Question 1

How do I get a mortgage?

Accepted Answer

Most people get a mortgage through their bank or another lender — or they might go through a mortgage broker. Your ability to get a mortgage depends on a lot of factors, but it will largely come down to your income, any debts, and the amount that you’re trying to borrow.

Question 2

How much deposit do you need?

Accepted Answer

Normally, you will need at least 5%, but as we saw, the average deposit is higher — between 15% and 20%.

Question 3

Is buying to let a good idea?

Accepted Answer

It might be. Buy to let can be helpful if you’re not looking to move but you want to start gaining some equity. But you won’t benefit from stamp duty relief and the Help to Buy schemes — and you’ll lose your first time buyer status, so things could get more expensive when you want to buy a home to live in. There have also been major changes in the tax relief for buy to let purchases in recent years, so they’re not always as good of an investment as they once were. You’ll have to do your research to make the right choice for you.

Question 4

How quickly can you buy a house?

Accepted Answer

It depends. The average time it takes to buy a house is around 3-6 months, from getting a mortgage approved in principle to completion. But there are so many factors that can speed things up or slow them down. You may have delays with surveys or be stuck in a chain. On the other hand, things can move more quickly if, for example, you’re a cash buyer and everyone’s motivated. Every sale is different.

Question 5

How does a first time buyer get a mortgage?

Accepted Answer

If you’re a first time buyer, you get your mortgage pretty much the same way as everyone else — through a bank, lender, or mortgage broker. What’s different for first time buyers are the schemes in place to help them get on the housing ladder, like the Help to Buy Equity Loan, Shared Ownership Scheme, and Lifetime ISAs. These can be a massive boost when getting on the property ladder, but you will still have to secure a loan if you need help buying your property.

Question 6

What programs are available for first time home buyers?

Accepted Answer

Luckily, there are quite a few. In addition to stamp duty relief, first time buyers can benefit from the Lifetime ISA, where the government will top up your savings toward your home, or the Help to Buy scheme as a whole — which can be great for newly built properties. You can also benefit from shared ownership, where you only buy a portion of the property and pay rent on the rest — it’s a good way to start gaining equity if you can't quite buy a home outright yet.

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