First Time Buyers

For first-time buyers, the mortgage process can be overwhelming—confusing terms, uncertain approval processes, and financial pressure often make it stressful. We simplify the procedure by breaking down the complex steps, offering expert advice, and guiding you to the best mortgage options for your unique situation. Our goal is to make home-buying exciting, not intimidating.

Your home will be repossessed if you do not keep up repayments.

MORTGAGE

Why Choose Us?

Buying your first home is an exciting step, and we’re here to make it easy. At Foremost Financial, we provide tailored mortgage solutions specifically for first-time buyers, and offer expert advice to guide you through the process, helping you secure the right deal for your needs.

Experienced Advisors: Expert advice tailored to first-time buyers
Market Knowledge: Access to a wide range of lenders and deals
Specialist Support: Support from application to completion

First time buyer FAQ

How much deposit do I need?

Most first-time buyers will need a deposit of at least 5% of the property’s purchase price. However, a larger deposit (e.g., 10% or 20%) can give you access to better mortgage rates and reduce your monthly payments

What is a Decision In Principle (DIP)?

A decision in principle is provided by lenders as a statement of what they are prepared to lend, based on a quick look at your, income, outgoings & credit history. This is very important when submitting an offer to an estate agent as it shows you are a serious buyer.

What is stamp duty & do I need to pay it as a first time buyer?

Stamp duty is a tax you pay when buying a property over a certain price. How much you pay depends on the value. First time buyers have an exemption up to a certain amount – Click here to see how much you will pay https://www.gov.uk/stamp-duty-land-tax

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How much can I borrow?

4-4 This depends on your income, financial commitments (E.G. loans, credit cards, car finance.) and credit history. Typically you can borrow.5 times your annual income, however, this varies.

Can I get help with my deposit?

Yes many First-Time Buyers receive help from families. There are also government schemes designed to help First-Time Buyers, such as a (LISA) Lifetime ISA. You can pay up to £4000 per year into a LISA and the government will give you a 25% bonus. For more information on the Lifetime ISA please visit https://www.gov.uk/lifetime-isa

Process

Consultation

We’ll begin by gathering key information to understand your financial situation and determine how much you can realistically borrow. A basic credit check will also be conducted to assess eligibility.

Solution

Using the details from the consultation, we’ll search for the most competitive mortgage rates tailored to your unique circumstances.

Application

We’ll take care of all the paperwork and manage your entire mortgage application, ensuring you're kept informed every step of the way.

Completion