Buying your first home
Nobody explains this properly the first time round. Tell us where you are up to and we will introduce you to an adviser at The Finance Seer who does this every day.
Your Local Broker is an introducer and does not give advice. Your enquiry is passed to The Finance Seer Ltd, who are authorised and regulated by the Financial Conduct Authority.
Your home may be repossessed if you do not keep up repayments on your mortgage.
How much deposit you actually need
The deposit is the part everyone fixates on, and it is genuinely the biggest hurdle, but the figure people carry in their head is often wrong. Lenders express it as a percentage of the purchase price, and its size changes which products you can reach rather than simply whether you can buy at all.
A larger deposit generally opens a wider range of products, because the lender is taking less risk. That does not make waiting to save more the automatic right call, since prices and rates move while you save. An adviser will weigh what you have now against what you would realistically gain by holding off.
What affordability really means
Affordability is not a single number. Lenders look at your income, your existing commitments, your credit history and how much of your income the mortgage would swallow, then apply their own internal rules on top. Two lenders can read identical circumstances and reach genuinely different answers.
Regular outgoings weigh more heavily than most people expect. Car finance, credit card balances, student loan deductions and childcare all reduce what a lender treats as affordable, sometimes to a surprising degree. Understanding that before you apply beats discovering it afterwards.
What the process looks like end to end
It runs roughly like this. You work out a budget, get a decision in principle so estate agents take you seriously, find somewhere, make an offer, then submit a full application. A valuation follows, then a formal mortgage offer, then the legal work, then completion and keys.
The part that catches people out is how much of it is waiting. Between an offer being accepted and moving in, a straightforward purchase commonly runs to a couple of months, and a chain stretches that further. Knowing this in advance makes the silence far less alarming.
Schemes and help that still exist
Help to Buy equity loans closed to new applications, so disregard any guide still recommending one. What remains includes shared ownership, certain lender-specific low-deposit products, and family-assisted arrangements where a relative helps without simply handing over cash.
Whether any of these suit you depends entirely on your circumstances, and each carries trade-offs worth understanding before you commit to it. An adviser at The Finance Seer will talk you through which, if any, are worth a closer look in your position.
What an adviser will want to know
- Proof of income — usually your last three payslips, or two to three years of accounts if you work for yourself
- Bank statements covering the last three months
- Proof of your deposit and where it came from
- Photo ID and proof of your current address
- A rough idea of your monthly commitments — loans, cards, childcare
What happens next
- 1
You tell us what you need
One short form. Name, number, postcode and a line about your situation.
- 2
We pass your details on
We send your enquiry to The Finance Seer, who are authorised and regulated by the Financial Conduct Authority.
- 3
An adviser calls you
Usually within one working day. They will ask questions and explain your options.
- 4
You decide what to do next
Any advice comes from The Finance Seer, not from us. There is no obligation to go ahead.
Common questions
- Does Your Local Broker give mortgage advice to first-time buyers?
- No. We are an introducer. We take your details and pass them to an adviser at The Finance Seer, who is authorised and regulated by the Financial Conduct Authority. All advice comes from them.
- Should I get a decision in principle before I start viewing?
- Usually yes. It tells you what you are likely to be able to borrow, and most estate agents want to see one before they take an offer seriously. An adviser at The Finance Seer can arrange one.
- Can I get a mortgage if I have only just started a new job?
- Often, yes. Some lenders will consider you from your first payslip, others want longer, and some accept a signed contract before you start. It is exactly the situation where speaking to an adviser first saves a wasted application.