First time buyer

Buying your first home is a very exciting yet albeit daunting experience which is why it’s important to get the right advice at the very start. There are many different mortgage lenders and if you go to one directly they will only offer their rates. We work with many different lenders, compare all their rates, and advise you on the best ones for your financial situation!

Failed mortgage application impact your credit score. We have worked with many people in your shoes to deliver them successful applications for their dream homes. We work with multiple lenders across the industry to help steer your application in the right direction.

To help you make the right decision we have put together our Top Tips for first-time buyers:

The amount any lender will allow you to borrow depends on multiple factors such as your household income, your monthly outgoings, whether it is a single or joint application and your credit history. Lenders will also look at your debts (including student loans) to calculate a debt-to-income ratio (DTI). The lower the DTI the better.

Feel free to use our online mortgage calculator to give you an idea of how much you may be able to borrow but remember the amount will vary from lender to lender.

Based on the size of your mortgage, we can assess which mortgage deals you qualify for by looking at what’s known as the ‘Loan to Value’ (LTV). Typically, the bigger the deposit the better the mortgage rates.

You need a minimum deposit of 5% which will give you an LTV of 95% but your options will be somewhat limited. Putting down a 10% deposit will put you in a much better position with a wide pool of lenders.

A bigger deposit means you will have to pay a lot less in interest rates on your deposit. However, there are government schemes which can help you get on the property ladder for as little as a 5% deposit if you qualify. Get in touch to see what would be best for your financial situation today!

Conveyancing, solicitor fees, stamp duty, and any furnishing or extensive work that may be needed on the property should also be considered when budgeting.

The government changes the Stamp Duty rules often however, we have managed to put together some guidance. The amount you pay for stamp duty depends on the price band your property is in. Rates from 24 September 2022.