First Time Buyer Mortgage Calculator
The mortgage world can be confusing and difficult to navigate for first-time buyers. But there’s no need to feel overwhelmed. Our first-time buyer mortgage calculator will help you make sense of the different mortgages that are available to you, as well as to get an idea of how much you can borrow and what your monthly repayments could look like.
All of our calculators are linked directly with a range of specialist mortgage providers who can provide the right offers and rates to suit your needs. All you need to do is enter a few simple details and they will be able to analyse your position and return their deals.
Once you’ve got your calculator results, our friendly mortgage brokers are on hand to help you with any questions you may have and to make sure you get the best deal possible.
How much can I borrow?
About first-time buyer mortgages
You are considered to be a first-time buyer if you have never purchased a house before. As a couple, you will not be first-time buyers if one of you has bought a home in the past.
If you’re new to the process, finding a mortgage can be complicated and fraught with lots of unfamiliar terminology – so it can be really helpful to speak to an expert who can talk you through all the jargon and make sure you understand what to expect. It’s important for you to understand how much you can expect to pay back each month, as well as over the full mortgage term, and what the other terms bundled into your agreement may mean further down the track. It’s also vital that you work with independent advisors who can search the entire market on your behalf, as certain products and providers may be a better fit for you, depending on your personal and financial circumstances.
First Time Buyer Mortgage Calculator FAQs
How much of a deposit will I need as a first-time buyer?
For most mortgages, lenders will expect you to have at least a 10% deposit. However, it’s always best to try and save as much as possible, because the more you can put down upfront, the lower your monthly repayments will be.
What support is available for first-time buyers?
There are a range of government-backed schemes available to first-time buyers – including Help to Buy, Right to Buy and shared ownership – and you may well be able to take advantage of them. We recommend you speak to a financial advisor to get a better understand of what these kinds of schemes entail, and whether or not they are a viable option for you.
How much can I expect to borrow towards my mortgage?
The amount you can borrow will be entirely dependent on how much you can afford, so you should take into account your monthly incomings and outgoings to make sure you don’t overstretch yourself. As a guide, most lenders will be prepared to offer you a loan of between 4.5 and 5 times your annual income.
Will using this calculator affect my credit score?
Using our first-time buyer mortgage calculator will not affect your credit score. It will provide you with an accurate estimate for what you can borrow based on the information you provide, but it will not perform a hard or soft credit check, so won’t show up on your credit report.
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