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Discover Our First Time Buyer Mortgage Find out more today

First Time Buyer Mortgages to Help You Spread Your wings in the Property Market

If you’re ready to find your own home, first-time buyer mortgages from Leek United could help you turn your dream into bricks-and-mortar reality.

Experienced support when you need it most

We understand buying your first property can be a daunting step. It’s certainly easy to feel overwhelmed as you scour the market for the best mortgage deal

But with Leek United by your side, you’ll benefit from more than 150 years of experience. Our friendly team helps you understand all the available mortgages for first time buyers and make sense of the numbers – not to mention the terms and conditions.

You’ll get personal support and advice from our Qualified Mortgage Advisers,

In fact, we won’t be happy unless you understand everything about your potential mortgage, from the terms and payments through to the interest rate, early repayment options, and what could happen if you can’t keep up with your repayments.

Ultimately, that means you can be confident the first time buyer mortgage we recommend is the right one for you.

Contact one of our Qualified Mortgage Advisers for an initial discussion and you could soon be looking for the house you’ll eventually call your home.

Call us on 0808 169 6680 or pop into your local branch.

 

Here to help first time buyers on their mortgage journey

How do I apply?

How do I apply?

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Understanding the Process

Understanding the Process

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Jargon Buster

Jargon Buster

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How to apply for a Leek United mortgage

You choose the way that you would like to apply for a mortgage with the Society.

 

 

Face to Face – the very best personal service

You may choose to visit one of our branches and speak to a Qualified Mortgage Adviser face to face. We would love to meet you and spend the time getting to know you and what’s important to you.

Not all of our branches have a Qualified Mortgage Adviser in branch, however that’s not a problem as our Qualified Mortgage Advisers are flexible and will happily meet you at a branch of your choice.

Please get in touch, by contacting your local branch.

Step 1 – Contact us at a branch of your choice to arrange a mortgage appointment at a location of your choice.

Step 2 – Meet your Qualified Mortgage Adviser and let them guide you through your mortgage interview.

Step 3 – Consider all of the information provided and when you feel ready to do so, apply for your mortgage.

 

Over the telephone – the very best personal service

You may not live within our branch operating area and be unable to visit one of our branches. For your convenience we have a Direct Mortgage team based at our Head Office. Our team are here to carry out the same professional, friendly service that our in branch team of Qualified Mortgage Advisers do, the only difference being that this would be over the telephone. So it really doesn’t matter how you choose to apply with us. 

Step 1 – Contact our Direct Mortgage Team on 01538 380047 to arrange a mortgage appointment at a convenient time. 

Step 2 – Talk to your Qualified Mortgage Adviser and let them guide you through your mortgage interview.

Step 3 – Consider all of the information provided and when you feel ready to do so, apply for your mortgage.

Understanding the Process

At Leek United Building Society we understand that the prospect of buying a house is very exciting and that the prospect of having a mortgage could be just as daunting. That’s why we are here to help and guide you through each step of the process. With a team of Qualified Mortgage Advisers, trained to the highest standard and experts in customer service, we want to make the experience as enjoyable and as straight forward as possible.

 

Step 1 – Be prepared. Our Qualified Mortgage Advisers will want to talk to you about your personal finances. It would be helpful if you could have the following information available:

Last 3 months bank statements.

Last 2 months wage slips (or equivalent) plus your latest P60.

Details of any loans, credit cards or hire purchase agreements you may already have.

 

Step 2 – Call to arrange a convenient mortgage appointment with one of our Qualified Mortgage Advisers. If you’re local to one of our branches, we have Qualified Mortgage advisers who can see you face to face. Full contact details of our branches, can be found on our branches page. If you are not local or would prefer to speak to someone over the telephone we have a team of Qualified Mortgage Advisers ready to speak to you. Please contact our Direct Mortgage team on 01538 380047.

 

Step 3 – When contacting our Direct Mortgage team, they will discuss eligibility of a mortgage with you. If, in principle, you fit our lending criteria they will book you an appointment to speak to one of our Qualified Mortgage Advisers.

 

Step 4 – Our Qualified Mortgage Adviser will contact you and guide you through a full mortgage interview. You should allow approximately 90 minutes for this part of the process however this is tailored to your individual needs. We will take our time and ensure that you fully understand all information provided to you. We want to get to know you, understand your needs and circumstances’s to enable us to recommend a mortgage to you that is completely suitable, affordable and appropriate.

 

Step 5 – You will receive an application pack in the post. This pack will contain all the information and documentation to enable you to apply for a mortgage with the Society.  Again, your Qualified Mortgage Adviser would be on hand to answer any queries that you may have when completing the relevant paperwork.

