Taking Your First Step onto the Property Ladder

Typically, first time buyers require at least a 5% deposit. There are some lenders offering options with £5,000 deposit or even zero deposit options. When buying a new build, there may be help from the builder towards your deposit. Its commonly accepted by lenders for family to support with a gift to help support the deposit. Larger deposits may mean better interest rates and choice of lenders. Get in touch and I’ll guide you through what is available.

Separate to your deposit you will need some funds for the fees involved in buying a home. These include solicitor fees, Stamp Duty or Land and Building Transaction Tax in Scotland, movers fees and of course it’s sensible to budget for furniture. If you are buying in Scotland, you may need funds for offering over home report. I’ll talk you through this in more detail when we meet.

Often, yes — it depends on your individual circumstances. Some lenders are more flexible than others, even if you’ve had missed payments or a limited credit history. The first step is understanding your credit file. I’ll help you do this and then guide you through your options.

Yes, for self-employed, lenders generally require you to have two consecutive years of self-assessments. How your income is assessed will depend on if you are a sole trader, limited company or partnership. There are lenders that will consider 1 years’ self-assessment, typically this is only available through a mortgage broker. Lenders have a broad spectrum of criteria for how they assess contractors. It will depend on your occupation type, your rate of pay, your length of time on a contract as well as the remaining time on your contract. It’s all about knowing which lender will be best for you. I’ll find you the most cost-effective lender who is offering the most suitable deal for you.

Yes, is my honest opinion. The decision in principle is your first big step to mortgage approval. It will confirm how much you can borrow and if the lender is satisfied with your credit score, in principle. Knowing how much you can borrow will help you to view properties you can actually afford. We will also complete a budget planner, so you will know how much your mortgage and insurance will cost monthly and insure you comfortably afford and enjoy your new home. In a fast-paced market, most estate agents will ask you to confirm that you have a decision in principle when you arrange a viewing.