How much can I borrow?

How much you can borrow depends on a few different things—but a rough guide is around 4.5 times your gross household income.
So if you earn £30,000 a year, that might mean you could borrow around £135,000.
Earn £50,000? You might be looking at £225,000.

But it’s not that straightforward. Some lenders may offer more than 4.5 times income for certain jobs or situations, while others might offer less depending on your circumstances.

Things like existing debts, how many kids you have, your credit history, and how long you want the mortgage for all come into play.

The truth is, each mortgage lender has their own rules—and they don’t all treat your income the same way.

The only real way to find out how much you can borrow is to speak to a mortgage adviser who can look at your full picture and match you with the right lender.

How much can I borrow?

How much you can borrow depends on a few different things—but a rough guide is around 4.5 times your gross household income.
So if you earn £30,000 a year, that might mean you could borrow around £135,000.
Earn £50,000? You might be looking at £225,000.

But it’s not that straightforward. Some lenders may offer more than 4.5 times income for certain jobs or situations, while others might offer less depending on your circumstances.

Things like existing debts, how many kids you have, your credit history, and how long you want the mortgage for all come into play.

The truth is, each mortgage lender has their own rules—and they don’t all treat your income the same way.

The only real way to find out how much you can borrow is to speak to a mortgage adviser who can look at your full picture and match you with the right lender.

How much will it cost per month?

Your monthly mortgage payments depend on how much you borrow, the interest rate, and your mortgage term length. A longer term lowers monthly payments but increases overall interest. Shorter terms save interest but raise monthly costs. Interest rates play a huge role—lower rates mean cheaper repayments. Remember, other costs like insurance and property taxes might also affect monthly expenses. A mortgage adviser can provide precise calculations tailored to your borrowing amount, preferred term, and current interest rates, helping you budget effectively.

How much will it cost per month?

Your monthly mortgage payments depend on how much you borrow, the interest rate, and your mortgage term length. A longer term lowers monthly payments but increases overall interest. Shorter terms save interest but raise monthly costs. Interest rates play a huge role—lower rates mean cheaper repayments. Remember, other costs like insurance and property taxes might also affect monthly expenses. A mortgage adviser can provide precise calculations tailored to your borrowing amount, preferred term, and current interest rates, helping you budget effectively.

Am I Ready To Buy?

Figuring out if you’re ready to buy a home isn’t just about having a deposit—it’s about knowing where you stand financially and how lenders will see you. Things like your credit score, income stability, debts, and monthly budget all play a big part in your mortgage readiness. The good news? You don’t have to guess!

Take our quick “Are You Ready To Buy Quiz” in the Score App. In just a couple of minutes, you’ll get a personalised score and tips to help you get mortgage-ready faster.

What’s a Mortgage in Principle?

A mortgage in principle (MIP), also known as an Agreement in Principle (AIP), is an initial statement from a lender indicating how much they're willing to lend you based on your basic financial information. It’s not a guaranteed loan offer, but it's valuable as it shows estate agents and sellers you're a serious buyer, making your offer stronger. An MIP typically lasts 60-90 days and can be easily renewed or adjusted by your mortgage adviser. Getting an MIP is quick, simple, and a vital step towards buying your first home.

What deposit do I need?

The minimum deposit typically required is 5% of the property's purchase price, but aiming for a higher deposit can offer better interest rates and lower your monthly payments. A larger deposit—say 10% or more—also gives you access to more lenders and more favorable terms. For instance, on a £200,000 home, a 5% deposit is £10,000. However, saving 10% (£20,000) or more can significantly reduce your costs and increase your borrowing options. Speak with a mortgage adviser to discuss deposit strategies that suit your financial goals.

Do I Need To Use A Broker ?

Thinking about whether you really need a mortgage broker? While it’s not essential, using a broker can make the whole process faster, easier and far less stressful. A broker searches the whole market for deals you might miss, handles the paperwork, negotiates better terms, and explains everything clearly.

We’re especially valuable if your income is complex or your credit isn’t perfect. In short, a good broker can save you time, money and hassle — and help you secure the right mortgage with confidence.

Your Home May Be Repossessed If You Do Not Keep Up Your Mortgage Repayments.

What if I have bad credit or debt?

Having bad credit doesn't mean you can't get a mortgage—it just narrows your options. Some lenders specialize in helping individuals with adverse credit histories, though you might face higher interest rates and require a larger deposit. Working closely with a mortgage adviser experienced in adverse credit cases can significantly improve your chances. They can advise on improving your credit score and match you with suitable lenders who understand your situation.

