A clear route towards buying your first home
Your first mortgage should fit the home you want and the life you need to afford around it. Understanding the deposit, monthly payments and purchase costs early can help you make informed decisions before you commit.
TLA Finance will discuss your circumstances, explain suitable mortgage options and help you prepare an application. We can work with employed, self-employed and other applicants whose income needs a closer look.
From Amersham, TLA Finance supports clients in Buckinghamshire, London, the Home Counties and across the UK.
Your home may be repossessed if you do not keep up repayments on your mortgage. All mortgages are subject to affordability, lender criteria, valuation and underwriting.
Start with a workable buying budget
The price advertised by an estate agent is only one part of your budget. Set aside money for the deposit, conveyancing, any survey, lender and adviser fees, moving costs and any property tax that applies. For a flat, ongoing service charges and other leasehold costs also need to fit your plans.
We will review your regular income and spending, existing borrowing and expected changes. The amount a lender might offer is not automatically the amount you should borrow. The aim is a payment you can sustain alongside your other commitments.
Your deposit and where it comes from
Different lenders and products accept different deposit levels. A larger deposit can change the options available, but eligibility also depends on the property, income and credit assessment. There is no single minimum that applies to every first-time buyer.
If family are helping, tell us whether the money is a gift, a loan or linked to an ownership interest. The lender and your solicitor will need evidence of the source and the arrangement. Do not describe repayable money as a gift.
How lenders assess affordability
Lenders look at more than a salary headline. Employment arrangements, variable earnings, self-employment, childcare, dependants, credit commitments and the proposed mortgage term can all affect the assessment. The property must also meet the lender’s requirements.
A longer term can reduce the monthly payment but can increase the interest paid overall. A fixed rate offers a defined payment period; a variable rate can change. We will explain the trade-offs and the total costs of a recommendation.
An agreement in principle is an early indication
An agreement or decision in principle can help establish an initial borrowing position. It is not a binding mortgage offer and does not guarantee that a particular property or full application will be accepted.
Ask which type of credit search is involved before proceeding. The lender may still need income documents, deposit evidence, a valuation and answers to further questions before it issues an offer. Avoid assuming that an initial indication makes a purchase financially secure.
Preparing a first-time buyer application
We will tailor the document request to your case and explain how to send it securely. Never put identity documents, account numbers or financial records into the general website enquiry form.
From viewing homes to completion
1. Understand the options
Discuss your budget, income, deposit and priorities before making commitments. We will explain our service and any relevant fees.
2. Review the property and application
Once a property is identified, we check the proposed mortgage against the purchase and help assemble the information the lender needs.
3. Keep the legal work moving
Your solicitor handles the title, searches and contract. A lender’s valuation is for lending purposes and is not a substitute for a survey suited to your needs.
4. Check the offer and ongoing commitments
We explain the mortgage recommendation and important offer conditions. Review insurance and the household budget before committing to the purchase.
Buying schemes and unusual circumstances
Shared ownership, family-supported arrangements and other buying schemes can have their own eligibility, property and lender rules. The definition of a first-time buyer for a mortgage product can differ from the definition used for a scheme or tax relief.
Tell us if you have ever owned, inherited or been given an interest in a property, including abroad. Your solicitor or tax adviser should confirm the property-tax position; do not assume relief applies simply because this is your first mortgage.
Important information
Your home may be repossessed if you do not keep up repayments on your mortgage.
Mortgage availability, borrowing amounts and terms depend on your circumstances and the lender’s assessment. TLA Finance is a credit broker, not a lender. We will explain the scope of our advice, fees and relevant commission arrangements before you proceed.
Frequently Asked Questions
How much deposit do I need for my first home?
It depends on the lender, product, property and your circumstances. We can review the options using your available deposit and the money you need to retain for purchase costs.
Can I buy my first home if I am self-employed?
It may be possible. The lender will need suitable evidence of your earnings and will apply its own rules on trading history, affordability and the property.
Does an agreement in principle guarantee a mortgage?
No. It is an initial indication. A full application remains subject to checks, supporting evidence, valuation and the lender’s final decision.
Can my parents help with the deposit?
Many arrangements are possible, but the lender and solicitor must understand whether the money is a gift, loan or another form of support. Evidence and legal advice may be needed.
Will a longer mortgage term cost less?
It can reduce the monthly payment, but spreading repayment over more years can increase total interest. The term should be considered alongside affordability and your longer-term plans.
When should I speak to a mortgage adviser?
An early discussion can help clarify your budget and the evidence required before you make an offer. We can also help if you have already found a property.
Speak to TLA Finance
Understand your first-home budget, deposit and mortgage options.
Discuss your first mortgage
Provide your basic contact details and select your preferred time and method of contact. We will explain the next steps and how to supply supporting documents securely.
Please do not include bank-account numbers, identity documents, credit reports or confidential business records in this general enquiry form.
