How much could I borrow on a first-time buyer mortgage?
As with any mortgage, the amount that you can borrow varies depending on a number of factors. When you apply for a mortgage for first-time buyers, the provider that you approach will assess how much you may borrow depending on a few different variables. These include:
- Your credit score and history
- Your income and outgoings
- Your deposit
- The potential impact of future interest rate changes
These factors won’t only decide how much you can borrow, but they will also be used by the bank and building society to decide whether they want to lend to you. If you are accepted, you will then be offered an Agreement in Principal (otherwise known as a Mortgage Promise).