How long does it take to buy a house?

The time it takes to buy a house in the UK depends on your circumstances, but a typical first-time buyer journey runs in two main stages. Once you’ve found a property and submitted your mortgage application, it usually takes 2–3 weeks for the lender to carry out checks, value the property, and issue a mortgage offer. After that, the process moves to your solicitor, who handles contracts, property searches, and liaises with the seller’s solicitor. The legal side usually takes 6–10 weeks, depending on how complex the chain is. On average, buying a house from offer accepted to completion can take around 10–14 weeks in total. A mortgage adviser helps keep everything on track.

Can I get help with my deposit?

Yes – first-time buyers in the UK have several ways to get help with a house deposit. The most common is a gifted deposit from family, which must be declared to the lender with a signed letter confirming it’s a gift, not a loan. You could also use government-backed schemes like Co-Ownership (Shared Ownership), where you buy part of a property and pay rent on the rest, reducing your deposit requirement. The 95% mortgage guarantee scheme also allows you to buy with as little as 5% deposit. In some cases, lenders accept family springboard mortgages where relatives use savings as security. A mortgage adviser can explain which deposit help options you qualify for and guide you through the process.

What is Co-Ownership and is it right for me?

Co-Ownership, a type of Shared Ownership, helps you buy a home even if saving a full deposit is tough. Instead of buying outright, you purchase a share (usually 50% or more) and pay rent on the rest. It lowers your deposit and monthly mortgage payments, making homeownership accessible sooner. Over time, you can increase your share of ownership. However, it means ongoing rent payments alongside your mortgage. It's ideal if you want to step onto the property ladder sooner without a large deposit. Talking to an adviser who specialises in Co-Ownership schemes can help clarify whether it’s the right choice for you.

What insurance do I actually need?

When buying your first home, you’ll typically need Buildings Insurance as a minimum—it’s mandatory for your mortgage. However, it’s equally important to protect yourself and your family financially. Life Insurance, Income Protection, and Critical Illness Cover can ensure your mortgage and living costs are covered if the unexpected happens. Life Insurance covers your mortgage if you pass away; Income Protection supports you if you're unable to work due to illness or injury; Critical Illness pays a lump sum if you’re diagnosed with a serious illness. Speaking to an adviser can help identify exactly which policies you need based on your personal situation and budget.

Should I fix my rate or go variable?

Choosing between fixed and variable mortgage rates depends on your appetite for risk and need for budgeting certainty. Fixed rates guarantee your monthly payments stay the same for a set period (usually 2, 3, or 5 years), making budgeting predictable. Variable rates, such as trackers or discounted rates, fluctuate with the market, meaning payments can rise or fall. Fixed rates offer peace of mind, while variable rates can potentially offer lower initial payments. Consider your financial stability, future plans, and how comfortable you are with payment changes. An adviser can help weigh up these options, recommending what suits your lifestyle best.

What are the upfront costs involved?

Buying your first home involves more than just the deposit and monthly mortgage payments. Other important costs include solicitor fees, property valuation fees, surveys, stamp duty (depending on property value and your circumstances), mortgage arrangement fees, and removal costs. Solicitors usually cost 0.75-1% of the purchase price. Valuations can be a few hundred pounds, surveys vary from £300–£1000, and stamp duty depends on property price and your buyer status. It's crucial to budget carefully for these additional expenses to avoid surprises. A mortgage adviser can provide a clear breakdown tailored specifically to your property purchase, ensuring you’re financially prepared.

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We charge a fee for our services. Our fee range is £0 to £595, with a typical fee of £395. If a Fee is payable, it is paid in 2 stages. Stage 1. £100 when we submit your mortgage application. Stage 2. £295 (or the remainder of the agreed fee) when you receive your official Mortgage Offer. We’ll always agree this with you before we start any chargeable work, and you’ll receive written confirmation so everything is clear from the start.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH MORTGAGE REPAYMENTS

First Time Buyer Mortgages Ltd is an Appointed Representative of PRIMIS Mortgage Network, a trading name of First Complete Ltd. First Complete Ltd is authorised and regulated by the Financial Conduct Authority.

The Guidance contained within this website is subject to UK regulatory regime and is there primarily targeted at the consumers based in the UK.

First Time Buyer Mortgages Ltd, registered in Northern Ireland. Registration Number - NI730959.

Registered address, 222 Lisburn Road Belfast BT9 6GD.