cdfmortgages.wealthyadvisersclub.co.uk
Home › Mortgages › First time buyers
First time buyers
Your first mortgage, explained without the jargon.
Most first time buyers come to us with the same three questions: how much deposit do I really need, how much will a lender give me, and what happens after I make an offer. We answer all three on the first call.
You are not expected to know how any of this works.
There is a lot of noise around buying a first home and most of it is written for people who have done it before. We start from the beginning, work out what you can realistically borrow, and get you an agreement in principle so estate agents take your offer seriously.
- A realistic borrowing figure before you start viewing
- Agreement in principle usually within 24 hours
- Deposit, gifted deposit and family support options explained
- Shared ownership and new build schemes where they fit
- An honest view of your credit file before a lender sees it
Step by step
What happens, in order
Work out your budget
We look at income, commitments, deposit and credit history, then give you a maximum borrowing figure and a realistic monthly cost so you can search sensibly.
Get an agreement in principle
A soft credit check with a lender who is likely to say yes. It lasts around 90 days and shows agents and vendors you are a serious buyer.
Make your offer
Once your offer is accepted we confirm the lender is still the right choice, then submit the full application with your documents.
Valuation and offer
The lender values the property and issues a mortgage offer. We chase this and keep your solicitor and the agent updated.
Completion
Funds are released, you get the keys, and we review your protection so the mortgage is covered if something goes wrong.
Questions we get asked
Before you call, these might help.
How much deposit do I actually need?
Most lenders want at least 5% of the purchase price, so around £9,000 on a £180,000 house. A 10% deposit will usually get you a noticeably better rate, and the difference in monthly cost can be larger than people expect. There are also lenders who accept a deposit gifted by a parent or a family guarantee, which we can talk through.
How much can I borrow?
As a rough guide, four to four and a half times your income, though some lenders stretch further for certain professions or higher earners. Car finance, credit cards and childcare costs all reduce it. The only way to know your figure is to run it, which takes a few minutes on a call.
Will applying damage my credit score?
An agreement in principle with most lenders is a soft search, which is not visible to other lenders. Only the full application leaves a hard footprint. We check which type a lender uses before we submit anything.
What else do I need to budget for?
Solicitor fees, a survey, searches, removals and, depending on the price and where you are buying, stamp duty. First time buyers in England pay no stamp duty up to £300,000. Our calculators will give you the figure for your purchase.
Next step
Fifteen minutes will tell you where you stand.
Pick a time that suits you and we will talk through what you are trying to do. There is no cost for the initial advice and no obligation to go ahead.
Prefer to talk now? Call 01282 937599 or email cristian@cdfmortgages.co.uk.