 

Step 6 – On receipt of your completed paperwork, your Qualified Mortgage Adviser will contact you to confirm safe receipt and talk you through the next stages of the process.  You will be introduced to the Mortgage Administrator who will be processing your application. We may need to contact you for further information. Once we are satisfied with all of the information that you have provided the mortgage valuation will be instructed. Our Mortgage Administrators' will keep you fully informed of the progress of your application and are always on hand to answer any queries that you may have.

 

Step 7 - On receipt of a satisfactory mortgage valuation report and all other supporting documentation being received, your mortgage application will be forward to our underwriting team. Final underwriting checks will be carried out. Following this approval a Binding Mortgage Offer will be issued. A copy of this will be sent to you and a copy will be sent to your solicitor.

 

Step 8 – Your solicitor will arrange a date to exchange contracts and a completion date will be set. On the day of completion your solicitor should confirm that the legal process is now complete. Congratulations you now own a property to call your own.

Loan to Value (LTV)

Loan to value is the proportion of the value or price of the property (whichever is the lower), that you borrow on a mortgage. For example, a £90,000 mortgage on a house valued at £100,000 would mean an LTV of 90%

Stamp Duty

This is a Government Tax charged on purchases of land or property over a certain value.  This is charged at different rates depending on different limits and property types.

Valuation Fees

A standard valuation report is a basic assessment of the condition and value of the property and is purely for the benefit of the Society.  You may decide to have a more thorough Homebuyers Report or a full structural survey carried out.  These types of reports are more expensive than a standard mortgage valuation.

Legal Fees

A solicitor will handle all of the legal proceedings upto and including completion of the mortgage.

Product Fees

If applicable, these are payable when you apply for your mortgage with us.  We will inform you of the cost of this at the outset.

Capital and Interest mortgage

A type of mortgage where, each month you pay both the interest on the loan and an element towards the mortgage amount borrowed.  The mortgage balance decreases each month (assuming regular payments are made).  The mortgage amount would be completely repaid at the end of the mortgage term.

Interest Only

A type of mortgage where, each month, you only pay the interest on the outstanding mortgage amount.  This means that at the end of the mortgage term, the mortgage amount will still remain outstanding.  With this type of mortgage you would need a suitable repayment strategy to repay the mortgage in full at the end of the mortgage term.

Tracker Mortgage Product

This type of mortgage directly tracks the Bank of England base rate. When there is an increase or decrease in the Bank base rate, the tracker rate of interest will also increase or decrease. Once the tracker rate period has expired the mortgage will automatically revert back to the Society’s standard variable rate (SVR) applicable at that time. Prior to the end of the specified discounted period, we will contact you to inform you of any other products we have available for you to transfer over to. We aim to make this process as straightforward as possible.

Annual Percentage Rate (APR)

The annual percentage rate (APR) is the total cost of the loan expressed as an annual percentage. The APR is provided to help you compare different offers and is calculated using assumptions regarding the interest rate. If part of your loan is a variable interest rate loan, the APR could be different from that quoted if the interest rate for your loan changes.

It takes into account the initial rate of interest, any other charges applicable e.g. valuation fee, application fee, solicitors costs and the amended rate when a discount or fixed rate period ends i.e. if the mortgage were to revert to the standard variable rate at the end of the agreed product term date.

We will also provide another figure to reflect the volatility of interest rates and to illustrate if these were to increase, what impact this would have on your mortgage payments and for you to think about whether this will be affordable to you in the future. The figure used is the highest that the Bank of England Base Rate (BBR) has ever been within the last 20 years. This is then added onto our current standard variable rate. This will illustrate to you the true rate of interest charged over the whole period of the loan if this circumstance occurred. This will be detailed in your mortgage illustration.

Early Repayment Charge (ERC)

An Early Repayment Charge may be payable if the mortgage is repaid in full or part before a set date.  Your mortgage illustration and mortgage offer letter will set out how much it will be and the time period it will last for.

Cashback

With some products you may receive a cashback when you complete on your mortgage.  Your mortgage illustration and offer letter will set out how much it will be  and when we will pay it.

Completion date

The day that the property becomes legally yours.  Your solicitors will arrange a completion date with you for the purchase or remortgage of the property.

Additional Borrowing

The facility for existing mortgage account holders to borrow extra money from us.  This may be available for a variety of reasons, but would be subject to you meeting the Society’s criteria and Responsible Lending Policy.

Conveyancing

Conveyancing is the legal process involved in buying and selling a property.

Daily interest

Where the interest charged on the mortgage is calculated on a daily basis.  It is calculated on the balance outstanding at the end of each day.

