First Time Buyers
Buying your first home doesn’t need to be stressful or worried about your finances? Our mortgage advisors are here to help you.
We will take you through the entire mortgage journey, step-by-step and keep you updated at every point so you understand what is happening and why. We will look at your affordability and budget, and by comparing mortgages from the whole of the market, we can find you the best introductory offers, lowest interest rates and the most flexible options.
First Time Buyer Mortgage? How Do I Qualify?
All mortgages are likely to have slightly differing criteria, but the following may be viewed as being standard criteria you must be able to meet.
- You will have to be aged 18 or over
- Satisfies the mortgage’s income criteria
- Credit history – Some adverse credit may consider
- Deposit-5% to 10% (mortgage depending on Lender)
- Mortgages for self-employed with 1 years accounts
How much can I borrow?
This is depends on the income and commitments you’ll have when you’ve got the new mortgage. General rule of thumb is about 4x your salary, but can be up to 5x depending on credit profile. ‘Salary’ is a fluid concept in and of itself however, as every lender takes different incomes into account. Some take state benefits, overtime, shift allowance, bonuses, holiday pay, dividends, investment income, retirement income, overseas income… and others don’t. Some take 3x joint salaries, some can stretch to 5x in the right circumstances. Again, your best bet is to make an enquiry so an advisor can calculate your borrowing limits. For more info have a read of our mortgage advice pages.
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We can offer advice and comprehensive solutions for all of your financial planning needs. We are dedicated to placing your best interests first.
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