Buying your first home is an exciting yet daunting venture. First, you have the prospect of owning a place you can call your own. And no more do you have to deal with frustrating landlords. However, as a first-time buyer, you must deal with new challenges — credit checks, estate agents, and finding the best mortgage to finance the house purchase.

We realise that buying your first home can be a complicated process. That is why we put together our top five tips on finding affordable mortgage options so you can get on the property ladder faster.

Five Mortgage Tips for First-Time Buyers

Are you confused about variable and fixed-rate mortgages? Is it possible to get a mortgage with only a 5 per cent deposit? How can you find the lowest mortgage costs? Please read on to find the answer to these questions.

1. Start saving early for your first mortgage

Before applying for a mortgage, the most crucial step is to save for a deposit. The more cash you have for the mortgage deposit, the less you must borrow. So, it’s a good idea to start saving early and find ways to increase your savings as much as possible.

It is possible to get excellent deals on 90% and 95% mortgages. These low-deposit deals allow first-time buyers to own a home without having to save a considerable amount of money. It’s crucial to remember that the best mortgage loans could enable you to borrow up to five times your annual income in certain circumstances.

2. Remember to factor in additional costs

It’s good to remember there are several upfront costs to consider when buying a house. For example, first-time buyers pay stamp duty on properties over £300,000. You use our stamp duty calculator to help figure out what the cost might be.

Then there are mortgage fees, solicitor fees, and valuation fees to add up.

Even if you don’t have to pay stamp duty, you will have to add around £3,000 in various fees — excluding the mortgage deposit — to the final purchase price of your first home.

3. Boost your credit score to get a better mortgage deal

Improving your credit score is one of the best ways to get the best mortgage deal. First, you should arrange to get a copy of your credit report. Then scrutinise it for any inaccuracies. After that, look for ways to boost your credit rating.

Some ways to improve your credit history include:

• Paying all your bills on time.
• Limit credit applications in the six months before applying for a mortgage
• Keep your debt-to-income ratio low
• Get on the electoral roll

4. Speak to a mortgage broker

There are plenty of excellent deals on low-deposit mortgages for first-time buyers. Even though you may start your search online, we have access to the best deals to buy your first home from across the wholw market. Additionally, we can give you the best advice on saving for a home.

For example, there are schemes available to help first-time buyers to purchase a home with a deposit as low as 5%. Also, it’s possible to take advantage of the government’s affordable home ownership scheme, Help2Buy. We can help with sourcing the right mortgage for your circustances.

5. Apply for a mortgage in principle before putting in an offer

Do you want to increase your chances of your offer being accepted? If so, it’s a good idea to apply for a mortgage in principle. This certificate proves how much a mortgage lender is willing to lend and if you can afford the monthly payments. But more importantly, this shows the home seller that your offer is serious.

Please note:

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