First Time Buyers

Your first home is a big deal. Let's get it right.

Buying your first home is one of the biggest financial decisions you'll ever make. It can feel overwhelming, the jargon, the process, the sheer number of decisions involved. My job is to make it straightforward.

I'll explain everything clearly, find the right mortgage for your situation, and be there at every stage from your first question to the day you get your keys. You won't be passed around or left wondering what's happening next.

How much can I borrow?

The amount you can borrow depends on your income, your outgoings, your deposit size and the lender. Every lender calculates affordability differently and the right lender for your circumstances can make a significant difference to what's available to you. Get in touch and I'll give you a clear picture of what's realistic before you start viewing properties.

Your deposit

The minimum deposit for most residential mortgages is 5%. The more you can put down, the better the rates available to you.

  • 5% deposit — you can buy, rates will be higher

  • 10% deposit — significantly more lenders and better rates

  • 15% or more — the best rates start to open up

No deposit options
Some lenders now offer 100% mortgages without a deposit requirement. These are lender products rather than government schemes and typically require a family member to provide a guarantee or security. Eligibility criteria apply and not all lenders offer them, but if you have no deposit saved it is worth having a conversation. There may be more options available than you think.

Government schemes available

Freedom to Buy
The permanent mortgage guarantee scheme, supporting purchases with a 5% deposit. Available to first time buyers and home movers on properties up to £600,000.

First Homes
Offers selected new build properties in England at a discount of 30% to 50% below market value. Available to first time buyers with a household income under £80,000. The discount stays with the property when it is resold, keeping it affordable long term.

Shared Ownership
Buy a share of a property between 10% and 75% and pay rent on the remainder, with the option to increase your share over time. Household income must be under £80,000.

Lifetime ISA
Save up to £4,000 per year and receive a 25% government bonus toward your first home purchase. Available to those aged 18 to 39. The property must be priced at £450,000 or under and the account must have been open for at least 12 months before use.

Right to Buy
If you are a council tenant you may be able to buy your home at a discount. See my Right to Buy page for more detail.

Stamp duty

First time buyers in England pay no stamp duty on properties up to £300,000. On properties priced between £300,001 and £500,000, stamp duty of 5% applies on the portion above £300,000. Properties above £500,000 do not qualify for first time buyer relief and standard rates apply in full.

Who I work with

  • First time buyers purchasing alone or jointly

  • Buyers using government schemes

  • Buyers with gifted deposits from family

  • Buyers with student loans or other commitments

  • Self employed first time buyers

FAQs

Where do I start?
The best first step is understanding what you can borrow and what your monthly payments would look like. Get in touch and we'll have a conversation about your income, your deposit and what you're looking to buy. From there I can give you a clear picture before you start viewing properties.

Do I need a Decision in Principle before I start viewing?
Most estate agents will ask for one before they take your offer seriously. A Decision in Principle is a conditional indication from a lender of how much they'd be willing to lend. I can arrange this for you quickly once I understand your situation.

Can I use a gifted deposit from my parents?
Yes, most lenders accept gifted deposits from immediate family members. The lender will want a signed letter from the person gifting the funds confirming it is a gift and not a loan. I'll tell you exactly what's needed for whichever lender I recommend.

Will my student loan affect how much I can borrow?
Student loan repayments are treated as a committed outgoing by most lenders and will reduce your maximum borrowing to some degree. The impact depends on your income and your repayment amount. It rarely rules anyone out but it is a factor I'll account for when assessing your options.

What is a Decision in Principle?
A conditional indication from a lender that they would be willing to lend you a certain amount, subject to full application and credit checks. It shows sellers and estate agents you are a serious buyer and is usually valid for 60 to 90 days.

How long does the mortgage process take?
From application to mortgage offer typically takes two to six weeks depending on the lender and how quickly all the documentation comes together. The full process from offer accepted to completion depends largely on the conveyancing, but three to four months is a reasonable expectation for a straightforward purchase.

What other costs do I need to budget for?
Beyond your deposit the main costs are solicitor or conveyancer fees, survey costs and the broker fee. Stamp duty applies on properties over £300,000 for first time buyers. Buildings insurance is required from exchange of contracts. I'll make sure you have a clear picture of all costs before you commit to anything.

What if I have a small deposit?
A 5% deposit is enough to get started with most lenders. The Freedom to Buy scheme supports purchases with a 5% deposit on properties up to £600,000. Rates at 95% loan to value are higher than at lower loan to values but it is absolutely possible to get on the ladder with a smaller deposit.

Can I get a mortgage if I'm self employed?
Yes. See my Self Employed Mortgages page for full detail on how lenders assess self employed income and which ones are most likely to look favourably at your application.

What happens after my mortgage offer is issued?
Your solicitor will handle the legal side of the purchase. I stay in contact throughout and can help chase things along if needed. Once contracts are exchanged you have a fixed completion date and the keys are yours on completion day.

The information on this page is intended as a general guide only and was accurate at the time of writing. Government schemes, eligibility criteria, stamp duty thresholds and lender criteria can change. Please get in touch for current and personalised advice.

Ready to get started?

No obligation to get in touch. Let's have a conversation about what you need.

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