First Time Buyer

You may find buying your first home quite daunting.  With the challenge of finding your first property, choosing the right mortgage, selecting the best solicitor and making sure the whole process runs smoothly, you may find the information below useful to help you achieve the first rung of the property ladder.

The first step is to contact us and we will advise you on the mortgage options available to you.  It doesn't matter if you haven't found a property just yet, we can provide you with some facts and figures that will help you select the property within your price range.

In the meantime, we've outlined below some background information on mortgages for first time buyers that we hope you'll find useful.

How much can you borrow?

The amount of mortgage you can get depends on your income, current financial situation and family commitments.  Some lenders use a multiple of your income others look at how much you can afford based on your income and outgoings.  As a rough guide, a typical multiple is four to four and a half times your gross income (i.e. before tax). This figure could be higher or lower depending upon your individual circumstances and different lenders' criteria. Lenders who look at what you can afford base this on the number of applicants and any loans or debts that you have outstanding.  Some lenders offer very good deals for first time buyers, so it always worth asking us to research the market on your behalf.

What other costs do you need to be aware of?

It is also worth remembering the additional costs, on top of your deposit and mortgage that you will be expected to pay.

For example, you may well have to pay stamp duty for the property which you are purchasing.  The amount of stamp duty varies depending on the price of the property. 

Plus, you will have to pay for the survey and the valuation of the property, and solicitor's fees. Ask us about the different types of valuation reports available.

You may also have fees to pay to the lender for your mortgage.  These could be an arrangement fee and/or booking fee.  Contact us to find out how much these fees may be.