What you can afford
Knowing how much you can borrow now will help you understand the kind of home you can afford and what sort of help you might need.
How much could you borrow?
Work it out with two figures, one minute and zero credit checks...
Affordability
What can you afford each month?
See the kind of mortgage you can afford, and what the monthly repayments will be.
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Something to bear in mind...
How can an adviser help me?
Where do we even start?
There are schemes and incentives popping up all the time. An adviser helps explain what they are, how they'd affect you and help build a picture of what your repayments might look like. They also answers your questions in plain English, no matter how daft they might sound (we’ve been around for ages, we’ve heard everything!).
What we’ll talk about during your first appointment.
How much you could borrow and what the repayments might be.
What schemes are out there to help you.
What the next few steps look like.
Three big first-time buyer schemes
These are the three schemes that offer the most help if you’re just starting out.
All the answers in one place
Credit score worries, hidden fees, mystery delays, there are a lot of questions for first time buyers. Our free first time buyers guide is packed with everything you need to understand the process and what to expect along the way.
More ways to help
If those schemes aren’t quite what you’re after, there are other options open to think about. Mab advisers can help find your best fit.
New build schemes
Loads of developers have incentive schemes like Own New and the First Home Scheme to help people move into new build homes.
95% mortgages
If saving for a deposit is a bit of a struggle, some lenders offer fixed rate mortgages with just a 5% deposit. Our advisers can help find these for you.
Gifted deposits
If you’ve got an extremely generous family member, they can gift you the money for a deposit. There are some rules around it to check first.
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Help is at hand (or in your pocket)
Track your progress, map your journey and understand what's coming down the road with the MyMab app. It's full of tips, tools and advice too. It's essential.
Three big questions
We speak to first time buyers every day, these are the three questions we're asked absolutely all the time.
You're normally a first time buyer if you've never owned a residential property anywhere in the world. If you've owned a home before, you won't normally qualify for some of the incentive schemes. If you're buying with someone else, everyone buying the property must meet the first time buyer rules too.
This really depends on you and what you need from a home. If you're eligible and the property is right for you a discount of at least 30% can make a big difference to the price you pay and the size of mortgage you need. Just make sure you love the property for the right reasons, not just the discount. Check the location, running costs, mortgage payments and resale rules before you commit.
Check you're eligible, work out your budget, then speak to a mortgage adviser about how to buy a home this way. From there, it's a case of finding a qualifying property and applying through the developer, agent or council.