Equity

The equity in your property is the difference between the value of the property and the amount of mortgage outstanding.

Exchange of contracts

Exchange of contracts occur when the buyers and seller’s conveyancers exchange signed contracts.  Once this exchange has occurred both parties are legally bound.

Financial Conduct Authority (FCA)

The Financial Conduct Authority is the regulatory body for the financial services industry in the UK.

Their aim is to protect consumers, ensure the industry remains stable and to promote healthy competition between financial services providers.

Freehold

If you own the property as a ‘freehold’ tenure, then you own the property and the land that the property is built on.

Mortgage Illustration

A mortgage illustration outlines the terms of the mortgage and the total cost of the mortgage specifically to your requirements.  This mortgage illustration will be provided to you by one of our Qualified Mortgage Advisers.

Leasehold

If you own the property under a ‘Leasehold’ tenure, then you own the property but not the land it's built on. The land remains the owner of the landlord, also known as the ‘freeholder’.  Ownership of the property will also revert back to the freeholder once the lease runs out.  Leases can last for decades or centuries. There is usually an annual charge for the lease, called a ground rent.

Standard Variable Rate (SVR)

The Standard Variable Rate usually known as the SVR is a variable rate of interest. This means that your payments can go up or down. Each lender sets their own standard variable rate to reflect market conditions and it is at the lender’s discretion as to when this changes

Mortgage term

The mortgage term is the number of years in which you agree to pay back your mortgage.  The Society currently offers mortgage terms from 5 years to 35 years.

Mortgage Products Available

Discount

A discount mortgage is a type of variable-rate mortgage. The term 'discount' is used because the interest rate is set at a certain 'discount' below our Standard Variable Rate (SVR) for a set period of time.

Having a discount mortgage means you can be sure that your rate will always remain below our SVR for the length of the deal.

Product Product Fee Application Fee Initial Rate Reverting to standard variable rate currently Overall cost for comparison Terms and Conditions
Interest Only 2 Year Discount - up to 75% Loan to Value £895 £100 1.94% variable for 2 years (our standard variable rate minus 3.75% discount) 5.69% 5.30% Annual Percentage Rate (APR)* View
Interest Only 2 Year Discount - up to 75% Loan to Value £0 £0 2.25% variable for 2 years (our standard variable rate minus 3.44% discount) 5.69% 5.30% Annual Percentage Rate (APR)* View
2 Year Discount - up to 75% Loan to Value £0 £199 1.64% variable for 2 years (our standard variable rate minus 4.05% discount) 5.69% 5.20% Annual Percentage Rate (APR)* View
2 Year Discount - up to 90% Loan to Value £0 £199 1.99% variable for 2 years (our standard variable rate minus 3.70% discount) 5.69% 5.30% Annual Percentage Rate (APR)* View

* The actual rate available will depend upon your circumstances. Ask for a personalised illustration.

Fixed rate

A fixed rate for a set amount of time, providing you with stability and guaranteeing your monthly repayment amount, regardless of any changes in interest rates.

Once this fixed period ends, your mortgage rate will change back to our Standard Variable Rate (SVR) at the current rate at this time.

Product Product Fee Application Fee Initial Rate Reverting to standard variable rate currently Overall cost for comparison Terms and Conditions
2 Year Fixed rate - up to 75% Loan to Value £895 £100 1.69% fixed until 28 February 2021 5.69% 5.30% Annual Percentage Rate (APR)* View
2 Year Fixed Rate - up to 90% Loan to Value £0 £0 2.29% fixed until 28 February 2021 5.69% 5.30% Annual Percentage Rate (APR)* View
2 Year Fixed rate - up to 90% Loan to Value £895 £100 2.04% fixed until 28 February 2021 5.69% 5.30% Annual Percentage Rate (APR)* View
5 Year Fixed Rate (Purchase Only) - up to 95% Loan to Value £0 £0 3.74% fixed until 29 February 2024 5.69% 5.20% Annual Percentage Rate (APR)* View
5 Year Fixed Rate - up to 90% Loan to Value £895 £100 2.65% fixed until 29 February 2024 5.69% 4.90% Annual Percentage Rate (APR)* View
2 Year Fixed Rate (Purchase Only) - up to 95% Loan to Value £0 £0 3.49% fixed until 28 February 2021 5.69% 5.50% Annual Percentage Rate (APR)* View

*  The actual rate available will depend upon your circumstances, Please ask for a personalised illustration.

Completion must take place on or before 28 February 2019.  Please note that if your mortgage does not complete by the 28 February 2019, you will not benefit from the fixed rate period quoted for that product.

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Make an appointment with a Qualified Mortgage Adviser or call 0808 169 6680

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE