Understand your first mortgage
Your deposit is one part of the picture. Lenders also consider income, regular spending, existing commitments, credit history and the property you want to buy.
Your deposit and buying costs
The deposit needed depends on the lender, product, property and your circumstances. Allow for other costs such as legal work, surveys, moving costs and any applicable taxes. Do not treat the deposit alone as your complete purchase budget.
Affordability and an agreement in principle
An agreement in principle gives an initial indication of what a lender may consider. It is not a mortgage offer or a guarantee of approval. The lender may need to check your information and assess the property before making a full offer.
Getting ready
- Bring an outline of your deposit and where it comes from.
- Gather income and expenditure information.
- Tell your adviser about existing borrowing and credit issues.
- Ask what credit searches are involved before proceeding.
Discuss your first home
Call 07771 112070 or start a WhatsApp conversation. Please do not send identity documents, bank statements or medical information through an initial website or WhatsApp enquiry.