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Help for First Time Buyers

Help for First Time Buyers

How much can I borrow?

The first thing you need to consider when buying a property is how much deposit you can afford to put down, how much you can borrow and which is the most suitable mortgage for your circumstances. You need to also have an idea of what other costs you will incur such as stamp duty, furniture, furnishings and professional fees.

First of all, make contact with a selection of mortgage providers. The amount that you will be able to borrow will depend largely on your income level and the size of the initial deposit that you can put down on the property. If in regular employment, a single person should be able to borrow at least three times their annual salary and a couple should be able to borrow at least two and a half times their joint annual salaries. Some lenders offer up to five times' annual salary on particular mortgage products, but conditions may be attached.

Whilst there are home builders who are purpose-building low cost properties aimed at first time buyers, it may be that when you have established how much you can borrow it is not enough or you feel you may be overstretched financially.


In that case you may have to consider some sort of co-ownership or co-financing – see above for more information on this.


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