Your first home.
What you can borrow depends on how a lender reads your income, what you already owe and how the lender tests affordability, so different lenders can reach different figures for the same person. Your deposit, your credit file and the costs on top of the price all shape the result.
Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
Written by Nathan Lawes, independent mortgage broker. Figures sourced and dated. Last reviewed .Read them in this order.
Start with what you can borrow, then your credit file and the costs, then overseas income if it applies.
- 01 · Start hereHow much you can borrow for a mortgage is not a numberWhy the figure depends on how your income is read, not on a calculator.Read
- 02 · Your credit fileWhy your credit score looks different to each lenderThree credit files, and why a lender sees something different from you.Read
- 03 · The costsThe real cost of buying in London: what the calculators don’t tell youThe costs on top of the deposit, in London.Read
- 04 · Overseas incomeFirst-time buyer with overseas income: your path to approval in the UKBuying your first home with some of your income from abroad.Read
What clients ask first.
MoneyHelper’s free guide to buying your first home explains the steps and the costs along the way. You can check our authorisation on the FCA register.
How much can I borrow?
It depends on how a lender reads your income, your existing commitments and its affordability test, so an online calculator gives a starting point rather than an answer. Different lenders can reach quite different figures for the same person.
Why does my credit score look different to a lender?
There are three credit reference agencies, each with its own file on you, and lenders read the data behind the score rather than the score itself. Checking all three before you apply shows you what a lender may see.
What costs are there on top of the deposit?
Stamp duty where it applies, legal fees, a survey, searches, and any mortgage arrangement or valuation fee. Stamp duty is due on completion and is paid from your own funds, so plan for it alongside the deposit.
Can I buy my first home with income from abroad?
Yes, with lenders that work with overseas income. Many lenders reduce foreign-currency income before assessing it, and a thin UK credit file can slow things down, so a well-organised set of documents helps.
Where to go next
- ServiceFirst-time buyers with LawesThe steps in order, what lenders assess, and how we work.
- CalculatorWork out the stamp dutyThe tax on a purchase price, with first-time buyer relief where it applies.
- Related guideSelf-employed mortgages: a guide in reading orderHow lenders read accounts, dividends and irregular income.
- Talk it throughA 20-minute call with NathanNo obligation. We’ll look at your deposit, your income and which lenders fit.
Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.