Call us free on 0800 404 5804

Mortgage Advice For First Time Buyers

Posted 23rd October 2022

Buying your first house can be stressful, and knowing how to get your first mortgage isn’t something they teach you at school. As a first time buyer a mortgage can feel like a daunting process as you are making the decision of where you want to live for the next few years of your life, as well as getting to know how the loans market works.


A mortgage is a large commitment, so making sure you know as much as possible before committing to one is an important, such as when is the best time to buy a house and should you be using a mortgage broker. At Professional Consultants Certificates we have compiled a list of mortgage advice and guidance to help you understand the process as much as possible.


Saving for a Mortgage Deposit

The first step to preparing for your mortgage is saving up for the deposit. Whilst having a large deposit can get you a better deal on your mortgage, there are a variety of options available for those with lower deposits, as well as some government help that can get you onto the housing ladder.


On average, a first time buyer is expected to pay a 20% deposit, however some banks will accept a 10% mortgage, and in some circumstances a 5% deposit. It’s best to shop around once you know your deposit amount, to find the right mortgage deal for you.


Check with the government for the help-to-buy incentive, which can help you purchase a mortgage on your first home with as little as a 5% deposit.


Gifted Mortgage Deposits

In some cases a friend or family member may have lent you the money for a deposit. If this is the case your lender will want to be able to trace where the deposit came from, and your solicitor will need to run money laundering checks, so it is in your best interest to be upfront about the situation.

Provide your lender with a signed letter from the person who has gifted you the deposit to confirm that they have gifted you the money and that they will not require a financial stake in the property.


If you intend to use a mortgage broker you should ensure that they are informed of your intention to use a gifted deposit.



Your Job Matters

Most banks and mortgage lenders will want to see that you are committed, this includes in your work life. They will want to see that you have been with your current employer for a certain amount of time before they will consider giving you a mortgage.

When looking into a mortgage, make sure you can provide evidence that you have been in your current employment for at least six months before applying.

Proof of income is essential, so providing a P60 may be required. A lender needs to ensure that you are in a position to make your mortgage payments every month. Just like you might be asked in job interviews, you may be asked to provide three months of bank statements or payslips as evidence of your current financial situation.


Write The Perfect Mortgage Application

Writing a mortgage application can feel daunting your first time, and it may feel tempting as you’re writing it to change figures. Don’t do this! If you write your application but then start changing figures it can hold up your property purchase and delay you for longer.


Mortgage Brokers Can Help

Finding the right mortgage deal can be hard. You need to know how much you’re eligible for or how much you can borrow, and a mortgage broker can help you with this. Their job is to research the current mortgage market for you and help you through the application process.


For Help Buying Your First Home Contact Professional Consultants Certificates

Buying your first home can be an incredibly stressful process. Don't add stress to your load, get in touch with us today for advice and make sure you're prepared with a Professional Consultants Certificate for your new home. Have a question? Check out our FAQ page for answers to common queries we receive.
Back to latest news
Our professionals hold at least one of the following accreditations

Cookie consent

Please choose which cookies you want to consent to.