Your deposit
The money you put towards the purchase affects how much you need to borrow. Deposit requirements vary between lenders and depend on your circumstances and the property you choose.
First-time buyers
A mortgage for your first home.
Your deposit is only part of the picture when buying your first home. You’ll also need to consider what you can afford each month and allow for costs such as legal fees and a survey.
We’ll explain how much you may be able to borrow and compare suitable mortgages from the lenders available to us. If you decide to go ahead, we’ll guide you through the application and explain what your lender needs.
Planning your first-home budget
Monthly repayments
Lenders assess your income, regular spending and financial commitments. Think about a payment you could manage alongside household bills and everyday costs, rather than simply borrowing the maximum available.
Other buying costs
Allow for legal fees, a survey and any mortgage or valuation fees, as well as moving costs. Property tax may also apply, depending on where and what you buy.
Could a homebuyer scheme help?
There are different ways to buy with a smaller deposit, but they do not all work in the same way. Low-deposit mortgages still depend on the lender’s affordability and credit checks. Government or local homebuyer schemes have their own eligibility rules, and what is available depends on where you want to buy.
With shared ownership, you buy a share of a home and pay rent on the rest. You’ll need to allow for that rent and any service charges alongside your mortgage repayments. We can look at whether a current scheme may fit your circumstances and explain the commitments involved. Availability and eligibility must be checked when you apply.
From first plans to your first home
Get an agreement in principle
This gives an indication of what a lender might lend. It is not a mortgage offer; your finances and chosen property still need assessment.
Apply for your mortgage
Once you’ve found a property, we’ll help you apply for a suitable mortgage. The lender then checks your information and values the property.
Prepare for completion
If the lender approves your application, it issues a mortgage offer. Your solicitor or conveyancer handles the legal work needed to complete the purchase.
Getting started
Which documents will I need?
Lenders usually need proof of your identity, income and deposit, along with bank statements showing your regular spending. The exact documents depend on your circumstances; self-employed applicants may need accounts or tax records. We’ll explain what is needed for your application.
Is a valuation the same as a survey?
No. A mortgage valuation helps the lender assess the property’s value for lending purposes. It is not a detailed report on its condition. A survey can help you understand defects and possible repairs; the type you need depends on the property.
Can family help with my deposit?
A gift from family may be accepted, depending on the lender’s rules. You’ll usually need evidence of where the money came from and confirmation that it is a gift. Tell us if any of it must be repaid, because that may affect your borrowing.
Your home may be repossessed if you do not keep up repayments on your mortgage.
