Work out how much you can afford to put down as a deposit. This will help you decide what you need to borrow for a mortgage. You’ll usually need a deposit of at least 10% of the property’s cost, but if your family can help you could get a mortgage without a borrower deposit through Family Springboard.
Through Government schemes like Help to Buy you could also get a mortgage with a 5% deposit.
The bigger the deposit you have, the better the mortgage deals available to you will be.
The mortgage amount and monthly payments
Taking your deposit into account, you’ll need to work out how much you could afford to borrow and what your monthly mortgage payments could be. A mortgage calculator can give you an idea of this.
You can usually borrow up to 4.5 times your salary but your other monthly costs like loan and credit card payments, household bills and childcare fees will also be taken into account.
Don’t forget to consider the other costs associated with buying a home, such as application, valuation and legal fees, and Stamp Duty.