how to get a mortgage as a first time buyer:
a helping hand from signature mortgages and protection can unlock the door to future happiness.
Buying your first home is something you want to get right. It’s is one of the most important and certainly most expensive purchases you’ll ever make.
Being a first-time buyer, the mortgage process can feel overwhelming, but don’t worry, our team are here for the long run, helping you understand the process every step of the way.
We have access to a wide choice of specialist lenders and high street banks, which means we’ll be able to find the perfect package for you no matter what your needs. We’ll work hard to do what’s best for you. If you’re happy, we’re happy!
your first home – the key steps:
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how much could you borrow:
Typically, lenders will lend between 4 and 4.5 times your annual income, not just your annual salary, but all the income you earn in a tax year. It’s important to understand, this all depends on your individual circumstances and also the criteria each lender classes as an acceptable income source. That’s why getting expert advice is key to finding the right option for you.
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how much deposit:
Before buying your perfect first home you’ll need to save up a deposit, at least 5% of the amount you plan to spend. To work out how much deposit you need, calculate how much you can afford to borrow. You might have been gifted your deposit or perhaps you’ve been squirreling away for a while. If your deposit is ready, the time has come to make the biggest investment of your life!
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mortgage in principle:
A mortgage in principle is an initial indication from a lender showing how much they may be willing to lend you, based on your income, credit history, and finances. For first time buyers in the UK, it helps you understand your budget and shows estate agents and sellers that you're a serious buyer. It’s not a guaranteed mortgage offer, but it’s a useful first step before applying for a full mortgage.
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Your total monthly payment
cash back incentives:
getting a little something in return can often help in a big way.
Buying your first home is expensive, with solicitor fees to pay, along with buying furniture, soft furnishing and even pots and pans, cashback mortgages are designed to help you out. This is a type of mortgage that rewards you with a sum of cash when you take out a mortgage, the amount that you receive might be a proportion of the amount you end up borrowing or a fixed rate that you’ll receive on completion!
stamp duty:
an extra cost, but you might be entitled to a discount!
When you’re sat doing your calculations, working out everything you’ll need to pay for, it’s important to not forget stamp duty. This is a tax you have to pay when buying your new home, and the amount that you have to pay all depends on the price of the property and where you live in the UK.
There’s good news though! If you’re a first-time buyer and live in England or Northern Ireland, you can claim a discount (Relief) meaning that no Stamp Duty is payable when you are purchasing a home up to the value of £250,000. You’re eligible if you and anyone else you’re buying with are first-time buyers.
a few other options:
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right to buy:
A Right To Buy Mortgage allows tenants of public sector homes to buy the property for a reduced rate. If you want to buy your current council house or flat, this is a great option. Note: based on English scheme only. Rules differ in NI. No longer available in Scotland or Wales.
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shared ownership:
Commonly known as ’part buy, part rent’, this is a type of mortgage that gives first time buyers the option to buy a share in a new build property, usually between 25% and 75% and pay rent on the rest. This can offer stability without you having to worry about overstretching yourself.
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green mortgage:
A Green Mortgage can save you money while doing your bit for the planet! By buying an eco-friendly home or making specific energy-saving improvements, these mortgages offer a better interest rate or cashback on your mortgage. And you save on your energy bills too!
get in touch:
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Registered in England and Wales
Signature Mortgages and Protection Limited is an appointed representative of PRIMIS Mortgage Network, a trading name of Advance Mortgage Funding Limited. Advance Mortgage Funding Limited is authorised and regulated by the Financial Conduct Authority.
The guidance contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK
Registered office address – 8 Ridgehouse Drive, Festival Park, Staffordshire, ST1 5SJ
Registration number – 07041169
Latest news and insights
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