First Time Buyers

Supporting you on one of life’s most important decisions.

Getting your first mortgage can feel like a big step, but it doesn’t have to be overwhelming thanks to the support and guidance from The Mortgage Shop. Our team of independent advisers will happily talk you through the process, advising on everything from eligibility to completion timelines.

Submit your information to us once, and we’ll send your application to every local lender simultaneously, accessing over 200 mortgage options, providing you with the best rates available and giving you a full overview of current market options.

Mortgages explained

A mortgage is a loan to help you afford the purchase of a home, with the property itself acting as security for the lender.You will be classed as a first-time buyer if you have never owned property before and may be eligible to access certain initiatives designed to help people get onto the property ladder.

There are a few common types of mortgages available to first-time buyers:

Fixed-rate mortgages

keeps your interest rate the same for a set period, usually 2-5 years, which means your monthly payments stay steady and predictable.

Variable-rate or tracker mortgages

These are loans where the interest rate can change up or down, so your monthly payments may vary over time. Tracker rates are linked to the Bank of England interest rate and will typically mimic these movements.

100% mortgages

Otherwise known as Guarantor mortgages, these mortgages allow you to buy without the need for a deposit with the backing of a third party (typically family members) acting as Guarantor against the funds borrowed.

Assisted Purchase Pathway

The Government of Jersey offers an Assisted Purchase Pathway for first time buyers, allowing you to access schemes such as Andium Homebuy.  This scheme offers buyers the opportunity to defer 25% of the property sale price without paying an upfront deposit.

How it all works

The lender will offer you a certain amount towards the value of your property, based on your current annual earnings and the amount of deposit you have saved. To have an idea of what you may be able to afford and the repayments you will be expected to make, use our mortgage calculator here.

When you make your monthly repayments, you’re paying back part of the money you borrowed (the “principal”) along with interest. At the start, most of your payment goes towards the interest, but over time, you’ll be paying off more of the principal.

With each payment, you’re one step closer to owning your home outright. It’s important to pick a mortgage type that matches your budget and your long-term plans in relation to both the property and your income.

Our team is here to help you understand your options and find the mortgage that works best for you.