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If you’re buying your first home, you’ll need to know how much you can borrow for a mortgage and how much you’ll need to save for a deposit.
Your affordability will depend on your salary, your monthly outgoings, and the size of the deposit you’ll have to put down – these may also have an impact on the interest rate you could be offered.
First-time buyer mortgage lenders use a range of criteria to judge your affordability and must obey strict guidelines to ensure you’ll still be able to afford your monthly mortgage repayments if interest rates rise significantly.
Lenders will assess your income and expenditure – they’ll take account of big monthly bills and will want to be assured that you’re living within your means. Your outgoings checklist is likely to include your weekly food shop, bills, insurances, hire purchase payments, finance, credit card and debt repayments, childcare, entertainment, car and travel costs, etc.
Your prospective lender will want to see what your monthly budget comprises so, to give yourself a head start, try to boost your savings and watch what you spend in the months leading up to your mortgage application.
In the meantime, you can estimate the size of the mortgage you may need and use our handy mortgage repayment calculator to work out what your monthly repayments will be based on the value of your new home, your income and expenditure. Remember, you may be eligible for the government’s Help to Buy scheme, which will make your house purchase more affordable by reducing your monthly repayments.
Buying your first home can seem daunting so, when you’re ready to talk about mortgages, our team of expert mortgage advisors are on hand to guide you through it. Call us on 08454 500200 or click here to make an enquiry about first-time buyer mortgages and Help to Buy.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
The Bank of England held the Bank Rate at 5.25% in its February 2024 meeting, a move that was widely anticipated by market experts. The general view is that we...
Jack and Russell were absolutely amazing and helped me secure my first mortgage with no problems at all. As a first time and solo buyer it is all very daunting but they explained everything to me and I could trust that I was in good hands regarding the securing of my mortgage offer. Their communication was brilliant as I usually had a response to any questions within a day and my mortgage offer came through so fast. Thank you!
Kevin and Beccy have been extremely helpful - firstly in exploring viable options to suit my situation and secondly keeping me in the loop and dealing with queries that arose along the way. This is my second mortgage with them, both of which had possibly unusual elements and they were able to navigate me through them and find me good mortgages.
Both Mark and Beccy have been amazing throughout a very erratic and stressful time. They have been professional and attentive, making sure to stay in touch regularly to ensure everything went smoothly. I've been so impressed with their level of detail and service. I would not hesitate to recommend them.