Here are some tips to get you started.
Knowing your budget and how much you can spend on a property is a good start and will be determined by your income.
Most lenders will let you borrow up to 4.5 times your salary, some will allow you more. Check this with a mortgage adviser.
There are several schemes available that are designed to help those needing a bit of help to buy.
Government schemes include:
Other schemes:
Most lenders require a deposit of at least 5% the total of value of the property you are looking to purchase, but a few allow less.
It is a good idea if you are between the ages of 18 and 40, to open a Lifetime ISA where the Government pays in a bonus of 25% of the sum invested (up to £4,000) each year.
As mentioned in Tip 2, there are options for those who have no or a small deposit.
Stamp Duty Land Tax is the tax you are required to pay when you buy a house in England and Northern Ireland.
The thresholds of Stamp Duty Land Tax changed this year, so, from April 2025, this is what you can expect to pay as a first-time buyer:
Property Price | Percentage of Stamp Duty to pay |
£0 - £300,000 | 0% |
£300,000 - £500,000 | 5% |
£500,000 | Not eligible for tax relief |
We’re not just saying that because that’s what we do – a mortgage adviser will look at your personal situation (income, debts, credit, dependants), and make an assessment on how much you are able to borrow. This is called a Mortgage, Agreement, or Decision in Principle.
They also have access to more lenders than if you were to search online, opening up more borrowing options.
Ensure you have all the relevant pieces of paperwork including, ID, payslips, and bank statements as you will be required to share these.
There are other costs involved in buying a house, so you must ensure you have extra put by. These include:
This is the fun bit. Now you know how much you can afford you can start looking for your dream home.
You can download our First Time Buyers Pack which has further information and tips here. Or simply get in touch with our friendly team, who will be happy to have a chat about how to begin your home-buying journey: 01628 507477.
With the stamp duty relief ending in England and Northern Ireland, we have listed the top 10 cheapest areas for first-time buyers as published by Rightmove.
Choosing which fixed rate to go for has been a dilemma for many of our clients so far this year. There really isn’t a right or wrong answer, but below we will look into the pros and cons of a two-year and five-year to help you make the right decision for you.
14 days ago
Here are the lowest fixed mortgage rates of the week, available to first-time buyers, home movers, buy-to-let, and those remortgaging.
Call us for more information: 01628 507477 or email: team@mortgagerequired.com.
15 days ago
According to Rightmove, a whopping 500,000 UK homebuyers are rushing to finalise their home purchase before the new Stamp Duty rules change in April.
The UK government is introducing new rules for Energy Performance Certificates (EPCs) that will impact landlords. Here's a summary of the key changes
22 days ago
Choosing to buy a house is one of the biggest decisions you are likely to make in your lifetime. There are many factors that influence a house purchase, these include: finances, housing market conditions, and mortgage rates.
25 days ago
Since being launched back in 1999 Individual Saving Accounts (ISAs) have been very popular for those wanting to put money into savings. There are four types of ISA, and the majority allow flexible saving and the ability to withdraw funds easily. There are financial penalties on certain products, these usually pay the most interest.
28 Feb 2025
According to the Office for National Statistics, last year (ending March 2024), there were 153,800 new homes completed in the UK. To help the housing crisis, the UK government has pledged to build 1.5 million new homes in the next five years.
Check out some of the reasons why a new-build home might be for you.