Where should I start if I want to buy my first home?
Write down the deposit you can access and a repayment you could manage alongside other household costs. An adviser can help turn those figures into questions for a lender. Explore the first-home guide
How much deposit do I need?
Requirements vary with the property, the purpose of the loan, the lender and your circumstances. Ask about any extra costs or restrictions that come with a smaller deposit.
Which costs sit outside the house price?
Allow for legal fees, property reports and inspections, valuations where required, insurance and moving costs. Once you own the home, rates and maintenance become regular budget items.
How do lenders decide what I can borrow?
They assess your income, expenses, credit commitments, deposit and the property offered as security. An online repayment estimate can illustrate the cost of borrowing but the lender makes the credit decision.
What is conditional approval?
It is an indication that a lender is prepared to lend subject to conditions. Check the expiry date, required documents and property conditions before relying on it.
How long does approval take?
Timing depends on the information supplied, the lender and the complexity of the purchase. Tell your adviser about any finance deadline or auction date as soon as you know it.
Can I apply after a past credit problem?
You can discuss your history and current circumstances with an adviser. Lenders assess the details individually. Be ready to explain what happened and how you manage your commitments now.
How are fixed and floating rates different?
A fixed rate is agreed for a particular period. A floating rate can change with lender pricing. The flexibility to make extra payments and any early repayment charges depend on your particular loan.
What does a mortgage adviser do?
An adviser can discuss options on the firm’s lender panel and help you prepare an application. A lender decides whether to approve a loan. The firm’s disclosure explains the panel, commissions and any fees. View the disclosure statement
What if I already have an application with a bank or another adviser?
Tell your adviser which lender is considering it and what has been submitted. This helps avoid duplicate applications and lets you agree who will follow up.