First Time Buyers

If you are thinking about buying your first home you are probably finding the whole process of choosing the right mortgage and actually buying your ideal home rather daunting? So what do you need to know to get on to the first rung of the property ladder?

The first step is to contact us and we will advise you on the mortgage options available to you. In the meantime we have outlined below some background information on mortgages for First Time Buyers that we hope you will find useful.

How much can you borrow?

The amount of mortgage you can get depends on your income. Income multiples do vary. As a rough guide, a typical multiple is four times your income. This figure could be higher or lower depending upon your individual circumstances and different lenders’ criteria. Some lenders do not use income multiples at all and will lend based on affordability. Once you add to this the amount that you can afford to pay as a deposit, you have the amount you can pay for your first property. Some lenders offer very good deals for First Time Buyers, so it is always worth asking us to research the market on your behalf.

Any other costs?

It is also worth remembering the additional costs on top of your deposit and mortgage that you will be expected to pay, including the possibility of an arrangement fee for the mortgage.

From September 22nd 2022 first time buyers buying a home in England and Northern Ireland up to £ 425,000 do not have to pay any stamp duty.

If you are buying a home which the purchase price is between £ 425,001 and £ 625,000 then you will pay stamp duty on this band. The current percentage is 5.00 % but you need to be aware that if the purchase price is above £ 625,000 the calculation is completely different. Please take advice from your Solicitor as to the exact figures.

Plus you will have to pay for the valuation and survey of the property together with solicitor’s fees.

Additional and useful information can be found on the Moving Home section.

First Time Buyer Mortgages

  • Need help getting on the housing ladder?
  • Want to avoid the mortgage pitfalls for First Time Buyers?

Bestmortgage4u will advise you on how to get in the best position to obtain a mortgage offer.

Contact Us for expert mortgage advice

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

A fee of £125 may be payable after an initial assessment in order to source you an appropriate mortgage. A fee from £225 is payable when we submit an application to a lender on your behalf. We will receive commission from the lender in addition to the fee you pay. We will obtain your agreement to proceed before any fees are payable. All fees are non-refundable.

Bestmortgage4U is a trading style of John Edward who is an Appointed Representative of Mortgage
Intelligence, which is authorised and regulated by the Financial Conduct Authority under number 305330 in
respect of mortgage, insurance and consumer credit mediation activities only.

We always aim to provide a high quality service to our customers. However, if you encounter any problems and we are unable to resolve them you can take your complaint to an independent Ombudsman. Our advice is covered under the Financial Ombudsman Service.

John Edward

Expert mortgage advice

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