Buying your first home is exciting, but the mortgage side can feel like a maze. We explain how much you could borrow, which lenders suit your income and deposit, and what each step involves, so you can make offers with confidence rather than guesswork.
Most lenders want a deposit of at least 5% to 10% of the purchase price, and a bigger deposit usually unlocks lower rates. Your deposit can come from savings, a Lifetime ISA, or a gift from family, which most lenders accept with a signed gifted deposit letter. If your income alone does not stretch far enough, some lenders offer joint borrower sole proprietor mortgages, where a parent's income supports the application without them going on the deeds.
Before you start viewing, we will get you an Agreement in Principle, which shows estate agents you are a serious buyer. We also check your credit file with you first, because small things like a missed phone bill or not being on the electoral roll can change which lenders will say yes.
Beyond the deposit, budget for the survey, your solicitor's fees, and Stamp Duty Land Tax if it applies. First-time buyers can get relief on Stamp Duty depending on the purchase price; we will point you to the current thresholds when we work out your figures.
New-build flats, shared ownership and leasehold properties each come with their own lender rules. We check these before you pay a reservation fee, so there are no surprises once your offer is accepted.
