Your Complete Guide to UK First Home Buying
Calculate your first-time buyer mortgage affordability, explore government schemes, and plan your journey to homeownership with our comprehensive UK calculator.
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Essential information for UK first-time homebuyers
The minimum deposit for first-time buyers is typically 5% of the property value. However, a 10% deposit will give you access to better mortgage rates and more lender options. Some government schemes can help reduce the deposit requirement.
Key schemes include Help to Buy Equity Loan (up to 20% loan, 40% in London), Shared Ownership (buy 25-75% of property), Lifetime ISA (25% government bonus), and First Homes scheme (30-50% discount on new builds). Each has specific eligibility criteria.
Most lenders offer up to 4.5 times your annual income, though this can vary based on your circumstances. First-time buyers may access special products with slightly higher multiples. Your affordability also depends on your deposit, credit score, and monthly commitments.
Budget for solicitor fees (£500-£1,500), survey costs (£300-£1,000), mortgage arrangement fees (£0-£2,000), removal costs (£300-£1,000), and potential stamp duty. First-time buyers are exempt from stamp duty on properties up to £425,000.
While not essential, a mortgage broker can be valuable for first-time buyers. They can access exclusive deals, guide you through the process, and help with complex situations. Many offer free services as they're paid commission by lenders.