First-Time Buyer FAQs: Everything You Need to Know

Wondering where to start as a first-time buyer?

Buying your first home is an exciting milestone — but it can also feel overwhelming. From deposits and credit scores to legal fees and mortgage types, there’s a lot to take in. That’s why the team at LTC Mortgages has put together this handy First-Time Buyer FAQs guide to answer the most common questions first-time buyers ask.

Whether you’re just starting to save or already house-hunting, these first-time buyer FAQs will help you feel more confident and prepared.

Let’s break down the key things you need to know — simply and clearly.

5 FAQs

1.Why use a broker vs the bank?

Banks only offer their own set of rates and terms, whereas brokers compare a wide range of lenders to highlight the various rates and benefits best suited to you. Here at LTC Mortgages, we provide first-time buyers with a free, no obligation, initial consultation with one of our experienced mortgage brokers to guide you every step of the way.

2. How much deposit should a first-time buyer have?

Generally speaking, your deposit should be at least 5% or 10% of the price of the property. The bigger your deposit, the less you might need to borrow. That being said, some mortgage providers offer 100% mortgages, which means no deposit is required.

3. Is there any government help for first-time buyers?

The government provides numerous schemes to allow first-time buyers to get onto the property ladder. Schemes include a Lifetime ISA, Help to Buy, Right to Buy and Shared Ownership.

4. How long does a first-time buyer purchase take?

The timeline for purchasing a house can vary based on factors like property type, location, financing, and legal procedures. Typically, the process takes around 8-12 weeks, although sometimes it may take a little longer.

5. How much do solicitors charge for first-time buyers?

Conveyancing solicitor fees range from around £1,200-£2,400 (excluding stamp duty).

Book Your Free, No Obligation Initial Consultation

Feeling more prepared as a first-time buyer? That’s what we like to hear! Start your journey with us today, and we’ll guide you every step of the way.

Phone: 0151 662 0188
Email: info@ltcmortgages.co.uk
Website: www.ltcmortgages.co.uk

Keep in Touch

Your property may be repossessed if you don’t keep up with your repayments on your mortgage.

How can we help?

Whether you’re looking for a Free Automated Valuation, a mortgage offer, a price on insurance or advice on accessing business finance, we are here to help email us on info@ltcmortgages.co.uk or call us on 0151 662 0188