Thinking about buying your first home? Let's break it down.
It all starts with your deposit. Usually you'll need between 5% to 10% of the property's value. If that sounds like a struggle to you, make sure to check out government incentive schemes that can help, like a Lifetime ISA.
Next comes your affordability, where lenders will look at your income, spending, savings, and credit history to figure out how much you can borrow.
Again, don't forget, government schemes can help make a big difference with this. There's Shared Ownership where you buy a portion of a property and rent the rest, with am option to buy more later.
The First Home Scheme offers newly-built homes to local first time buyers and key workers at a 30% discount on the market price.
Finally, there is also the 95% mortgage scheme which helps first time buyers and existing homeowners purchase properties with a smaller deposit.
There are a world of options out there for you, so start looking at your finances and check out our free affordability calculator today to see how much you can borrow.
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Important information
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 on your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.