First time buyer guide

Getting a mortgage

In the previous section you went through all the costs associated with the purchase and ongoing running costs of owning a home to establish how much you could afford.

Now is the time to seek professional advice from a mortgage adviser to start the application process. Make an appointment with our partners, Embrace Financial Services to get advice on the most suitable mortgage and insurance products for you.

Read the guide to mortgage rates which outlines the different types of mortgage products.

Allow two to three hours for the mortgage appointment. The adviser will first establish your ability to afford the monthly mortgage payments.

Usually the advisers will then help you to obtain a 'Decision in Principle' from a suitable lender, which will give you the confidence to start looking for a property.

A 'Decision in Principle' is when your mortgage lender gives you an indication of how much they are willing to lend you for your mortgage.

Mortgage Guarantee Scheme and Help to Buy

Also worth considering when getting a mortgage is looking at current government schemes to support buying a property.

The Help to Buy Equity Loan scheme is a government backed mortgage scheme designed to help buyers purchase a new build home with as little as a 5% deposit. The government lends you up to 20% of the property value and up to 40% if buying within Greater London. There are also similar schemes for Scotland and Wales.

The mortgage guarantee scheme is another government scheme available from April 2021 and aims to help buyers (new and existing) to buy a property with a deposit of just 5% of the property value, provided they secure the remaining 95% through a mortgage loan. The loan has to be gained from a lender that is participating in the scheme and who will be incentivised by the government to take part.

The Help to Buy Equity Loan scheme will close to new applications at 6pm on 31st October 2022. Your Help to Buy reservation and purchase must be legally complete by 31st March 2023.

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Your initial mortgage appointment is without obligation. Embrace Financial Services normally charge a fee for their services; however, it is payable only on the submission of your mortgage application. The fee will depend on your circumstances but the standard fee is £549. Complex cases usually attract a higher fee. Embrace Financial Services will discuss and agree the fee with you prior to submitting any mortgage application.