Mortgage advice for First Time Buyers


Mortgage advice for First Time Buyers
Congratulations on taking this momentous step onto the property ladder!
Now that you’re ready to buy your first home you may have lots of questions. I know that a first time buyer mortgage can be daunting or confusing, I've been there! My aim is to guide you through it from start to finish so you know exactly what’s happening, and how much it will all cost.
Remember, I never charge for any mortgage or protection advice, so don’t hold back from asking anything that’s on your mind.
How much will I be able to borrow?
The way a lender determines how much you can borrow on your first time buyer mortgage depends on a number of things:
- The property: House or Flat
Employment status: Employed or self employed? How much you earn and if there are any additional income streams like overtime or bonuses
Financial commitments: Current, and future, to include; credit cards, loans, car finance, student loans and pension payments. And don’t forget that latest phone contract may well show as a small loan on your credit file, which is why we ask clients to obtain a copy of their credit report
Term of the mortgage: How long you borrow the money for.
There is now more focus on affordability and expenditure. The process to working out how much you can afford is very different to the traditional approach of simply multiplying your annual personal (or rental) income by a pre-set multiple to obtain a maximum lending amount.
What we do
I pride myself on being up to date with regulation, legislation and the economic market. I work to understand your needs, match that to the requirements of lenders, and protect you and your dependants once you have bought your property.
This way, I can help you save time and money in the new world of mortgage advice.
Common Faqs
When I give you advice, I encourage you to continue asking any mortgage related questions. The more you understand the better I can help you. Below are some typical questions first time buyers ask.
No. A mortgage in principle is either a soft or hard credit check and so does not really affect your credit score. These types of check don’t really harm your report but if you were to complete three or more in one day then you may see your overall score drop, but that's normally a temporary thing.
Some lenders can make mortgage in principle offers in as little as 20 minutes. This does depend on your financial circumstances and being able to provide the required information for all persons to apply.
Yes. When keying the details the lender will ask what size deposit you are putting in. This then provides them with the loan to value information and this forms part of the risk assessment that is carried out when completing your Mortgage in Principle.
A mortgage in principle is the first step to applying for a full mortgage loan. It includes gathering financial information such as income and spending, and a soft or hard credit check, depending on the lender. Lenders confirm they will provide you with a mortgage for a specific value as long as the information you provided does not change. A mortgage in principle typically lasts for 60 to 90 days and is not legally binding.
Yes. The purpose of a mortgage in principle is to confirm what the lender is prepared to lend based on your earnings and debts. This allows you to search for your new home with confidence. You will need to make a full mortgage application within 60 to 90 days to retain the offer.
Yes, you can. You just have to prove your earnings to the lender in a different way. Read more about mortgages for the self employed in the news section.
Your credit score has an impact on how much you could borrow. My advice is to improve that score where possible by clearing credit cards, shopping accounts and cancelling any unnecessary memberships. You can check you score with Checkmyfile*.
*By clicking the link, you will need to register your details with Checkmyfile and enter into a free 30-day trial period. This will allow enough time for you to register your information and download your report. You are free to cancel this trial period at any time during the 30-day free trial period without penalty. Should you fail or choose not to do so, Checkmyfile will charge you a subscription fee of £14.99 per month thereafter. To get the best from this service, please ensure you register all of your primary and/or associated addresses within the last 6 years. MK Mortgages will receive a payment of £12 per free trial entered into via the link to Checkmyfile’s website. This is payable whether you cancel the trial period or not.
It should be noted that lenders will not be assessing the report produced from Checkmyfile and will undertake their own research and assessment. Neither MK Mortgages nor Quilter Financial Planning are responsible for the accuracy of the information contained within their site. Details of how to unsubscribe or cancel this service, is available directly from the Checkmyfile website under their T&C’s which states “If you wish to cancel your subscription, please log in and send us a Secure Message at any time, email us, or call us on our Freephone telephone number 0800 086 9360 during normal office hours. In all cases we will provide you with a cancellation reference code in confirmation.”
This is mortgage adviser speak for how much the lender is willing to lend you in relation to the value of the property you wish to buy. A 5% deposit results in 95% LTV. Lender LTVs vary so it’s best to ask for advice before setting your sights on your first home.
You should really aim for a minimum deposit of 5% of the value of the property you would like to buy. However, I would not advise searching for your home before finding out how much you can borrow, as that can lead to disappointment.
Not at all. All mortgage advisers are paid a commission from the lender when we arrange a mortgage. I accept this to cover my costs and choose not to add a 'mark-up' cost to you. Paying for mortgage advice in no way opens the door to more lenders or products, and certainly cannot reduce your interest rates or monthly payments.
First Home
When Suzi and Josh were ready to have their first home, MK Mortgages helped them cut through the jargon, the paper work and the hassle.
No Fee Help


Contact MK Mortgages
Please use the contact form to get in touch. The earlier you start the process the better.
Marc Kavanagh is a non-fee charging, whole of market mortgage adviser, providing advice purely for your benefit.

I cannot recommend Marc and his team highly enough. They helped and supported me throughout the whole process of buying my first home and were always kind and professional.
Marc and Sooz made everything as simple as possible and went above and beyond to help. They were always there for guidance and to answer any questions, which was amazing as I was embarking on a process I had very limited knowledge about. I’m not sure I would have been able to do it without them!
E Brooks

Fantastic experience – Marc and Sooz have been outstanding from start to finish in helping guide me through the complex process of finding a suitable mortgage for a first-time buyer. Marc even helped guide me on what best/worst attributes to look out for when house hunting, and what kind of offers should be pitched to the vendors in the current market.
Other additional services such as mortgage cover were offered, but never pushed – which I appreciated.
Very easy to deal with and get in contact with when needed, professional at all times – Highly recommend MK Mortgages.
C Richards
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