First-Time Buyer? Here’s What You Need to Know About Getting a Mortgage

Buying your first home is exciting, but it can also feel confusing. From deposits to credit checks, there’s a lot to think about before you get the keys.

How Much Deposit Do You Need?

Most lenders require a minimum deposit of 5–10% of the property value. However, a larger deposit can open up better interest rates and lower monthly payments.

Saving consistently and keeping your bank statements tidy (avoiding unnecessary overdrafts or gambling transactions) can strengthen your application.

Understanding Affordability

Lenders assess affordability based on income, regular outgoings, and credit commitments. They’ll look at:

• Payslips or proof of income

• Monthly bills and subscriptions

• Existing loans or credit cards

Before applying, it’s wise to review your finances and reduce unnecessary debt where possible.

Credit Score Matters

Your credit history plays a key role. Make sure you’re registered on the electoral roll and check your credit report for errors before applying.

Agreement in Principle (AIP)

An AIP gives you an indication of how much you may be able to borrow and shows estate agents you’re serious about buying.

Why Advice Helps

Every lender has different criteria. Getting professional advice can help you avoid unnecessary declines and find a mortgage suited to your circumstances,  especially if you’re self-employed or have complex income.

Buying your first home is a big step. The right guidance makes the journey smoother and far less stressful.

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