Buying your first home? We’ll guide you through the mortgage process and find the best option that works for you.
Getting your first mortgage doesn’t have to be overwhelming.
At Octagon Finance, our expert team guides you through the entire process, from checking eligibility to completion.
As your independent broker, we streamline your experience by:
Ready to Take Your First Step?
A mortgage “Agreement in Principle” (AIP) is a quick and tailored estimate of how much you may be able to borrow to purchase a property.
Presenting an Agreement in Principle to estate agents or sellers demonstrates your financial capability to buy.
Once we have your documentation, Octagon Finance can provide your AIP.
Come and speak to us at Octagon Finance, 3 Mulcaster Street, St Helier, give us a call on 01534 744900, or Get in touch using the link below.
Documentation required:
Book an appointment at Octagon Finance to talk through your plans for purchasing your first home. Paul will help you to fully understand the Mortgage process and give you expert advice every step of the way.
How much could you borrow as a First-time buyer? Get a quick estimate of what your mortgage could look like and start getting a feel for your options.
Got questions? We’ve got answers.
The total mortgage amount you can borrow is typically calculated up to 6 times either your sole or joint income.
In the case of 95% loan-to-value (LTV) mortgages, the maximum loan size is £750,000. For example, a property purchase of £789,473 with a 5% deposit of £39,473 the maximum mortgage would be £750,000.
With a fixed rate mortgage product, your interest rate will be fixed for the term, 2, 3, 5 or 10 years and will not change for the whole term.
A tracker mortgage is linked to the Bank of England base rate. If this base rate changes, your monthly repayments will change accordingly. At the end of the tracker term, you typically revert to a Standard Variable Rate.
Overpayments are extra payments you make to reduce your mortgage balance, which can save you interest and help you pay off your mortgage sooner.
When purchasing any property, Stamp Duty is the tax payable at the time your ownership contract is passed through the Royal Court.
Reduced rates are available to first-time buyers on properties valued up to £700,000. Homes up to £350,000 carry a 0% tax rate, properties between £350,000 and £600,000 are taxed at approximately 1%, and a sliding scale applies for values up to £700,000. Purchases above £700,000 are subject to standard stamp duty rates.
Use our mortgage calculator for an indication of how much you will pay.
A mortgage “Agreement in Principle” (AIP), often called a 'Mortgage in Principle', 'Decision in Principle', or 'mortgage promise'. It is a tailored estimate of how much you may be able to borrow to purchase or remortgage a property.
Presenting an Agreement in Principle to estate agents or sellers demonstrates your financial capability to buy. It is an invaluable tool to secure before scheduling viewings and helps determine a realistic offer on your future home.
Contact Octagon Finance today with 3 months of recent payslips, or for self-employed applicants, 2 years of trading accounts. We can crunch the numbers and provide you with an AIP within a day.
As an approved mortgage broker of the Andium Homebuy scheme, Octagon Finance can help you, as a first-time buyer, get onto the property ladder.
The scheme enables you to purchase an Andium Homes property with 0% deposit, and you only need to mortgage 75% of the cost of the property, the remaining 25% is deferred and retained by Andium homes.
