What is a first time buyer in the UK?

A first time buyer is someone who has never owned property anywhere in the world. If you're buying jointly, both applicants must never have owned property to qualify for full first time buyer benefits, including Stamp Duty relief. Your status is verified by the lender through a credit file search and confirmed by your solicitor during the conveyancing process.

How much deposit do I need as a first time buyer?

The minimum deposit accepted by most lenders is 5% of the property purchase price, which gives you a 95% loan-to-value (LTV) ratio. The more you can save, the better — a 10% deposit opens up more lenders, and a 20% deposit or more gives you access to the most competitive rates on the market. There are also newer schemes that allow deposits as low as £5,000 on a 99% LTV mortgage for eligible buyers.

Can I get a mortgage if I'm self-employed or have bad credit?

Yeah, both are possible, though the options available will differ from a standard application. Self-employed buyers typically need two years of accounts or SA302s, though some lenders accept one year. For adverse credit, specialist lenders outside the high street work with applicants who have missed payments, defaults, or CCJs. In both cases, an experienced broker makes a significant difference in finding the right lender for your circumstances.

What is an Agreement in Principle?

An Agreement in Principle (also called a Mortgage in Principle or Decision in Principle) is a confirmation from a lender that they are willing to lend you a specific amount, based on a credit check and the financial information provided. It is not a guarantee, but it puts you in a much stronger position when making offers on properties, as estate agents and sellers take it as proof you are a credible, mortgage-ready buyer.

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Switching to a Better Deal

Remortgaging is simply switching your existing mortgage to a new deal, using the same property as security. It can be with your current lender or a new one — whichever suits your circumstances best.

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Better Rate

Deal ending? Avoid falling onto a higher SVR. Even a small rate reduction saves thousands over the term.

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Home Improvements

Raise funds to improve your property — likely to increase its value and return your investment.

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Debt Consolidation

Use your home's equity to consolidate multiple debts into one manageable payment.

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Change in Circumstances

Job change, illness, or life event making repayments difficult? Remortgaging may help.

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Release Equity

Built up value in your home? Unlock it — though this increases your loan and monthly payments.

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