First Time Buyers
Buying your first home is an exciting journey, but we know it can feel a little overwhelming too. That's why our expert mortgage advisers are here to support you every step of the way.
How Much Can I Afford to Borrow?
The amount you can borrow depends on your income, your deposit amount, and your monthly expenses. 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 lenders consider include credit card repayments, finance agreements, student loans, childcare costs, and leasehold costs.
What is an Agreement in Principle?
An Agreement in Principle (AIP) is a statement from a mortgage lender indicating how much they may be willing to lend you. Lenders look at key details like your income, deposit, and outgoings. Estate agents often request an AIP before booking viewings or accepting an offer, as it shows you're in a strong position to buy.
How Much Deposit Do I Need?
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.
When Can I Start My Property Search?
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. Having an AIP in place makes you a more attractive buyer, especially in competitive markets.
Work It Out In Seconds
Mortgage Affordability
Search over 50 lenders for an estimate of what you could borrow, with no credit check required.
You could borrow
£247,500
To buy a property worth
£272,500
Based on 4.5x income multiplier · No credit check required · Indicative only
Borrowing Power
Get an estimate of how much you could borrow, based on a few key details.
You could borrow up to
£247,500
Based on 4.5x income multiplier · Indicative only
Get a Personalised QuoteStamp Duty Calculator
Work out if you'll need to pay Stamp Duty on your first home, and how much.
Buying in Scotland or Wales? Get in touch for LBTT or LTT guidance.
We're here to make your first-time buyer mortgage journey as smooth and stress-free as possible.
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