Find a First-Time Buyer Mortgage Adviser

Do First-Time Buyers Need a Mortgage Adviser?

Not necessarily. You can apply to a lender directly, and some first-time buyers do.

An adviser can be useful when you want help understanding what you could borrow, when you're unsure which type of mortgage suits you, or when your circumstances are less straightforward. For example, you may be self-employed, have a small deposit, or have a gap or problem on your credit history.

An appropriately authorised adviser can look at your circumstances and explain the options available through the lenders they can access.

What Do Lenders Look at When You Apply?

Each lender sets its own criteria, but they commonly look at:

• Your income and employment: how much you earn, how secure it is and how long you've been in your job or business.
• Your outgoings: regular spending and existing commitments such as loans, credit cards or car finance.
• Your credit history: how you've managed credit in the past.
• Your deposit: how much you have and where it came from.
• The property: its value, type and condition.

The size of your deposit compared with the property price is called the loan-to-value (LTV). For example, a £20,000 deposit on a £200,000 home is 10%, so you would be borrowing 90% of the price. LTV affects which products and rates lenders offer.

Already own a home and thinking of selling? See finding a mortgage adviser when moving home.

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Local Advisors can introduce you to a mortgage adviser who covers your area.

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The Costs of Buying Your First Home

Your deposit is only part of what you'll need. Other costs may include:

• Stamp duty or its equivalent: Stamp Duty Land Tax in England and Northern Ireland, Land and Buildings Transaction Tax in Scotland and Land Transaction Tax in Wales. First-time buyer reliefs may apply, but the rules and thresholds change, so check the current position for your area.
• Legal fees: a solicitor or conveyancer to handle the purchase.
• Valuation and survey fees: the lender's valuation is for the lender, not for you. A survey can tell you more about the property's condition.
• Mortgage fees: some products have arrangement or product fees.
• Mortgage adviser fees: some advisers charge customers directly, others receive commission from lenders, and some receive both. Ask how any adviser is paid before you proceed.
• Moving and set-up costs: removals, buildings insurance (lenders usually require it) and furnishing.

Remember: Local Advisors' introduction service is free. Any subsequent mortgage-advice fees are separate arrangements between you and the adviser.

The Mortgage Process, Step by Step

The order can vary, but most first-time purchases follow a similar path:

1. Check your finances. Look at your income, outgoings, deposit and credit report.
2. Get an agreement in principle. This is a lender's initial indication of what it might lend. It is not a guarantee, and the lender can still decline a full application.
3. Find a property and make an offer.
4. Make a full mortgage application. The lender will check your documents and value the property.
5. Receive a mortgage offer.
6. Complete the legal work. Your solicitor or conveyancer handles searches and contracts.
7. Exchange contracts and complete. You collect the keys.

An adviser can explain where you are in this process and what to expect next.

What Should You Have Ready Before Speaking to an Adviser?

You don't need everything before making an initial enquiry. Having these to hand can make the conversation more useful:

• Your approximate income and employment details.
• The deposit you have saved, and where it is held.
• Details of any loans, credit cards or other regular commitments.
• The price range or type of property you're considering.
• If you're self-employed, details of how long you've been trading and your recent income.

Lenders often ask for proof such as payslips, bank statements and identification later. Exact requirements vary by lender.

You don't need to have found a property before speaking to an adviser.

How Can a First-Time Buyer Mortgage Adviser Help?

Depending on the service they provide, an adviser may:

• Discuss your financial circumstances and what you're hoping to buy.
• Explain mortgage types such as fixed rate and variable rate, and repayment methods.
• Compare products from the lenders they can access.
• Explain fees and other costs.
• Recommend a suitable mortgage where appropriate.
• Help with the application and supporting documents.
• Keep in touch with you and the lender until the process completes.

Not all advisers have access to the same lenders or products. It's worth asking which lenders they can consider, how they charge and what support they provide.

