Summit Mortgages
First Time Buyers
We offer expert guidance for first-time homebuyers, helping them navigate the process from finding out how much they can borrow to obtaining an Agreement in Principle.
How lending works with
Your Deposit
Saving for a deposit can be one of the greatest challenges as a First Time Buyer.
Ideally, a lender will be looking for a deposit of at least 10% as this will offer you and your lender some security in the fluctuating property market. However, this can be a tall order, particularly if you’re already paying rent and existing household expenses, therefore, there are low deposit products or even 0% deposit schemes that we can offer you advice on.
With a smaller deposit you can expect to pay more for your lending; the greater your deposit, the better mortgage product you’ll be able to apply for.
What is it and do I need one?
Agreement in Principle
An Agreement in Principle is a conditional offer of a mortgage provided by a lender before submitting your full application. Getting an Agreement in Principle before making an offer on a property enhances the likelihood of your offer receiving serious consideration from the seller.
First Time Buyers enjoy a particularly advantageous position in the buying process as you’re not required to sell a property before purchasing one and by obtaining confirmation through an Agreement in Principle you can make your offer stand out among others.
How much can I
Borrow
The level of borrowing that you’ll be able to apply for will depend entirely on your own circumstances, credit score and affordability. Before you begin house-hunting and fall in love with a new home let us see how much you can borrow, this will set your expectations and avoid disappointment further down the line.
It’s also beneficial to consider your own budget. How much do you feel you could afford to pay for your mortgage each month? This may limit the amount that you’d wish to borrow but would ensure that you don’t feel overcommitted.
We’re able to simultaneously check affordability and lending criteria with a wide variety of lenders and compare this against your budget, saving you time and effort and putting you in the best position for your purchase.
