Buying your first home means learning a whole vocabulary at the same time as making the biggest financial decision of your life so far. An adviser's job is to take that off you — work out what's realistically affordable, find a lender that fits your circumstances, and keep the application moving. We'll introduce you to a mortgage adviser at The Finance Seer Ltd; the introduction is free, and they will agree their advice fee with you before you commit to anything.
How much deposit do you actually need?
Five percent is the usual floor, and there are lenders who work at that level. But deposit size drives the rate you're offered — the jumps at 10%, 15% and 25% are real money over a fixed term. An adviser will show you what each tier costs you monthly so you can decide whether waiting is worth it.
What lenders look at
- Income — and how it's paid, not just how much
- Existing commitments: loans, credit cards, car finance, childcare
- Credit history over roughly the last six years
- Deposit size and where it came from
- How long you've been in your current role
The steps, in order
- Agreement in Principle — a lender's indicative yes, usually within a day
- Offer accepted on a property
- Full application, with documents and a valuation
- Mortgage offer issued
- Conveyancing, then exchange and completion