You’ll never forget that feeling when you just know... this house is the one. At Cameron Homes, we are here to make the excitement of buying your very first home a reality.
Helping first time buyers onto the property ladder
Every one of our homes is designed to complement the way you live, from spacious living areas and great storage to flexible spaces to accommodate your changing needs as your story unfolds. As a master builder, you can be sure your first home is built to the very highest standards with craftmanship that lends a real eye for detail... so it will feel like home from the minute you move in.
Help and advice every step of the way
Buying or selling a home doesn’t have to be a long or complicated process. But it’s important to know how to make the right choices. From securing the ideal mortgage to advice on stamp duty, we have put together some helpful information and services to help you on your way.
Your frequently asked questions answered by Independent Financial Advisor, Peter Edmonds, UK Director of Central Financial Services
Do I need a full time job to get a mortgage?
When a lender makes a decision to offer you a mortgage, they will consider your income and outgoings. Your income can be from a variety of sources, depending on the lender. So you do not need to have a full time job, but they will assess your affordability based on your income.
What’s the difference in a variable or fixed interest rate?
A fixed interest rate mortgage, means that the rate of interest will not change for a period of time i.e. 2 years, 5 years etc and therefore your payments will be fixed for this period, enabling you to budget. With a variable rate mortgage the payments will change if the interest rate changes.
How much deposit do I need
The amount of deposit will depend on your overall affordability and type of purchase; however, the minimum deposit required will be 5% of the purchase price.
What is the Government’s First Home scheme?
The First Home Scheme allows first time buyers to buy a newbuild property at a minimum of 30% below the market value. The scheme will be available on selected plots only, unlike the Help to Buy Equity Loan scheme. The discount will be passed on when you sell the property.
Where can my deposit come from?
The source of your deposit can be from savings, a gift from family or friends or even a loan. However, not all lenders will accept all of these sources of deposit so its best to speak to your advisor.
How will my credit rating affect my ability to get a mortgage?
Your credit rating is based on information you supply to a lender and information they gather from credit reference agencies(Equifax, Experian etc). Points are awarded for certain attributes i.e. are you a homeowner, how long in your current employment. The points are added up to give your credit score. Each lender assesses this information differently and will accept different cases based on the applicant’s credit score.
What is the terminology: DIP, AIP etc?
A Decision In Principle(DIP) and Agreement In Principle are the same. This is when certain information is provided to a lender about your circumstances and requirements and a credit search is conducted. A lender will then say if they would be happy to accept a full mortgage application from you and subject to additional checks will consider offering you a mortgage. You are not committed to proceed at DIP/AIP stage, but this helps your case when viewing properties.
When do my mortgage payments start ?
Your mortgage payments start from the day you complete o the purchase of your new home. However, you will be notified by your lender about the date of your first payment and the amount. This may mean your first payment is higher than your normal payment as it may be covering more than one month.
Download our First Time Buyers guide
Download our step-by-step guide to buying your first home.