How much could you borrow?
Before you start viewing properties, it helps to understand what may be affordable.
A comfortable budget matters just as much as the maximum a lender may offer. If you work for yourself, see how lenders may assess self-employed income.
A mortgage lender will consider more than your salary. Your deposit, existing financial commitments, regular expenditure, credit history and personal circumstances can all influence how much you may be able to borrow.
I'll help you understand the figures, explore suitable mortgage options and establish a realistic budget before you make an offer.
There's more to buying than the deposit.
Your deposit is only one part of the money you'll need.
Depending on the property and your circumstances, you may also need to budget for legal fees, surveys, moving expenses, mortgage-related costs and any applicable property taxes.
And then there's everything that comes after getting the keys.
The right budget should leave you comfortable living in your new home, not simply able to buy it.
What I'll look at
YOUR INCOME
How much you earn, how you're employed and which income sources lenders may consider.
YOUR DEPOSIT
How much you've saved, where the money is coming from and whether any family contribution is involved.
YOUR CREDIT HISTORY
Your existing commitments, repayment history and anything that could affect a lender's decision.
THE PROPERTY
The purchase price, property type and any features that may affect mortgage availability.
From your first conversation to getting the keys
Along the way, you can also explore protection options for your income and household.
01. Understand your budget
We'll look at your circumstances, deposit and likely borrowing options.
02. Explore mortgage options
I'll research lenders and products that may fit your needs.
03. Prepare to apply
We'll discuss an agreement in principle, the documentation required and what happens next.
04. Progress your mortgage
I'll guide you through the mortgage application process, keeping you informed as it progresses towards an offer and completion.
Frequently asked questions
How much deposit do I need for my first home?
Some mortgages may be available with a 5% deposit, although eligibility, property type and lender criteria will affect your options. A larger deposit can sometimes provide access to different products. I'll help you assess what's realistic for your circumstances.
How much can I borrow as a first-time buyer?
Lenders consider income, expenditure, commitments, credit history and their own affordability calculations. There isn't one borrowing multiple that applies to everyone, so it's worth checking your circumstances before setting your property budget.
Can my family help with my deposit?
Potentially. Many lenders consider gifted deposits, but they'll usually need to establish where the money came from and whether it is a genuine gift rather than a loan. The relationship to the person providing it can also matter.
Will an agreement in principle affect my credit score?
It depends on the lender and the type of credit search they use. Some use a soft search at this stage, while others may use a hard search. I'll explain the relevant process before proceeding.
What if I've only recently started a new job?
A recent job change doesn't automatically prevent you from getting a mortgage. Some lenders may consider applicants with limited time in their current role, depending on their employment history, contract and other circumstances.
What happens after my mortgage offer?
Your solicitor or conveyancer will continue the legal work, including any outstanding enquiries. Once the requirements are satisfied, exchange and completion can be arranged according to the transaction and applicable legal process.
Your first home deserves a clear plan.
Whether you're ready to start viewing or simply want to understand your budget, let's talk about your options.
Talk to Joe