As a first-time buyer, the mortgage is usually the part that feels most confusing. The good news is the process is more straightforward than it looks, especially with an adviser in your corner. Here's what to expect.
1. Work out what you can afford
Lenders look at your income, your regular outgoings, any debts, and your deposit. As a rough guide, many will lend around four to four-and-a-half times your income, but affordability is assessed case by case. Our affordability calculator gives you a realistic starting figure.
2. Save your deposit
Most lenders want at least 5% of the property's value, though 10% or more usually unlocks better interest rates. A Lifetime ISA can boost first-time buyer savings with a government bonus. There are also low-deposit and family-assisted options we can talk you through.
3. Get an Agreement in Principle
An Agreement in Principle is a lender's estimate of what you could borrow, based on a soft credit check. It helps you focus your search and shows estate agents you're a serious buyer.
4. Budget for the other costs
Beyond the deposit, plan for stamp duty (first-time buyers pay none up to £300,000 in England and Northern Ireland), a valuation, legal/conveyancing fees, a survey, and moving costs. Our stamp duty calculator can help.
5. Apply, and protect your home
Once you've found a property, we submit your full application, manage it through to your mortgage offer, and make sure you have the right protection in place to secure your home.
Frequently asked questions
How much deposit do I need as a first-time buyer?
Most lenders look for at least 5% of the property's value, though 10% or more usually unlocks better rates. There are also low-deposit and family-assisted options we can explain.
What is an Agreement in Principle and do I need one?
It's a lender's estimate of what you could borrow, based on a soft credit check. It helps you search with confidence and shows estate agents you're serious — we can arrange one for you.
What other costs should I budget for?
Beyond the deposit: stamp duty (first-time buyers pay none up to £300,000), valuation and legal fees, a survey, and moving costs.
This guide is general information, not personal advice. For a recommendation based on your circumstances, get in touch.