The adviser is responsible for providing any regulated mortgage advice and recommendations.

How Local Advisors Helps You Find a First-Time Buyer Adviser

Finding a mortgage adviser doesn't have to mean contacting several businesses yourself. Our free introduction service connects people looking for mortgage advice with advisers who cover their area.

Step 1: Tell us about your requirements. Complete our short online enquiry for your first-time buyer mortgage. We ask for some basic information so we can look for an adviser who can discuss it.

Step 2: We look for an adviser covering your area. We use the information you provide to identify an adviser who can discuss your enquiry. Availability depends on your area and on the advisers taking enquiries at the time. Before accepting adviser businesses onto our platform, we carry out checks covering FCA status, business websites, wider online presence, Google Business Profiles, customer reviews and ICO registration. These checks help us assess the businesses we work with. They do not replace your own checks or guarantee the suitability of any particular adviser.

Step 3: Discuss your options. The adviser you're introduced to can discuss your circumstances, explain their service and help you understand your mortgage options. The initial consultation is free, and you're under no obligation to proceed. Local Advisors does not provide mortgage advice or recommend mortgage products. Any regulated mortgage advice is provided by the adviser you're introduced to.

Questions Worth Asking a First-Time Buyer Mortgage Adviser

• Which mortgage lenders can you consider?
• How much might I be able to borrow, and what does that depend on?
• How will my deposit size affect the products available to me?
• What fees might I need to pay, and when?
• What costs should I budget for besides the deposit?
• What happens if my circumstances change before I complete?
• What documents will you need from me?
• Who will keep me updated during the application?

You should feel comfortable asking questions and requesting clarification before deciding whether to proceed. Our guide to 10 questions to ask a mortgage advisor has a fuller checklist.

Helpful Mortgage Adviser Guides

Frequently Asked Questions

How much deposit do I need as a first-time buyer?

It depends on the lender and the mortgage product. A larger deposit means a lower loan-to-value, which can affect the products and rates available. Some lenders offer mortgages for smaller deposits, subject to their criteria.

What is an agreement in principle?

It's a lender's initial indication of how much it may be willing to lend based on the information you've given. It isn't a mortgage offer or a guarantee. Some lenders carry out a credit check at this stage, so ask whether it will leave a mark on your credit file.

Can I get a mortgage if I'm self-employed?

Many lenders will consider self-employed applicants. They usually ask for evidence of your income over a period of time, and their requirements vary.

Can I get a mortgage with a poor credit history?

It may be harder, and the options and costs can differ. An adviser can explain what may be possible. They cannot guarantee a lender will accept you.

How long does it take to get a mortgage?

It depends on the lender, the property and the legal work involved. An adviser can explain the likely timescale for your circumstances.

Is a mortgage adviser the same as a mortgage broker?

The terms are commonly used interchangeably in the UK. What matters more is which lenders and products the adviser can consider. Our guide to mortgage advisor vs mortgage broker explains more.

Is Local Advisors free to use?

Yes. Our mortgage-adviser matching service is free, and the advisers we introduce offer a free initial consultation. Any subsequent mortgage-advice fees are agreed separately with the adviser. Local Advisors receives payment from participating adviser businesses for introductions.

Does Local Advisors provide mortgage advice?

No. Local Advisors is a mortgage-adviser introduction service. We connect customers with mortgage advisers who can discuss their requirements. Any regulated mortgage advice or personalised mortgage recommendations are provided by the appropriately authorised adviser.

Other mortgage situations

• Remortgaging
• Moving home
• Buy-to-let mortgages

Looking for an adviser in a particular area? Browse mortgage advisers by location.

Ready to Find Your First-Time Buyer Adviser?

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Whether you've found a property or are just starting to look, Local Advisors can help you connect with an adviser who can discuss your requirements.

• ✓ Free matching service
• ✓ Free initial consultation
• ✓ No obligation to proceed

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