First Time Buyer Mortgage Advice

Get an initial fee-free first-time buyer mortgage consultation from LK Mortgage and Finance. We search for the right deals, so you don’t have to.

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First Time Buyer Mortgages– Choosing the right option for you

Achieving that first step on the property ladder marks a significant milestone, but jumping into the mortgage world can often feel daunting.

We are here to guide first-time buyers like you through every stage of the journey, ensuring that you understand the process, establish your property budget, locate your dream home, and secure a favourable mortgage arrangement.

Now, let’s address a few key questions that often arise:

What is a First Time Buyer?

A first-time buyer is simply someone embarking on their first home purchase.

How much can I borrow as a First Time Buyer?

Working out what you can borrow is the first important step in your home-buying journey. What mortgage lenders determine you can afford will confirm your property budget and guide your property search. Typically, first-time buyers can borrow around four to five times their income, you add this figure to the cash deposit you have available to determine your total property budget. Government initiatives are also available to support first-time buyers, including shared ownership schemes, equity loans, and the mortgage guarantee scheme.

How much deposit will I need?

Your deposit plays a pivotal role in purchasing a home. While some mortgages accept deposits as low as 5% of the purchase price, saving at least 10% is advisable if possible. A larger deposit reduces a mortgage provider’s risk and, therefore, improves the choice of mortgage deals that will be available to you, which tends to help you secure a better interest rate, ultimately resulting in lower monthly mortgage payments.

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What criteria do I need to meet?

Every mortgage lender has its own unique criteria for mortgage loan approval. To secure a mortgage, you typically need a good credit score, a stable employment history, manageable debt levels, and the minimum required deposit. As a Mortgage Broker, we ask you a series of questions to understand your individual circumstances so that we can search the mortgage market for you to find the right deal where you meet all necessary criteria.

How do I find out my credit score?

We can help you find out what your personal credit score is for free during our initial meeting.

What fees are involved when buying a house?

How can LK Mortgage & Finance help you as a First Time Buyer?

Aside from your deposit, you do need to consider additional expenses when purchasing a home. First-time buyers, up to a £425,000 limit, are exempt from Stamp Duty. The other fees you may have to pay are:

  • Mortgage product application fees
  • Legal fees
  • Searches
  • Property surveys
  • Mortgage protection costs 

LK Mortgage & Finance is your trusted companion throughout your first-time buyer journey. We’ll guide you through setting your budget, understanding your mortgage options, and estimating your monthly mortgage payments using a mortgage calculator. We’ll provide you with a mortgage Agreement in Principle for property offers and guide you through the complete mortgage application process. Think of us as your dedicated first-time buyer guide, available to answer all of your questions and help you confidently buy your first home. Contact us today to discuss your mortgage needs.