Buying Your First Home:What You Need to Know.

Buying your first home is one of the most exciting things you'll ever do — but it

can also feel pretty overwhelming. Between deposits, mortgages, LTVs and

Stamp Duty, there's a lot to get your head around. We've put this guide together

to walk you through the essentials, so you can approach the process with

confidence.

T H E B A S I C S

What is a Mortgage, and How Much Deposit Do I Need?

Most people who buy a home don't have the full purchase price sitting in their bank account

that's completely normal. A mortgage is simply a loan from a lender that allows you to buy a

property, which you then repay monthly over an agreed period, with interest. While the

traditional mortgage term used to be 25 years, the average first-time buyer mortgage is now 31 years.

To secure the property, you'll need to put down a deposit upfront — a percentage of the

purchase price paid from your own savings. In most cases, you'll need at least 5%. So on a

£250,000 home, that's a minimum of £12,500.

💡 Good to know: The larger your deposit, the less you'll need to borrow — and the

better the mortgage rates you're likely to be offered. A bigger deposit = more choice

and lower monthly repayments.

There are also options like 100% mortgages (no deposit required) and guarantor mortgages forthose who may struggle to afford repayments alone, though each comes with its own

advantages and drawbacks.

U N D E R S T A N D I N G Y O U R L O A N

Loan to Value (LTV) — and Why It Matters

Loan to value, or LTV, is simply the ratio of your mortgage to the property's total price. If you putdown a 5% deposit of £12,500 on a £250,000 home, you'd be borrowing £237,500 — giving youan LTV of 95%.

95%LTV on a 5% deposit (£250k home)

80%LTV on a 20% deposit — better rates, lower risk

F I R S T - T I M E B U Y E R G U I D E

Buying Your First Home:

What You Need to Know

By Birtles Mortgage & Financial Solutions

The lower your LTV, the less of a risk you appear to a mortgage lender. That's because you havea smaller loan relative to the property's value, making it less likely you'd ever owe more than the home is worth. Lenders reward this with more competitive rates — another reason a larger deposit can pay off in the long run.

C O S T S T O B U D G E T F O R.

Stamp Duty and the Other Costs You Shouldn't Overlook

Your deposit and monthly mortgage repayments are the big ones — but buying a home comeswith a few other costs that are easy to overlook if you're not prepared for them.

Stamp Duty Land Tax (SDLT) is a tax paid on properties in England and Northern Ireland above acertain price threshold.

The good news for first-time buyers is that you're currently exempt fromStamp Duty on homes up to £300,000. (In Scotland, the equivalent is Land and Buildings

Transaction Tax; in Wales, it's Land Transaction Tax.)

Beyond Stamp Duty, here are the other one-off costs to factor into your budget:

🔍 A home survey to assess the property's condition

⚖️ Conveyancer or solicitor fees to handle the legal side

🏠 Buildings insurance (usually required by your lender)

🚚 Moving costs — removal vans, new furniture and the rest

💡 It's worth building a buffer into your savings for these extras. Being caught short at

the end of the process is stressful — and avoidable with a little planning.

H O W W E C A N H E L P

Finding the Right Mortgage — That's Where We Come In

We know the mortgage market can feel like a maze, and that's exactly why we're here. At Birtles,we search the market on your behalf and recommend the most suitable deal for your individual circumstances — not a one-size-fits-all product.

Here's what working with us looks like in practice:

🎯 Independent advice: We provide unbiased guidance across a wide range of lenders, including deals you won't find on the high street or through a comparison site.

📊 Market insight: Whether you're weighing up fixed-rate, variable-rate or tracker mortgages, we'll help you understand the pros and cons in plain English — and adapt quickly as the market changes.

📋 Application support: We know which lenders are most likely to approve your particular

circumstances, and we'll help you present your finances in the best possible light.

We can also advise on government schemes you may be eligible for, such as the First Homes scheme — which offers first-time buyers in England a discount of 30–50% on a new-build home in their local area.

Ready to Take the First Step?

Whether you're just starting to save or ready to make an offer, we'd

love to help you find the right mortgage. Get in touch for a no-

obligation chat.