First-time buyers
First-time buyer mortgage advice
Buying your first home involves a lot of new terms and decisions. Charlene can explain each step, so you know what to expect and what questions to ask.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Your deposit
Most lenders ask for a deposit of at least 5% of the purchase price. A bigger deposit can open up more options, but it isn't the only factor. Lenders will want to know where the deposit comes from, including any gifted money.
Affordability
Lenders look at your income, outgoings and credit commitments, then test whether you could still afford payments if rates rose. An agreement in principle can give an early indication, but it is not a mortgage offer.
Documents you'll usually need
- Photo ID and proof of address.
- Recent payslips, or accounts and tax calculations if self-employed.
- Recent bank statements.
- Evidence of your deposit.
Costs beyond the deposit
Budget for solicitor fees, survey costs, lender fees, moving costs and any property tax that applies where you are buying. In Scotland this is Land and Buildings Transaction Tax, which has its own first-time buyer relief rules.
Common questions
Can I get a mortgage with a small deposit?
Some lenders accept a 5% deposit, subject to their criteria. A smaller deposit usually means fewer options and can mean higher rates.
Does my credit history matter?
Yes. Lenders review your credit file. Missed payments or high borrowing can reduce options, though they don't always rule a mortgage out.
What is an agreement in principle?
It is an early indication from a lender of how much they might lend, based on initial checks. It is not a guarantee of a mortgage.
Related advice
Ready to talk it through?
Send an enquiry and Charlene will get in touch to understand your plans and explain what the next steps could look like.