Eager to make your hard-earned money stretch as far as possible when it comes to buying your first home? You’re not alone.
Prospective buyers from across the UK often ask us what the maximum mortgage is for a first-time buyer in to understand what kind of properties they can afford.
Fortunately, our professional team of mortgage advisors have expertise in supporting first-time buyers throughout this potentially daunting process – helping you to understand their affordability as well as the schemes and lending options available to them.
How much mortgage can first-time buyers get?
While this is only a general rule of thumb for UK lenders, the maximum first-time buyer mortgage is typically 4.5 times the prospective buyer’s annual income minus any outgoings. It may be the case that some lenders will offer more or less than others.
However, it’s important to bear in mind that many other factors will impact how much a lender is willing to offer a first-time buyer.
Your credit score, existing debt, and expense history are all used by lenders to assess your affordability, so you may be offered less than the standard four to five times your annual income (minus outgoings) if lenders view you as a higher-risk borrower.
Fortunately, there is a variety of government schemes available designed to help first-time buyers get onto the property ladder by allowing them to borrow more.
For example, the Mortgage Guarantee Scheme has increased the availability of 95% loan-to-value (LTV) mortgage deals.
As a result, first-time buyers only require a 5% deposit (rather than a 10% or 20% deposit), meaning the remaining 95% is borrowed from a lender.
This can help first-time buyers to afford a wider range of more expensive properties than a 10% deposit would allow.
If you’d like to obtain a more accurate idea of your maximum mortgage as a first-time buyer, it’s crucial that you discuss your requirements with an experienced mortgage advisor.
We specialise in mortgage for first-time buyers, so feel free to contact our team today for expert support.
How much can you borrow? Find out with UKMC
Unsure what your maximum first-time buyer mortgage would be?
At UKMC, we aim to make your home buying journey as straightforward as possible, helping you to understand your options and affordability.
Regardless of whether you’ve received a gifted deposit for your first home, have already started the property search, or just obtained your Agreement in Principle (AIP), our mortgage professionals provide a dedicated service to support first-time buyers throughout this process.
Keen to discover your first-time buyer maximum mortgage amount? Contact our expert team of mortgage advisors today to schedule your appointment and explore thousands of mortgage deals!
To discuss your maximum mortgage as a first-time buyer, give us a call on 01925 573328, send an email enquiry to hello@ukmc.co.uk, or reach out using our convenient online contact form.
Alternatively, why not pay us a visit at our Warrington office? We’d love to meet you!
Disclaimer
UK Mortgage Centre Limited is an Appointed Representative of Refresh Mortgage Network Limited. Refresh Mortgage Network Limited is authorised and regulated by the Financial Conduct Authority. We are entered on the Financial Services Register under firm number 1019794.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments. The Financial Conduct Authority does not regulate some forms of buy-to-let mortgages.
The Financial Conduct Authority does not regulate will writing and taxation and trust advice.
You may be charged a fee for your advice. A typical fee is £495, which would be payable when you receive your mortgage offer. Your dedicated advisor will discuss this further on your free initial phone call.
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