1st Time Buyer Mortgages

First Time Buyers

At Kyle Financial, we understand all the struggles and issues that can arise for first-time buyers looking to secure their first mortgage. We can help to advise and guide you through the complex process to make sure you have the information you need to find the loan that works for you and your unique situation. We’ll go through the process step by step to assist you with everything — from how to save for a deposit to clarifying your options and interest rates — right up until you get the keys to your new house. 

Your First Steps

If you’re very new to this whole endeavour, it can seem overwhelming. We’ll help break it down for you and explain all the jargon. 

Understanding your mortgage options is critical in finding the right option for you. Whether you have enough for a deposit or are having trouble saving, there are several steps you can take. The first is to figure out how much you can borrow from a lender. The more money you have saved for your deposit, the less you will need to borrow from a lender, and the more competitive mortgage rates you’ll be able to have access to. The goal is to save as much as you can for your deposit so that, in the long run, your loan costs less. 

It’s important to note that there are also other fees involved with your property purchase that you should account for. Other costs like stamp duty, mortgage arrangement fees, solicitor’s fees, property searching, surveys, home insurance, and when the time comes, the cost to furnish your home should all be considered separately from your deposit. 

How Much Can You Borrow?

In addition to how much you have saved for your deposit, there are other factors that will be considered to help decide how much you are eligible to borrow. Your affordability will be assessed by taking a look at your income, including your annual salary or any other income you receive, and your expenses, including credit card debt, your monthly bills, childcare costs, and any other general expenses. Your credit history will also be checked to make sure you’re reliable and will be able to pay your monthly mortgage payments. All of this will help us determine how much the bank can lend you. 

Your home may be repossessed if you do not keep up repayments on your mortgage.

When Should You Apply For A Mortgage?

Some first-time buyers may start looking at properties before getting a mortgage agreement, but this process should really be the other way around. Before you start looking at homes, you should get a mortgage decision in principle. Doing it beforehand will help give you an idea of what you can borrow, which in turn will tell you what your budget is. It will also show realtors that you’re serious about buying a home, which can help when you’ve found the perfect property and need to move quickly to close it. Remember, you should always ensure you can meet your monthly mortgage payments before putting in an offer for your new home.

Failing to repay your mortgage may result in the foreclosure of your home. 

Your Next Steps

If you’re ready to proceed with your first-time buyer mortgage or are simply looking for further information and guidance in regards to beginning this process, please do not hesitate to contact us. 

Submit an Enquiry or alternatively, we can be reached on the details below.



0141 447 0290

Available Mon-Friday 9am-5pm