First Time Buyer

First time buyers often need more guidance, as they have no property to sell, but the advice process itself is the same as for any other buyer.

Also called a Decision in Principle, it's a certificate from a lender confirming in principle how much they're willing to lend, based on your income and credit file.

This depends entirely on your individual circumstances; lenders use affordability calculators rather than simple income multiples, and a broker can check accurately what each lender will offer.

Some products allow a family member's savings to support a 100% mortgage, but in the wider market the minimum deposit is usually five percent.

There are three credit reference agencies - Equifax, Experian and TransUnion - and free services such as Credit Karma and Check My File let you review your file; registering on the electoral roll and using credit responsibly helps build your score.

The Lifetime ISA lets you save towards your first home with a government bonus added, provided the property costs under £450,000 and is bought with a residential mortgage.

Schemes include the Lifetime ISA, family/guarantor mortgages, stamp duty relief on properties up to £300,000, Shared Ownership, Right to Buy and Joint Borrower Sole Proprietor mortgages.

Costs include stamp duty (not payable up to £300,000), lender application and arrangement fees, surveyor and solicitor fees, and the cost of protection insurance.

Get good quality support from a mortgage adviser who can explain every step and take the stress out of buying your first home.