FIRST TIME BUYER GUIDE

At Merchant Taylor, we are dedicated to providing all our customers with a smooth and hassle-free purchase – but as a first-time buyer you might benefit from an extra helping hand. That’s why we’ve put together this quick-start guide to get you moving – and if you have any other questions, our Sales Advisors are on hand to guide you through each step of the process.

Where do I start?

Thinking about buying your first ever home? There are a few things you need to do before you start your property search.

First of all, you need to work out the amount you can save for a deposit and when you want to buy. These will be key factors in determining what you can afford and the rough purchase price for your new home.

To be sure of your position, you may want to seek impartial financial advice. You can also get an approximate idea of how much you could borrow using MoneySavingExpert’s mortgage affordability calculator.

Taking steps to improve your credit score can also help when it comes to securing a mortgage.

What help is available for first-time buyers?

We know saving up a deposit can be a challenge – but there are options available to help you take your first step on the property ladder.

Help to Buy is a government-backed initiative, which allows you to buy a home with just a 5% deposit and a 75% mortgage, with the remaining 20% lent to you by the government.

Help to buy

Keep an eye on ISAs and savings accounts, as different types offer bonus top-ups that can make all the difference in saving for your deposit.

Before searching for your new home, you’ll need a good idea of what mortgage you can get. Spend time researching the different arrangements available and consider meeting with a mortgage advisor. If you need help finding someone, our Sales Advisors can make recommendations.

Choosing a property

With a deposit saved and a mortgage in mind, it’s time to start searching for your dream home.

We have a wide range of properties that are ideal as your first home. Whether it be a riverside townhouse, a city centre apartment, or your first family home in a garden village, there is something for everyone.