First Time Buyer Mortgage
If you are a first-time buyer our team of experienced advisors is on hand to help you through the entire process. We can help if:
- You only have a small deposit (5%)
- Using a gift from your family
- Have a limited credit history
Enquire now to speak to one of our advisors who can help guide you through all aspects of buying your first home
One of the most important pieces of advice for first-time buyers is to be prepared! The mortgage you are acceptable for depends on a multitude of areas such as annual income, credit commitments, debts and credit history.
Preparation is key
Our recommended list to get started:
- Know what to expect – how long a mortgage application may take, what documents do I need to get ready? What is a valuation? These are questions an adviser can run through with you.
- Check your credit report to ensure there are no outstanding payments, you’re showing on the electoral roll, and it accurately reflects your position.
- If you’re employed, do you have your payslips filed or saved? Have you been paid for what you’ve worked? Additional payments such as bonus, overtime, commission, car allowance, night shift, locum work (and lot’s more!) can all be taken into consideration for your mortgage application as a first time buyer, but they need to be shown on your payslips to be included.
- If you’re self-employed, have you filed your tax return yet? Are your accounts up to date? Lenders may want recent and previous years tax calculations and/or accounts.
- Do you know how much you can borrow? You want to make sure that you have a rough guide of your lending amount. Talk to one of our advisers, who can give you an idea of your borrowing potential, and look at applying for a Decision in Principle (This is sometimes referred to as an Agreement or Mortgage in Principle).
- Save, save, save! As well as using your money for your deposit, there can be extra costs involved, which you can read more on below.
There are a variety of options available to you as a first-time buyer looking for a mortgage. Our advisers will personally work with you, to find the right one for your circumstances.
Frequently Asked Questions
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