First Time Buyer
Buying your first home is an exciting time, but it’s also the largest financial commitment you are likely to make. Due to the size of the commitment, it is important to make sure that you have clear, reliable advice and support throughout the entire process.
FAQ
How much deposit do I need to buy a home?
The majority of mortgage lenders will ask for a minimum deposit of 5%-10% of the property's value. Whilst there are mortgages available with no deposit requirements at all, they are less common.
What schemes are available for first time buyers?
The most well-known schemes are Shared Ownership, Right to Buy and Deposit Unlock. There are other niche schemes available, however these are supported by a limited number of lenders.
Can my parents gift me the deposit?
The preference of most mortgage lenders is for the individual offering the gifted money to be a close family member, like a parent, grandparent, or sibling. Receiving a gifted deposit from a partner is also acceptable. However, more distant relatives such as aunts, uncles, or friends might not meet some lender's criteria.
Contact Us
Why not give us a call on 0203 633 4342, for an initial chat with one of our Mortgage Advisors?
0203 633 4342