First-Time Buyer Calculators

Most lenders require a minimum 5-10% deposit for first-time buyers. For a £200,000 property, that's £10,000-£20,000. However, a larger deposit (15-25%) will give you access to better mortgage rates. Government schemes like Help to Buy and Lifetime ISAs can help you build your deposit, with the LISA offering a 25% bonus on savings up to £4,000 per year.

First-time buyers can access several support schemes including the Lifetime ISA (25% government bonus), Help to Buy Equity Loan (20-40% government loan), Shared Ownership (buy a share of a property), and First Homes scheme (30-50% discount on market value). You also get stamp duty relief on properties up to £425,000, potentially saving you thousands in tax.

Lenders typically offer 4.5-5 times your annual income, though this can vary based on your credit score, deposit size, and other financial commitments. For example, with a £30,000 salary, you might be able to borrow £135,000-£150,000. Some lenders offer enhanced multiples for professional occupations or higher incomes.

Additional costs include mortgage fees (£1,000-£2,000), legal fees (£800-£1,500), survey costs (£400-£800), moving expenses (£300-£600), and potential mortgage insurance. While first-time buyers get stamp duty relief up to £425,000, you may still need to pay this on higher-value properties. Also budget for initial furnishing and any immediate repairs or improvements.

The process typically takes 3-6 months from having an offer accepted to completion. This includes mortgage application (2-4 weeks), legal work (8-12 weeks), surveys (1-2 weeks), and exchange/completion (2-4 weeks). Having your deposit ready, a mortgage agreement in principle, and all necessary documents prepared can help speed up the process.