First Time Buyers

The amount you can borrow depends on several factors, including:

• Your income
• Your deposit amount
• Your monthly expenses and financial commitments

As a general rule, lenders may offer 4-5 times your annual income, but this is just a guideline. A larger deposit and lower outgoings can improve your affordability. Common financial commitments that lenders consider include:

• Credit card or loan repayments
• Finance agreements (e.g., car finance)
• Student loan repayments
• Childcare costs
• Leasehold costs (e.g., ground rent, service charges)

The best way to get an accurate idea of what you can afford is to speak with a mortgage adviser. Get in touch today, and we’ll assess your situation and provide tailored advice.

An Agreement in Principle (AIP)—sometimes called a Decision in Principle (DIP), Mortgage in Principle (MIP), or lender promise—is a statement from a mortgage lender indicating how much they may be willing to lend you.

To provide an AIP, lenders look at key details like your income, deposit, and outgoings. They’ll also run a credit check to assess your eligibility. An AIP can result in three possible outcomes:

✅ Accept – A positive sign, but not a guarantee of a mortgage
🔍 Refer – More information may be required before a decision is made
❌ Decline – The lender isn’t able to offer a mortgage at this time

Estate agents will often request an AIP before booking property viewings or accepting an offer, as it shows you’re in a strong position to buy.

As a general rule, lenders may offer 4-5 times your annual income, but this is just a guideline. A larger deposit and lower outgoings can improve your affordability. Common financial commitments that lenders consider include:

🔹 Credit card or loan repayments
🔹 Finance agreements (e.g., car finance)
🔹 Student loan repayments
🔹 Childcare costs
🔹 Leasehold costs (e.g., ground rent, service charges)

The best way to get an accurate idea of what you can afford is to speak with a mortgage adviser. Get in touch today, and we’ll assess your situation and provide tailored advice.

For most first-time buyer mortgages, the minimum deposit is 5% of the property price. This can come from savings or a gifted deposit from a family member. If you can put down a larger deposit, you may access better mortgage rates and lower monthly repayments.

To provide an AIP, lenders look at key details like your income, deposit, and outgoings. They’ll also run a credit check to assess your eligibility. An AIP can result in three possible outcomes:

✅ Accept – A positive sign, but not a guarantee of a mortgage
🔍 Refer – More information may be required before a decision is made
❌ Decline – The lender isn’t able to offer a mortgage at this time

Estate agents will often request an AIP before booking property viewings or accepting an offer, as it shows you’re in a strong position to buy.

As a general rule, lenders may offer 4-5 times your annual income, but this is just a guideline. A larger deposit and lower outgoings can improve your affordability. Common financial commitments that lenders consider include:

🔹 Credit card or loan repayments
🔹 Finance agreements (e.g., car finance)
🔹 Student loan repayments
🔹 Childcare costs
🔹 Leasehold costs (e.g., ground rent, service charges)

The best way to get an accurate idea of what you can afford is to speak with a mortgage adviser. Get in touch today, and we’ll assess your situation and provide tailored advice.

Once you’ve got your Agreement in Principle, you’re ready to start house hunting! It’s also a good idea to have your deposit prepared at this stage. A mortgage adviser can help guide you through the home-buying process, including understanding the extra costs involved (like stamp duty, solicitor fees, and surveys).

💡 Tip: Having an AIP in place makes you a more attractive buyer, especially in competitive markets—so it’s worth sorting this early!