Your deposit
The amount and source of your deposit can affect which mortgages may be available and the overall cost of borrowing.
First-time buyer mortgages
Feel prepared and confident about buying your first home.
From understanding your likely budget to submitting your mortgage application, Joanne will explain each stage clearly and help you prepare before you start making offers.
Preparing to buy
Good mortgage planning starts before you find a property.
Buying your first home can feel exciting and overwhelming at the same time. You may be trying to understand how much you could borrow, what deposit you need and which additional costs should be included in your budget.
Joanne will look at your overall circumstances and explain what lenders may consider, helping you understand what appears realistic before you begin making offers.
Starting early can help you:
- Understand a realistic property budget.
- Consider how your deposit may affect your options.
- Identify documents and information you will need.
- Understand how existing commitments may affect affordability.
- Prepare for an agreement in principle when appropriate.
Your starting position
More than simply multiplying your salary.
Mortgage affordability depends on your wider financial circumstances, not just your income. Different lenders can also assess applicants in different ways.
Your affordability
Lenders may consider income, loans, credit cards, car finance, regular commitments and household expenditure.
Your wider costs
Your budget may also need to cover legal work, surveys, moving expenses and other costs associated with buying a home.
The process
Your route towards your first mortgage.
Joanne will explain what is happening at every stage so you know what information is required and what comes next.
- 01
Understand your circumstances
Start with a conversation about your income, deposit, commitments and what you hope to achieve.
- 02
Prepare your information
Joanne will explain which documents may be needed and identify anything that should be explored before an application.
- 03
Consider an agreement in principle
Where appropriate, this can provide an initial indication of what a lender may be prepared to consider. It is not a mortgage offer or a guarantee of lending.
- 04
Find a home and apply
Once your offer is accepted, Joanne will research the appropriate mortgage options, explain her recommendation and manage the application.
First-time buyer questions
Useful things to understand before you buy.
These answers are general. Your deposit, affordability and mortgage options will depend on your individual circumstances.
How much deposit will I need?
This depends on your circumstances and the type of mortgage you are considering. A larger deposit can sometimes provide access to more options but you may not need as much as you initially expect.
How much could I borrow?
Income is only part of affordability. Lenders may also consider debts, regular commitments, deposit, credit history and household circumstances.
Should I get advice before viewing properties?
Speaking to Joanne early can help you understand a realistic budget and identify anything that may need attention before you start making offers.
Can I buy a home on my own?
Being a single applicant does not automatically prevent you from obtaining a mortgage. Your options will depend on your income, deposit, commitments and wider circumstances.
Discuss your first mortgage
Begin with a clear idea of what may be achievable.
Talk to Joanne about your deposit, budget and plans before you start making offers.