the equity loan.

If you decide to sell the property, and you originally borrowed 20% on the scheme. You will need to pay back 20% of the current property value. So if your property value has gone up, you will owe more than you originally borrowed.

Therefore, Some clients will consider re-mortgaging to pay off the equity loan as their mortgage affordability improves

The scheme has a maximum that it will consider lending, this differs by regional area caps.
Contact us for more information.
Alternatively look at your regional
HTB website.
Help To Buy Equity Loan (Wales)
This is not limited to just First Time Buyers.
It is only on "New Build" homes up to a value of £250,000. A minimum deposit of 5% of the Property Value is required.
The Scheme allows you to borrow up to an additional 20% of the purchase price.

Contact us for more information
or check out Wales Government HTB Page.
Right to Buy and Right to Acquire
RIGHT TO BUY


If you are a council house or housing association tenant in England or Northern Ireland. This scheme allows you to buy the property at a discount.
Some mortgage lenders will lend up to 100% of the discounted purchase price, meaning you will not need to find a deposit.

If you sell your property within 5 years, You will have to pay back the discount (or a % of it)

The maximum Right to buy discount is

*£112,000 in London
*£84,600 in rest of England
*£24,000 in Northern Ireland

To be Eligible you need to have been a council or public sector tenant for 3 years.

RIGHT TO ACQUIRE

If you are not eligible for the Right to Buy scheme, you may still be able to get a smaller discount via the Right to Acquire Scheme

Contact us for more information.
Alternatively contact your local council or your housing association.
Help To Buy ISA
It is no longer possible to open a Help to Buy ISA.
However, if you have already opened an ISA prior to the scheme closing, you will still be eligible.

This enables the government to top up your savings by 25% up to a maximum of £3,000.

You can pay into the ISA until November 2029 to still claim the 25% bonus.
Lifetime ISA
You can use a Lifetime ISA (LISA) to either buy your first home or save for later in life. Must be over 18 and under 40.
You can put up to a maximum of £4000 in each year, the government will add 25% bonus annually. until you are 50.

You can withdraw the money from ISA if you are:

*Buying your First Home
*Aged 60+
*Been diagnosed with a terminal illness (Less than 12month to live)


However, for any other reason, you would pay a withdrawal charge of 25%

Contact us for more information
Shared Ownership
With the Shared ownership scheme, you buy a share of the property and rent the rest from the landlord.
you would purchase between a 10% and 75% share of the property.

If a mortgage is required, As you are buying a small share, The deposit required is less.
We even have a lender that will consider shared ownership mortgages with no deposit (0% deposit)

It is possible at a later date to purchase more shares, and buy the whole of the property.

Contact us for more information
Home Ownership for People with Long-Term Disabilities (HOLD)
England Only

If you have a long term disability, this scheme can assist you buying a home that is for sale on a shared ownership basis. However, you can only apply if you don't meet eligibility for any of the other ownership schemes.

Older People’s Shared Ownership
Only available for people aged 55 or over.
Works similar to theshared ownership scheme (See above)
However if you own 75% of the home you won't need to pay rent on the remaining share.

If you are aged 55 we also offer advice on Equity Release (lifetime mortgages) with a large enough deposit/equity in your current property, this maybe a good alternative.

Contact us for more information.

Our Latest Reviews

 

Georgia Blackley
Georgia Blackley
5. May, 2022.
Verified
Thanks to the Mortgage Hive we are finally on the property ladder! Paul helped us from start to finish with our first time buyer application, what we needed, what to expect and kept us updated every step of the way. Every question (trust me I had a lot) was answered promptly, confidently and simple for us to understand. Thanks again 🎉
Susan PRICE
Susan PRICE
27. November, 2021.
Verified
Would most definitely recommend the Mortgage Hive Very good at his job knows what he is talking about We had a very difficult application but Paul once again got the mortgage we needed Can't thank him enough for all his hard work and effort. If you are thinking of getting a mortgage, don't waste time looking go straight to Mortgage Hive.
Karolis Marinskas
Karolis Marinskas
27. July, 2021.
Verified
Absolutely amazing support in every aspect. Clear explanations on what's required. Never thought I'll get accepted with such a great rate. Recommend 100% to everyone!
Pierre Cervello
Pierre Cervello
29. June, 2021.
Verified
As you have seen from the previous reviews Paul seems to be going above and beyond with all of his clients. I am a first time buyer who was not to sure how things worked and I don't think I could have fallen on a better person than Paul to guide me through it. Paul has just been amazing in every aspect of the services provided and I would recommend him to just about anyone with my eyes closed. The service he provided was just simply above and beyond from working out of hours to answering every silly question I had, he was simply without fault. If you are looking for a professional mortgage broker with amazing morals come see Paul he'll get the job done .
Lou Eth
Lou Eth
10. June, 2021.
Verified
Paul is by far the best mortgage broker I've dealt with, and I had spoken to range of different firms by the time I found The Mortgage Hive (if only I had found him sooner, I could probably have saved myself £500 and got the same or a better deal!) Paul is very competent and knowledgeable and isn't phased by complex situations. He managed to find a solution where others failed, sometimes working out of hours to get things through, with an understanding of the urgent nature of my application. He was also able to refer me on to his colleague Kyle for life insurance and I am equally satisfied with the comprehensive service thus far. I have no hesitation in recommending The Mortgage Hive. It is a gem of a company and I will definitely be returning next time I require a mortgage product.
Keil Hetherington
Keil Hetherington
19. December, 2020.
Verified
My wife and I found ourselves in a strange situation where a wrongful default was placed on our credit file, we needed to sort a mortgage to secure our new home whilst we work din the back ground to remove it. Most mortgages advisers we found were not willing to help as it was to much work. However, Paul was amazing, understanding, patient and very helpful, he was able to find a lender that was competitive, he explained and advised throughout the process and we always knew where we were. I would highly recommend Paul and will be a returning customer without doubt.
Laura Cornelius
Laura Cornelius
5. August, 2020.
Verified
Absolutely blown away with how great Paul was at sorting out our mortgage during the pandemic. He was incredibly helpful, knowledgable and friendly in the whole process. We had a couple of hurdles in the way, but Paul quickly sorted everything out, found us other options immediately and got us our mortgage quicksmart 🙂 If you are unsure about anything, he will answer any questions and help explain everything clearly so that you do. Thank you so much. We will come back soon for when we need to re-mortgage or get another BTL mortgage 😉
josh brown
josh brown
24. January, 2020.
Verified
Paul is absolutely brilliant, I couldn't have moved without his help and guidance. You will certainly be hearing from me again in the future.
Pete Barrett
Pete Barrett
24. January, 2020.
Verified
Paul from the Mortgage Hive, spend hours explaining everything to me in understandable terms and made sure I wasn’t making rash decisions based on I’ll information, I getting the house and deal I really wanted all thanks to his expertise, thanks again Paul great work
Timothy Ward
Timothy Ward
24. January, 2020.
Verified
Paul was very helpful in finding the correct solution to finding my first mortgage.