First Time Buyers

Woohoo! - Don't let mortgage fears dampen your excitement; we're here to help :)

Mortgage Guide

Let the adventure begin.

We know this vibrant market inside out and can't wait to help you on your journey to owning your first home!

How much can I borrow?

Lenders will base their affordability on your current income and outgoings. As a general rule, you can times your income by 4.5 and get your ball park figure.

What do I need to do now?

You'll need to get a few of your documents in order (ID, bank statements etc) ready for your mortgage application. Click here for a list of what you'll need.

Next steps...

Talk to a mortgage broker today and lets get you closer to picking up those keys!

FAQS

1. What deposit will I need?

Following recent events, it's great to see the return of 95% mortgages on the market. This means that at a minimum you will need 5% of the property value available as a deposit, this amount does not include stamp duty or any other application related fees.

2. What fees will I need to pay?

Fees will vary case by case so the only fee we can guarantee is our own mortgage broker fee which is fixed at £495. Other fees that you may have to pay include;

  • Valuation Fee - some lenders will offer free valuation for first time buyers. If not, the amount payable should be on your mortgage illustration and will be due on application. The approximate cost will be £100-£500 based on property price and valuation type.
  • Conveyancing/ Legal Fees - On average, a first time buyer should expect to pay around £500-£1000 in legal fees.
  • Lender Fee/ Mortgage Product Fee - not all mortgages will come with a fee, if they do then they can be added to the loan amount or paid upfront. On average, these fees are £999.
  • Stamp Duty - As a first time buyer, Stamp Duty will not be applicable if the property being purchased is less than £300,000. If the property is over £300,000 the Stamp Duty payable will be detailed on your solicitor's quote.

3. Will my Credit Score be checked?

Yes, a credit search is an important part of the mortgage process. It's a good idea to look into your Credit Report prior to your house search just in case it's not quite as good as you expected. We've put together a few tips on how to improve your score here.

4. How much do I need to earn to be eligible for a mortgage?

Criteria varies between the lenders but as a general rule you should be able to borrow at least 4.5x your annual income.

Your home may be repossessed if you do not keep up repayments on your mortgage.