First Time Buyers

A minimum of 5% deposit is available with selected lenders, helping close the gap for first time buyers. The more deposit you have available, the more options you will have and the more competitive the available products are likely to be. A deposit can be made from personal savings, a gift or inheritance or a combination of all three. 

As all lenders have different affordability calculations, it is difficult to calculate an exact maximum. The four main factors include income, outgoings, dependents and mortgage term. Some lenders will also take commission, overtime, allowances, maintenance and benefit income into consideration. 

A mortgage or agreement in principle is the starting point to any mortgage application. Serving two purposes; Giving you peace of mind knowing the lender has completed initial credit checks and approved your mortgage application, in principle. Secondly, providing the estate agent with confidence that you are ready to proceed subject to your offer being accepted. A decision in principle is often valid for up to three months. 

It is a common misconception that you need three months payslips before applying for a mortgage. There are lending options available, even if you are yet to even start your new job position.  

There is no stamp duty to pay currently, as long as you have never owned a property, the property is in England and the purchase price is £425,000 or below. This information may change if you are purchasing in Scotland or Wales, however best to check with your legal representative.