FAQ's

Generally, a first-time buyer is someone who has never previously owned a residential property. Eligibility rules can vary between mortgage products, tax reliefs and government schemes, particularly if you are buying jointly with someone who has owned property before.

Many lenders offer mortgages requiring a 5% deposit. There are also some products that can work with smaller deposits or alternative forms of security, although the eligibility requirements can be stricter.

A larger deposit normally reduces the loan-to-value of the mortgage and can give you access to a wider range of products. Whether waiting to save another 5% makes financial sense depends on your circumstances, property price and the mortgage products available.

There isn't one fixed amount. Mortgage affordability is based on your income, commitments, expenditure, deposit, mortgage term and the individual lender's affordability model.

Yes. Gifted deposits from parents and family members are accepted by many mortgage lenders, although evidence of the source of the money and confirmation that it is a genuine gift will normally be required.

Potentially. It depends on what happened, when it happened, the amount involved and the lender's criteria. Some lenders are much more flexible with previous credit problems than others.

There are mortgages available in the UK that can potentially allow certain applicants to buy without a traditional deposit. Eligibility tends to be more restrictive and these products will not suit everyone, so advice is particularly important.

It isn't normally a legal requirement, but having one can give you a clearer budget and may help demonstrate to estate agents that you have looked into your mortgage position.

Timescales vary considerably between lenders and cases. Straightforward applications can progress quickly, while applications involving additional underwriting, complex income or property issues can take longer.

Yes, you can. Speaking to us early means we can review affordability, your deposit and any potential issues before you start making offers.

Some lenders have mortgage products or incentives specifically aimed at first-time buyers, but being a first-time buyer does not automatically mean you will receive a lower rate. Your deposit size and the mortgage product you qualify for are usually significant factors.

Alongside the deposit, you may need money for solicitor or conveyancing fees, surveys, mortgage fees, moving costs and any applicable property tax. It is sensible to keep some savings aside rather than using every penny for the deposit.