First Time Buyers

Buying your first property can seem incredibly daunting when it should be a fun and exciting time!

Having the right mortgage advice, especially if buying with a small deposit or using a guarantor like a parent to help fund the purchase, can remove some of the worry and stress that seems to happen far too often in a house purchase. Happily, there are also many products designed specifically for first time buyers and lenders are increasingly realising the importance of offering unique criteria to first timers.

Our independent brokers will guide you to the correct lender, whilst:

  • Fully explaining the house buying process,
  • Detailing all the typical costs involved such as solicitors, valuations, surveys and stamp duty,
  • Untangling all the jargon
  • Defining your borrowing capacity

How much can I borrow? 

Borrowing capacity is based on individual circumstances, most lenders will typically take into account not only income but also debts along with other outgoings like child care, pensions, living expenses and household bills. However, lenders have different criteria and it is our job to place you with the most suitable lender for your circumstances and ultimately maximise your borrowing capacity if required.

How much deposit will I need?

This will depend entirely on your individual circumstances but most lenders require at least 5% of the purchase price. There are deals available which require zero deposit but it is far trickier to secure a house purchase with a deposit of 0% and these deals will not be available or suitable for everyone. It’s also worth considering that a larger deposit can often result in getting a lower interest rate on your mortgage and our advisers will happily show you the effect this can have on the deals available and your monthly outgoings.

Wondering whether you can afford to buy your first home?

Speak to one of our impartial advisers who will guide you along the journey. All initial consultations are without charge or obligation.

It’s never too early to start planning…

Helping first time buyers achieve their property purchase aspirations is hugely rewarding. Even if they are not looking to immediately buy, we are always more than happy to sit with potential buyers to ascertain their borrowing capacity and just as importantly, how much deposit they need to save.

Every week our advisers help people achieve their property goals but this is not always an instant process, sometimes we will have first met with these buyers many months or even years before to help set savings goals and guide them towards getting the keys of their first home.

Free Initial Consultation

The primary aims for most first time buyers is working out their maximum borrowing capacity and how much the mortgage will cost each month. We’ll detail everything else you typically need to know and can provide an ‘Agreement In Principle’ so that you can make an offer on a property in the confidence of knowing your mortgage finance is arranged.

Many estate agents will not accept an offer from a first time buyer until they know that your finances are in place and ready, so we recommend you seek advice from our experienced brokers before house hunting. We can then confirm to the agents that you are in a position to proceed.

Exclusive Mortgage Products

Lenders use mortgage brokers as a key way to attract new business and know that they need to compete to ensure they are offering market leading rates, as such we often have exclusive products that are not available by going direct to the lender, potentially saving you substantial amounts of money over the term of a mortgage.

Likewise, lenders will often offer more flexible lending criteria via ourselves than you are able to get on the high street and our advisers are experts at knowing the intricacies of different lenders so as to ensure you are able to get the best deal possible.

Help-to-Buy & Shared Ownership

With high house prices it is increasingly difficult for first time buyers to get a foot on the ladder and the government has over the years introduced various measures designed to help. The main two at present are ‘Help To Buy’ and ‘Shared Ownership’, both have their merits and drawbacks. Our advisers can fully explain how both schemes work, helping you decide if this is the route to home ownership you wish to use.

Free Initial Consultation

The primary aims for most first time buyers is working out their maximum borrowing capacity and how much the mortgage will cost each month. We’ll detail everything else you typically need to know and can provide an ‘Agreement In Principle’ so that you can make an offer on a property in the confidence of knowing your mortgage finance is arranged.

Many estate agents will not accept an offer from a first time buyer until they know that your finances are in place and ready, so we recommend you seek advice from our experienced brokers before house hunting. We can then confirm to the agents that you are in a position to proceed.

Exclusive Mortgage Products

Lenders use mortgage brokers as a key way to attract new business and know that they need to compete to ensure they are offering market leading rates, as such we often have exclusive products that are not available by going direct to the lender, potentially saving you substantial amounts of money over the term of a mortgage.

Likewise, lenders will often offer more flexible lending criteria via ourselves than you are able to get on the high street and our advisers are experts at knowing the intricacies of different lenders so as to ensure you are able to get the best deal possible.

Help-to-Buy & Shared Ownership

With high house prices it is increasingly difficult for first time buyers to get a foot on the ladder and the government has over the years introduced various measures designed to help. The main two at present are ‘Help To Buy’ and ‘Shared Ownership’, both have their merits and drawbacks. Our advisers can fully explain how both schemes work, helping you decide if this is the route to home ownership you wish to use.

Nicholson Brown Limited is authorised and regulated by the Financial Conduct Authority under register number 671013.

Your home (or property) may be at risk of repossession if you do not keep up repayments on your mortgage or loan secured upon it.

We do not charge for our initial consultation, however we charge a brokerage fee for residential and buy to let mortgage applications. The fee is dependent upon the complexity of your case and is typically up to £500, payable upon completion of the transaction.

This website is subject to the UK regulatory regime and is therefore primarily aimed at consumers based in the UK.

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