First time buyer mortgages

One of the biggest obstacles between you and your first home is probably the deposit. The average first time buyer puts down a 20% deposit but the good news is that there are a number of lenders that will accept a 10% or even 5% deposit.

Once you have worked out the amount you need to save, create a plan to reach this goal. If you know you need to save £20,000 and you want to buy in 5 years time, put away £333 each month. If this is out of your budget, then you need to reassess your goals and adjust your monthly payments accordingly.

Don’t forget that, if you qualify, the government will give you a 25% boost on your savings. Help to Buy ISAs and Lifetime ISAs are specifically designed to help you save for your first home. These ISAs can also be used in conjunction with the Help to Buy Equity Loan scheme. If you’re planning on buying a home in the next few years, we think this is a no-brainer.

Our experts can give you an idea if your goals are achievable and what you need to do to make sure your finances are in order.

You’ve chosen your property (yay!) but now you need to put in an offer (uh-oh). If you offer too little, your offer might be rejected, offer too much and the lender might not be able to lend you enough. Our advice is to do your research. Have a look at what properties nearby have sold for and, most importantly, only offer what you can afford.

As soon as your offer has been accepted, get in touch with your adviser. We can get moving on your mortgage application straight away leaving you free to go sofa shopping.