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Buying your first home is one of the biggest milestones in life so making the process as easy as possible is important for first-time buyers. 


To do that, the first thing you need is a big a deposit as possible but that’s not always as easy as it seems. 
However, there are a number of things you can do to help yourself in raising the money to purchase your first property such as using the Help to Buy scheme, opening a specialist savings account or using a guarantor.  
You will usually need a minimum of 10% of the property’s value for a deposit but if you’re struggling, how can you save? 



Get an ISA savings account… 

Created especially for first-time buyers, Help to Buy ISAs are saving accounts that available at most banks. 


In a Help to Buy ISA, for every £200 saved, the government will put in £50. They will then continue to do this to a maximum of £3,000 and you won’t need to pay any of it back.  

You don't always need to save 10% for a deposit… 

The government will lend you up to 20% of the property value, leaving you to pay the minimum of 5%. This means that you will have a combined total of 25% of the property value for a deposit, giving you access to the best tranche of interest rates. 

Despite the 20% that the government gave you only being a loan, you won’t be charged any loan fees for the first five years.  

In the 6th year, you will be charged a fee of 1.75% of the loan’s value and the charge will then increase every year in line with inflation. 

You could also look at Shared Ownership, where you only mortgage a percentage of the house and then rent the rest of the property.  

If you live in London… 

Similar to the normal Help to Buy, there is a specific Help to Buy: London scheme. The rules are the same, except that the government will loan you up to 40% rather than the standard 20%. 

Guarantor Mortgage 

A guarantor mortgage is a mortgage where a guarantor is provided, usually in the form of parents or a relative, who accepts liability should the applicant default on their payments. 


They are a good way to get on the property ladder if your income isn’t sufficient enough, or if you have no deposit - factors that would normally count against you and see lenders decline your application. 


For more information on how you can save for a deposit or if you want to begin the mortgage process, contact one of our expert advisers and they will be able to help.