The minimum deposit required for someone buying their first home is 5%. When you are not in a chain you can use this as a good bargaining tool when it comes to negotiating the price on a property you want to buy.Get Started
This will confirm the maximum mortgage available to you and also give you the confidence to know you are actually in a position to proceed.Apply Now
Do I count as a first time buyer?
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.
What do I need to buy my first home?
To buy your first home, you will first need to have saved a suitable deposit and be eligible to take out a mortgage to finance the rest of your purchase. 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 a suitable mortgage right through to you getting the keys to your new home.
How much deposit do you need for a first time buyer mortgage?
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. 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.
Is it better to get a mortgage from a bank or broker?
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.
Are there any schemes to help first time buyers get onto the property ladder?
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.
We're flexible around your work and family, we'll be there when you need us.
No upfront fees payable, we are paid on results only.
You'll always know who you are dealing with.
No vested interests, do you want your builder or estate agent knowing your maximum lending when you're trying to negotiate your price, you'll receive a mortgage tailored to your needs.
Meaning you're safe and protected by our process, providing peace of mind. We take all the responsibility for the advice.
We shop around for the cheapest deal for you, saving you time and money.
There isn't a situation we haven't come across before, we fully understand your needs.
We'll help you overcome hurdles that you face along the way, for example, removing the stress of property survey and valuation problems.
4.98 Rating165 Reviews
Helen was very helpful and arranged us an appointment the same day with the mortgage advisor.
Mizna helped me out so amazingly for my life insurance. She rang multiple times to get everything right and even attempt to entertain my little one when he was getting restless on the phone. Could not recommend her enough.
Mizna has been fantastic throughout the process. Professional, understanding, helpful and reliable. Our previous life insurance policies had exclusions or price increases for certain hobbies and health conditions. Mizna managed to find us a better...
After being told by another broker that there were no mortgage options for me due to a patchy credit history I contacted UK Moneyman. I'm over the moon with the service from Matt, Molly, Megan and everyone else who helped me and my partner...
This company has been amazing in sorting our mortgage. Got the job done quickly and efficiently.
UK moneyman have been absolutely amazing helping me and my partner obtain a mortgage. We are both young and only had contracts of employment, but this was not an issue for them at all. Jason, Chloe and Dan have been so helpful, and frequently in...
Charlie was our broker can’t fault his work in any way. Very informative and really supportive. Thank you for everything guys 💕
Getting my first mortgage has been made super easy and stress-free thanks to Tom & Chloe. Can’t thank you enough! They’ve ensured everything is in place and have made it a really good experience. Tom and Chloe are so friendly; made...
Minza has been most helpful in sorting out our life cover and get the best deal. What a lovely lady to deal with. Very chatty and friendly. Thank you Minza!
Where do I start! Mizna rang me for a review and at first I dismissed it…. So glad I let Mizna review my existing policies, our medical questions weren’t documented probably, I didn’t have cover that I thought I had. Mizna has...
You could say I’m getting on a bit and I was worried that I wouldn’t be able to get a shortish term mortgage then I saw an advert for ukmoneyman and it couldn’t have been easier from start to finish. The whole process must have...
UK Moneyman has been a fantastic mortgage broker from the start to the finish of the process. They found us an excellent mortgage offer swiftly and efficiently- even going the extra mile by working with us between Christmas and New Year. As first...
Having had a very bad experience with the UK's supposed leading mortgage broker, our confidence had taken a huge knock. We came across UK Moneyman during a search for an alternative. And what a find! From the first initial call to being...
Excellent service throughout. I was kept up to date through the process and the mortgage illustrations we provided with were clear an concise. Definitely recommend!!
Mizna helped arrange life cover for me and my partner. She was very knowledge and professional taking the time to explore our individual needs. This gave us confidence that we took out the best policy to suit our circumstances. She helped guide...
Cannot praise the team enough for all their hard work and professionalism. Mizna Coates was brilliant all the way through the process and would highly recommend UK Moneyman to all friends and family going forward.
Very honest and helpful
Mizna Coates has done a fantastic and more importantly, unbiased and diligent job in advising us on a number of Insurance products ranging from life and critical illness to house insurance. Mizna is engaging, open and honest in her approach and the...
Dale was lovely and put me at ease for my initial call Thank you Dale
Great service from start to finish. Jason and Dan kept us informed throughout and really took the pressure off us.