Do I count as a first time buyer?

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Anyone who has never owned a home will be a first time buyer, but with some lenders this also extends to those who have previously owned a property but have been out of the market for a while. If you are not classed as a first time buyer, but you are living with a partner who qualifies as one, you are often able to jointly buy under that classification.

If you are a first time buyer and wanting to know more about the process, as well as how to get started, please feel free to read our article "Our 10 Step Mortgage & Home Buying Guide". Within this article we have listed the 10 primary steps you will experience during the process of buying a home and obtaining a mortgage.

What do I need to buy my first home?

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In order to buy your first home and finance the rest of your purchase, you will first need to have saved a suitable deposit and be eligible to take out a mortgage. You will also need to appoint a conveyancing solicitor to carry out the legal proceedings that come with purchasing a property.

As a mortgage broker, we are here to help you every step of the way, from checking your eligibility and obtaining you the perfect mortgage, right through to you getting the keys to your new home.

If you are a first time buyer and and unsure on how to make sure you are mortgage ready, please feel free to read our article "What Do You Need To Get a Mortgage?". Within this article we have listed the necessary steps you need to take to be prepared ahead of your mortgage journey.

How much deposit do you need for a first time buyer mortgage?

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This is one of the questions we get asked the most and the answer is 5% is the minimum required but this can be from your savings, a gift, or a combination of the two. If you have had credit problems in the past, this may be higher.

It is worth noting however, that putting down a deposit larger at say, 10% of the purchase price, will widen your mortgage options and open up better deals. This is because you represent less of a risk to the lender.

We understand the difficulties when saving for a deposit, please feel free to read our article "How Much Deposit Do I Need For a Mortgage?", where we answer a lot of questions regarding first time buyer deposits.

Is it better to get a mortgage from a bank or broker?

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As a mortgage broker, we are able to search 1000s of deals to find you the most suitable mortgage for your circumstances whereas a bank will be limited to their own products.

The bank used to be a popular choice, as the local manager knew your finances inside and out and would take this into consideration when offering mortgage products. Nowadays, this is not relevant and it’s simply a case of finding the cheapest available deal.

Using the services of a mortgage broker, whilst it may incur a fee, can often get the process completed a lot quicker, with a lot less stress and you have a lot more choice. Here at UK Moneyman, we have access to a large panel of lenders, so we can tailor your mortgage to your personal circumstances.

If you would like to read more about the differences between bank and mortgage broker, please feel free to read our article "What is a Mortgage Broker & Why Should I Use One?".

Are there any schemes to help first time buyers get onto the property ladder?

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There have been various government schemes introduced that serve the purpose of helping more first time buyers get onto the property ladder. The most popular of these options have been the Help to Buy Equity Loan Scheme & the Right to Buy Scheme.

If you would like to see if you are eligible for any of the Help to Buy schemes, please feel free to read our article "What are the Different Help to Buy Mortgage Schemes?".

In this article, you will find a detailed list of the Help to Buy schemes, government schemes and further guides that you might find useful on your path to mortgage success.

How much can I borrow for a mortgage?

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The maximum amount you can borrow is based on your credit score, income, bank statements, and your personal circumstances. Lenders traditionally offer an amount several times your income, though in some cases they may offer more or less than this depending on your circumstances.

If you would to learn more about the background of affordability assessments and how they apply post-2014, please feel free to read our article "How Much Can I Borrow For a Mortgage?".

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Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

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