First-time buyers

Setting up home can be an exciting time for first-time buyers.  Many lenders offer specialist first-time buyer mortgages with attractive features to help you get on the property ladder and some people may be able to access government backed schemes like equity loans, shared ownership or Help to Buy – a scheme which helps you buy a newly built property with only a 5 per cent deposit.

When making such a big financial commitment as taking on a mortgage, it’s a good idea to have a look at your financial situation and work out what you will be able to afford to borrow.  Take into account how much you’ve managed to save for a deposit, plan a budget for household bills – and taking this away from your monthly after tax income should help you work out how much you can afford to pay each month in mortgage payments.  A financial adviser will be able to help you to build a savings plan to grow your money for a deposit and they’ll also help you work out your budget so that you don’t end up borrowing more than you can afford to pay each month.  The actual legal process of transferring ownership of a property from one person to another is known as conveyancing – and it is well worth getting a solicitor to do this for you.

There are other costs you will also need to consider including mortgage set-up fees, valuation fees, stamp duty, surveying costs, moving costs and home insurance.  It is important therefore to budget for these costs when you think about buying your first house.

Finding the right property for you is important when buying for the first time.  While you will want to find something that meets your needs, it’s also worth thinking about its future selling potential, should you decide to move.  

Choosing your mortgage is another key part of buying your home. With so many different types available, finding the right one for you can make a really make a difference to your financial situation. A mortgage adviser will be able to help you through the whole process of getting onto the property ladder, right from working out how much you can afford, to choosing your mortgage to completing your purchase. Find a mortgage broker or a solicitor here.

Questions you might like to ask a mortgage adviser or solicitor…

  • Are there specific mortgages for first-time buyers?
  • Should I take advantage of the Help to Buy scheme?
  • What is the maximum amount I can borrow from mortgage lenders?
  • How can a solicitor help with conveyancing?

If you're new to the buying process then check out our first-time buyers' guide for everything you need to know to start the process.