Buying My First House, What Deposit Do I Need

Here at First Choice Finance we are pleased to provide you with an opportunity to shop for a home mortgage to help you purchase your first home. We specialise in first time buyers and are happy to help you through the daunting process of getting on the property ladder.

A question we are often asked is how much deposit do i need to have before i buy a home? The answer is it depends on the house you are looking to buy. A major factor on buying a property is the loan to value (LTV). This is the deposit to mortgage ratio, for example if you are buying a property valued at £200,000 and had a deposit of £20,000 then this would mean that the mortgage will have a loan to value of 90%. First Choice Finance have some mortgage`s offering high LTV`s of up to 95%.

There are also schemes available allowing you to have an even lower loan to value, for example if you are looking to purchase your council house then you could get a mortgage with no deposit, as you may be able to use your right to buy / right to acquire discount as your deposit. As well as right to buy there are other schemes available such as shared ownership and help to buy (designed to help first time buyers) which can lower the amount of deposit that is needed for the house purchase.

For more information please contact one of our experienced mortgage advisers who can talk to you about your individual circumstances and give you the specific answers that you need. All quotes are a free and given with no obligation, so get in touch and see how we could help you purchase your first house.

MORTGAGE TOOLS Confused on what all these loan terms and programs mean? Curious on what your loan payment would be on your desired loan amount? Come visit the different tools available on our website. It will be sure to provide you with insight on making the right choice in your home loan shopping needs. Our website contains, mortgage repayment calculators, LTV calculators and debt remortgage calculators.

Your home is one of the largest financial purchases you will make. We believe it is important that you receive professional advice to help you select a mortgage that fits your needs and is relevant to your personal circumstances. At First Choice Finance you will be dealt with by a professional mortgage broker, who will lead you through your mortgage options to enable you to make your choice from multiple plans and mortgage lenders.

First Choice Finance has access to a range of 1000`s mortgage deals including those from the high street as well as special deals only available through mortgage brokers. By using our quick and efficient service you can save time by not having to personally visit countless mortgage lenders.

By completing the enquiry form and submitting it to us, our trained mortgage advisers can start searching our extensive panel of lenders to find you, your perfect mortgage.

Are you confused by the procedures involved in obtaining a Mortgage?

Do you know what the different deals and rates mean to you?

How much can I borrow?
As a guide, you can expect to borrow from 3 to 4 times your income. On a joint application this becomes 3 to 4 times the joint incomes of both mortgage applicants.

What information will I need to apply for a mortgage?

You will need: Employment and Residence details for the past 3 years;
Payslips and Bank Statements for the past 3 months;
Your last P60;
Details of any Loan or Credit arrangements.



How do I get started?
First Choice Finance can help you with your application for a mortgage with our Decision in Principle (DIP) service. This enables the lender to assess your circumstances and provide you with a certificate confirming their willingness to give you a mortgage up to a certain amount.

Mortgages & Remortgages 8.4% APRC. Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)

Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.