Frequently Asked
Our handy mortgage calculator calculates what your monthly mortgage repayment might be by taking the amount you want to borrow and the total interest you might pay and dividing it by the number of months you’ll repay it in. These results are computer-generated and show a fixed rate. You can change the interest rate to check different types of mortgages.
Frequently Asked
How much you can borrow as a first-time buyer will depend on your income – lenders usually offer between 4 and 5 times your income.
Frequently Asked
Yes, if you’re a first time buyer and struggling to raise enough funds for a deposit, the mortgage guarantee scheme can help you get a 95% loan-to-value mortgage. This would mean you would only have to put down a 5% deposit.
Frequently Asked
No, being a first time buyer shouldn’t necessarily make it difficult to get a mortgage as long as you meet the eligibility requirements of the lender. Saving up enough deposit and maintaining a healthy credit score will help you. Read our guide on the minimum credit score needed to get a mortgage to find out how to improve yours.
Frequently Asked
In theory, no, first time buyers will go through the same process as other mortgage applicants. But as a first time buyer, you do have access to certain government schemes to help you secure a mortgage that might include an extra step. Read our guide on applying for a mortgage for more details on the application process.
Frequently Asked
As a first time buyer, you’ll need a minimum of 5% to 10% deposit for the home you would like to buy. Remember that a larger deposit could open the door to more favourable rates, but if you’re struggling to raise a large deposit, there are lenders who will accept a smaller deposit. A specialist mortgage broker can help you find one.