First Time Buyers

If you’re thinking about buying your first home you’re probably finding the whole process of choosing the right mortgage and actually buying your ideal home rather daunting? So what do you need to know to get onto the first rung of the property ladder?

The first step is to contact us and we will advise you on the mortgage options available to you.

In the meantime we’ve outlined below some background information on mortgages for first time buyers that we hope you’ll find useful.

How much can you borrow?
The amount of mortgage you can get depends on your income.

As a rough guide the usual multiples are 3.25 times the gross salary of single borrowers. A couple can get 3.25 times the first income plus one times the second income. However, you could get 2.5 times the combined income of both of you. These multiples do vary from lender to lender so it is worth talking to us, the experts, to find out what is available.

Once you add to this the amount that you can afford to pay as a deposit, you have the amount you can pay for your first property.

Some lenders offer very good deals for first time buyers.

Your home may be repossessed if you do not keep up repayments on your mortgage

A fee of a maximum of £250 or 0.5% of the loan amount, if greater is payable on completion.  Typically this will be £250.