Talk me through finances. How much should I save, and what’s my maximum mortgage?,
20th November 2020
Generally, as a first-time buyer you will need to have a deposit of 10% of the purchase price from your savings. The maximum mortgage you can get for a property is 90%. You will also have to budget for legal fees, surveys, and other outlays.
Either bank mortgage brokers or independent mortgage brokers can arrange for you to apply for a mortgage. You will need to provide details of your income and other relevant information, such as other loans you might have.
There are various schemes home buyers can take advantage of to help offset the cost of buying. For example, if you’re purchasing a new home, you can apply for the Help-to-Buy Scheme. Visit our New Homes FAQs to learn more!