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As a first time buyer in Oldham, the prospect of purchasing your first home can be exciting yet challenging.
The good news is that there are many mortgage options available to help you take that important step onto the property ladder.
Whether you’re looking at new-build properties or older homes, mortgage lenders will assess your income, credit history, and outgoings to determine your eligibility.
Working with a mortgage broker in Oldham like us can ensure you’re matched with the right deal for your unique circumstances.
The deposit you’ll need for a first time buyer mortgage in Oldham typically starts at 5% of the property’s value.
For example, if the home you’re buying costs £150,000, you would need at least £7,500 saved.
Saving more than the minimum deposit could open the door to better interest rates, so it’s worth exploring all your options.
Additionally, schemes like Shared Ownership or gifted deposits from family members can help reduce the amount you need to save upfront.
The amount you can borrow for a first time buyer mortgage in Oldham will depend on several factors, including your income, outgoings, and credit score.
Most lenders use an income multiplier, commonly between 4 and 4.5 times your annual salary, as a starting point.
For example, if you earn £30,000 annually, you could potentially borrow between £120,000 and £135,000.
Seeking mortgage advice in Oldham can help you understand what you could borrow and find lenders who match your financial profile.
The process typically begins with an affordability check to determine how much you can borrow.
Once you’ve found a property in Oldham, you’ll apply for a mortgage in principle, which gives sellers confidence that you’re serious.
After your offer is accepted, you can submit a full mortgage application. A valuation will be carried out on the property, and if approved, you’ll receive a formal offer.
A mortgage broker in Oldham like us can guide you through every step to keep things simple and stress-free.
Yes, several government schemes exist that can help first time buyers in Oldham. Shared Ownership allows you to buy a portion of a property while paying rent on the rest.
If you’re in the armed forces, the Forces Help to Buy scheme can provide an interest-free loan towards your deposit.
These options can make homeownership more accessible, especially if saving a large deposit feels out of reach.
Improving your credit score, reducing outstanding debts, and saving as much deposit as possible are great ways to boost your chances of approval.
Lenders like to see stable income and consistent financial habits, so keeping your spending in check is also key.
Working with a mortgage broker in Oldham like us can help identify suitable lenders and strengthen your application.
The time frame can vary, but most first time buyer mortgages in Oldham take around four to six weeks from application to offer.
The process can be quicker with a mortgage broker’s help, as they’ll ensure your paperwork is in order and submitted promptly.
Factors like property surveys and legal checks can also impact the timeline, so staying organised is essential.
Our Customers Love Us
4.96 Rating458 Reviews
Anonymous
Very straightforward and clear, they made everything so simple for my first mortgage and the renewal was even easier.
1 month ago
Gary
This team is fantastic! They handle everything, making the whole process incredibly easy and hassle-free. I highly recommend them!
1 month ago
Michelle
I would high recommend this service they were amazing, and very professional. They were helpful throughout the whole process.
1 month ago
Michelle
Amazing service, extremely helpful and professional. Would highly recommend. Very happy with the service
2 months ago
Mrs Vanessa
Brillant. Helped us with non-standard employment conditions and were very efficient at getting everything sorted. Also very easy to get hold of. We always use a paid broker, their fee is very reasonable for the efficiency and personal service you...
2 months ago
Matthew
Can not speak highly enough of the people I have spoken to and the service I have received from the team. Charlie and Debbie are a credit. None patronising, easy to speak to, welcoming and very helpful. Will continue to recommend to friends.
2 months ago
Ruth
Excellent experience with Matt and Stacey from UK moneyman. As first time buyers they made this experience easy and stress free. I'd really recommend using UK moneyman! 10/10!
2 months ago
Christopher
Brilliant service. Knowledgeable & very professional.
2 months ago
Mrs Claire
Very helpful got us a mortgage a lot sooner than we expected. Very happy
3 months ago
john
Louise was absolutely outstanding !!! We had a few issues with the property we were purchasing and Louise was so helpful in getting us the answers we required from the lender within a timely manner. I spoke with Louise regularly and she was...
3 months ago
Jiri
Leo from Manchester Moneyman was very helpful and efficient in securing us a mortgage on much better terms than our bank could offer. Thank you!
