First Time Buyers Factsheet

Your first mortgage is one of the biggest commitments you will ever make and many first time buyers find the process daunting, but it doesn’t have to be. This factsheet makes the process easy to understand and explains everything you need to know about buying your first home.

How much can I borrow?

This all depends on the size of your deposit and income. Use our online calculator (link to page) to gain an estimate of how much you can borrow. Please be aware that this approximation can vary depending on the lender and your outgoings.

How much will I pay each month?

This is a wise question because it is important to choose a mortgage that you can comfortably afford. The monthly repayments will depend on how much you borrow, the number of years you wish to borrow the money for and the interest rate. Use our mortgage cost calculator for an estimate of how much you will pay each month.

Jordan Lynch will detail all costs for you before your application. This allows you to clearly see the amount you will pay in fees, repayments and interest so you can budget accordingly.

How do I apply for a mortgage?

The first step is obtaining a mortgage agreement in principle from your chosen lender. This tells you how much they are willing to lend you, based on the information that you provide.

Once you know how much you can borrow, you’re ready to look for your first home. Typically, Jordan Lynch can have an agreement in principle in place for you within a few hours.

first time buyers

What other costs are involved with buying a home?

If the property is worth more than £125,000, you will have to pay stamp duty land tax. The amount varies depending on the value of the property. Find out how much you will pay with the HMRC’s stamp duty calculator.

You will also have to pay the solicitor and hire a surveyor to assess the condition of the property. There are three types of house survey: a basic valuation, a HomeBuyer’s report and a building survey. The cost of the survey depends on the surveyor, the value of the property and which survey you require.

Most lenders will request that you take out home insurance as a condition of the mortgage.

Don’t forget to leave room in your budget for other moving costs, such as furniture, removal companies, repairs and decorating.