Mortgage and legal advice

Increasingly, lenders are requiring purchasers to have some money to put towards a mortgage deposit. A larger deposit makes a big difference. For the majority of people who apply to us for Help to Buy, mortgages are still available and remain relatively affordable. Despite the current economic conditions, some 100% mortgages are available, subject to status and availability. However, the majority of purchasers are likely to require at least a 10% deposit (5% for Help to Buy Equity Loans). As a result your application form must confirm access to at least £5,000 in savings, to contribute towards your deposit, as well as other up-front purchase costs such as legal and mortgage arrangement fees.  

Lenders are more likely to approve mortgages to people with clean credit histories. If you are unsure of your own credit history you can access a copy of your credit file via an organisation such as A fee is payable but this could save you time and money in the long run. 

BBC news article: 'How to be a first-time buyer'

The BBC has written a useful article on 'How to be a first-time buyer' - Reproduced from the BBC News Business written on 28 February 2012.

Moat staff are not qualified or regulated to provide mortgage advice. For further information please contact our mortgage panel.