5 months ago
Olusola
The process has been stress free from the start to the end. The team has been helpful. I will definitely recommend Manchester Moneyman to people.
5 months ago
John
We've used UK Moneyman for two house purchases and remortgaging our current home. The team are unfailingly professional and lovely to work with. I'd recommend them to anyone in need of an excellent mortgage broker.
6 months ago
Alanya-Lee
As first time buyers, we needed all the support and guidance we could get. Tom was fabulous, honest and genuinely had our best interest at heart. He answered all of my silly questions and was always a phone call away.
6 months ago
Chiara
Worked with Malcolm and Debbie! Couldn’t recommend them enough. Thankyou for all your help!
6 months ago
Marco
Leo went above and beyond to provide all the information and assistance I needed to secure my dream property. Very friendly and professional. Highly recommended!
7 months ago
Stephanie
Originally took mortgage out 5 years ago and have just re-mortgaged with them. As this was a product transfer and I was a returning customer this was a no charge for this service. Can’t ask for better than that. All paperwork done by them and I...
7 months ago
Chris
Amazing service from start to finish!
7 months ago
Paul
Malcolm was very helpful and efficient.. definitely would recommend their services.
7 months ago
Amy
The whole team was super friendly and helpful, spent a lot of time navigating my challenging circumstances, and got me a better rate than I ever expected.
7 months ago
Start your journey with a free mortgage appointment tailored to your needs.
During this session, we’ll review your financial situation and help you explore the best first time buyer options available in Oldham.
We have access to 1000s of mortgage products from a wide range of lenders.
This ensures we can match you with a deal that suits your financial circumstances and future plans.
Once you’ve chosen the right mortgage, we’ll handle the application process for you.
Our team works efficiently to submit your paperwork and liaise with the lender, keeping everything on track.
Completion is the exciting final step, where you officially become a homeowner.
We’ll stay in touch throughout the process, ensuring you’re fully prepared for this milestone moment.
We offer a free mortgage appointment to help you take the first step toward buying your home in Oldham.
Our friendly team is here to understand your needs and provide tailored advice without any obligation.
With access to 1000s of mortgage products, we can find a deal that fits your unique circumstances.
Whether you’re after a low deposit option or a competitive rate, we’ve got you covered.
Our dedicated team works hard to make the mortgage process as straightforward as possible.
From your initial enquiry to completion, we’ll guide you every step of the way.
We understand that life can be busy, which is why we’re here to help seven days a week.
Whether you need advice in the evening or over the weekend, we’re available when it suits you.
A fixed rate mortgage offers stability by keeping your interest rate the same for a set period, typically 2 to 5 years.
This is ideal for first time buyers in Oldham who prefer predictable monthly payments, making it easier to budget.
With no surprises in your repayment amount, it provides peace of mind during the early years of homeownership.
Tracker mortgages follow the Bank of England’s base rate, meaning your interest rate can rise or fall over time.
This option could suit first time buyers who want the flexibility to benefit from potential decreases in interest rates.
It’s worth noting that rates can increase, so careful planning is essential to manage potential changes in payments.
A discounted variable rate mortgage in Oldham offers a lower interest rate for an initial period, tied to the lender’s standard variable rate.
While your payments may fluctuate, this type can be a good fit for those seeking lower initial monthly costs.
It’s an excellent choice for buyers who anticipate their finances improving over time but want affordability now.
Variable rate mortgages in Oldham have interest rates that can change at the lender’s discretion, often based on market conditions.
While these loans can sometimes offer lower starting rates, first time buyers in Oldham should be prepared for potential fluctuations in payments.
They’re a flexible option but require careful financial planning.
Shared Ownership mortgages allow you to purchase a percentage of a property, typically between 25% and 75%, while paying rent on the remaining share.
This makes it easier for first time buyers in Oldham to get onto the property ladder with a smaller deposit.
Over time, you can increase your ownership share through a process known as staircasing.
For Shared Ownership, make sure to get mortgage advice in Oldham so that you understand exactly how the scheme works.
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Manchestermoneyman.com & Manchestermoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Manchester, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Manchestermoneyman.com & Manchestermoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Manchester, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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