What do first-time buyers need to know about mortgages?
A lender looks at your income, your outgoings, your credit history and your deposit.
A lender looks at your income, your outgoings, your credit history and your deposit.
Property tax relief for first-time buyers depends on where you buy: England and Northern Ireland charge nothing on the first £300,000, Scotland raises its nil rate band to £175,000, and Wales has no relief.
The adviser for this subject: Mike Chan
You can use your Lifetime ISA savings and the 25% bonus towards a first home costing £450,000 or less, bought with a mortgage at least twelve months after your first payment in. Your conveyancer or solicitor receives the money from the ISA provider.
Buying with someone who also has a Lifetime ISA, you can both use yours. The £450,000 cap applies in every part of the UK. Is a Lifetime ISA worth it?
In Scotland the relief raises the nil rate band to £175,000, a saving of up to £600. Wales has no first-time buyers' relief.
No. Scotland's relief raises the nil rate band of Land and Buildings Transaction Tax to £175,000, which saves up to £600.
Yes. Owning a home anywhere in the world, now or in the past, rules out first-time buyer relief in England, Northern Ireland and Scotland.
Every buyer has to be a first-time buyer for the relief to apply, so a joint purchase with a previous owner pays the standard rates.
Yes. The lender will want to know whether it is a gift or a loan. A gift may have inheritance tax consequences for them. Can I give money to my children without tax?
Life cover can repay the mortgage if you die during the term. How much life insurance do I need?
Tell us your income, your deposit and where you want to buy, and we can look at what lenders may offer you.
Mortgage Adviser
Your first call is with an Account Manager and is at no cost to you. Tell us what is on your mind: a pension you have lost track of, a fixed rate ending, a will you keep meaning to write.