Your First Mortgage, Explained Properly
Buying your first home comes with a lot of new vocabulary and a fair few nerves. Agreement in principle, loan to value, completion, it’s a lot to take in when you’re also trying to actually find somewhere to live.
We’ll walk you through it in an order that makes sense, starting with what you can actually afford, not what a lender says you can borrow on paper.
The My Mortgage Co. Way
A Healthy Deposit
A deposit, usually a minimum of 5% of the property price, though a bigger deposit typically gets you a better rate.
Proof of Income & Outgoings
Proof of income and outgoings, so a lender can work out what you can realistically afford to repay.
Credit History
A decent credit history, though a few blips don’t automatically rule you out.
Agreement in Principle (AIP)
A lender’s initial indication of how much they’d lend you, useful before you start viewing seriously.
Schemes Worth Knowing About
Government-backed schemes change over time, so we’ll always check what’s currently available rather than quote you something that’s since closed. As of now, options worth discussing include the Mortgage Guarantee Scheme (95% mortgages), shared ownership, and, where relevant, family-assisted schemes using a gifted deposit or a guarantor.
We’ll tell you honestly if a scheme doesn’t suit your situation, not just push whichever one is easiest to sell.
Your Journey, Step by Step
First Chat
Chat with us, no obligation, about what you can afford and what you’re hoping to buy.
Get an AIP
Get an Agreement in Principle, so you can view properties with a realistic budget in mind.
Make an Offer
Find a property and have an offer accepted.
Application
We submit your full mortgage application and handle the lender’s underwriting process.
Completion
Mortgage offer issued, then it’s over to solicitors for completion, keys in hand.
Worth Protecting From Day One
It’s easy to focus entirely on the mortgage and forget the other side of it, what happens if you couldn’t keep up payments due to illness, injury, or worse? Most first-time buyers haven’t thought about mortgage protection yet, and it’s usually cheaper to arrange while you’re young and healthy than to leave it and hope nothing happens.
Why First-Time Buyers Choose Us
We take the time most brokers don't
Buying your first home means a lot of questions you might feel silly asking. We’d rather you asked ten times than felt confused once at completion, so we explain not just what a lender needs, but why, until it actually makes sense to you.
We stay in the loop, not just with you
We keep in direct contact with your solicitor and estate agent throughout your purchase, so information doesn’t get lost between the different people involved, and nothing catches you by surprise.
We're still here after completion
Getting the keys isn’t where we disappear. If your circumstances change, or you’ve got a question six months in, you’re still talking to the same adviser who arranged your mortgage, not a new person who has to start from scratch.
First Time Buyers FAQs
How much deposit do I actually need?
Most lenders ask for a minimum of 5%, though some schemes and circumstances allow for different arrangements. A larger deposit usually unlocks better rates, so it’s worth discussing your options rather than assuming the minimum is your only choice.
Does an Agreement in Principle guarantee I'll get the mortgage?
No. It’s a lender’s initial view based on limited information, useful for house-hunting, but the full application (with proper income checks and underwriting) is what actually confirms your mortgage.
Can my parents help with my deposit?
Yes, this is common and is usually called a gifted deposit. Lenders have specific requirements around how this is documented, so it’s worth mentioning early rather than discovering the paperwork late in your application.
Will a poor credit history stop me getting a mortgage?
Not necessarily. Different lenders assess credit history differently, and some specialise in cases others might decline. Talk to us before assuming the answer is no.
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Ready To Start?
Let’s find out what you can actually afford, and what your options genuinely look like.
Prefer to talk right now? Call 0800 1 777 333