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Buying your first home brings several decisions together: how much you may be able to borrow, the deposit you need, what the monthly payments could look like and which lenders may consider your circumstances.
Jayhawk Capital helps you establish a realistic buying position before you commit to a property or mortgage product.
We consider your income, regular commitments, deposit, credit history and future plans, then explain the mortgage routes that appear worth exploring and what needs to happen next.
Clear mortgage advice for first-time buyers, professionals, contractors, self-employed applicants and those with more complex circumstances.
Understand what you can afford before you start viewing properties.
Before focusing on individual properties, it helps to understand what your overall budget may look like.
Many first-time buyers begin by asking for the maximum amount they could borrow. That is an important part of the conversation, but the monthly cost, purchase expenses and impact on your wider finances matter too.
We will take the time to understand:
This gives us a clearer basis for assessing what appears affordable and realistic, rather than treating the mortgage as a simple income multiple.
Lenders are required to assess whether the repayments appear affordable, taking account of verified income, expenditure, credit commitments and relevant future changes.
A lender will assess both you and the property before deciding whether to offer a mortgage. Each area below plays a part in that decision.
The lender will want to understand how much you earn, how reliable that income appears and whether it is likely to continue.
This may be straightforward where you receive a regular salary. A more detailed assessment may be needed if you are self-employed, work through a limited company, operate as a contractor or receive bonuses, commission, overtime or income from several sources.
Credit cards, loans, car finance, childcare, student loan deductions and other regular commitments can affect the amount considered affordable.
The assessment is not limited to whether you have missed payments. It also considers how much of your monthly income is already committed elsewhere.
The amount of deposit available will affect the size of mortgage required and the range of products that may be considered.
The lender will also need to understand where the money has come from, particularly where some or all of the deposit is a gift.
Your credit history helps a lender understand how you have managed borrowing and financial commitments in the past.
A previous issue does not automatically mean that a mortgage is unavailable, but its type, value, age and circumstances may influence the lenders worth approaching.
The property itself must be acceptable to the lender.
Its construction, condition, location, tenure and intended use can all affect whether it is suitable security for the proposed mortgage.
The term influences both the monthly payment and the overall amount repaid.
A longer term may reduce the monthly cost, but it will usually mean paying interest for longer. The term should therefore be considered alongside affordability and your future plans.
Your deposit is only one part of the amount you may need before purchasing your first home.
The minimum deposit required will vary between lenders and products. A larger deposit may provide access to a wider range of options and could reduce the mortgage rate or monthly payment, but the appropriate amount will depend on your individual position.
Many mortgages require a deposit of around 5% to 10%, although product availability and criteria vary.
You may also need to budget for:
We will explain the mortgage-related costs we are aware of and how lender fees affect the proposed arrangement. Your solicitor or tax adviser should confirm the legal and tax costs connected with the purchase.
A mortgage in principle may also be called an agreement in principle or decision in principle.
It provides an indication of how much a lender may be prepared to lend based on an initial assessment of your circumstances. It can help you define your property budget and show an estate agent that you have started preparing your mortgage position.
It is not a formal mortgage offer or a guarantee that the lender will approve the eventual purchase. The full decision will depend on a complete application, supporting documents, the property and the lender’s criteria at that time.
Jayhawk Capital can help you establish the likely options and arrange a mortgage in principle before you make an offer.
We review your circumstances and establish the likely borrowing range and mortgage routes.
With a mortgage in principle in place, you can search and make offers with a clearer understanding of your budget.
Once an offer is accepted, we recommend a mortgage and submit the full application with supporting documents.
A mortgage in principle is an initial indication, not a formal mortgage offer or guarantee.
Buying for the first time does not necessarily mean that your mortgage requirement is simple. You may need a more detailed assessment where:
A lender may assess salary, dividends, business profits, retained profit or a combination of figures, depending on how you trade and the lender’s criteria.
Some lenders may assess contractors using accounts or payslips, while others may be able to consider the current contract, day rate, work history and likelihood of continued employment.
The amount a lender will accept can depend on how regularly the additional income is received and how much history is available.
A gifted deposit from a parent or another family member is commonly accepted by mortgage lenders. The lender and solicitor will usually need confirmation of who is providing the money, where it has come from and that it is a genuine gift rather than a loan that must be repaid.
Some mortgage structures may allow a family member’s income or assets to support the application.
The appropriate route will depend on who will own and occupy the property, the supporting person’s circumstances and the lender’s criteria.
A first purchase may involve significant borrowing, several income sources, family assistance or a wider asset position that is not reflected by a standard online calculator.
Missed payments, defaults, county court judgments or other credit issues may affect the options available, but the impact will depend on the details.
Jayhawk Capital's experience across straightforward mortgages and more complex borrowing allows us to assess the full position and explain which routes appear realistic.
We guide you through each stage of the mortgage process, from understanding your plans to collecting the keys.
We begin with the type of property you hope to buy, your approximate budget, deposit, income and monthly commitments.
You do not need to have found a property before speaking to us.
We review the initial information and explain the borrowing range and mortgage routes that may be worth considering.
Where something could affect your options, we believe it is better to identify it early.
We will help you obtain a mortgage in principle so that you can search and make offers with a clearer understanding of your potential budget.
We will also explain which documents are likely to be needed for a full application.
Once you have an offer accepted and decide to proceed, we assess the available mortgage options and explain the recommendation, costs and principal conditions.
We then prepare and submit the application with the relevant supporting information.
We remain involved while the lender completes its assessment, valuation and underwriting.
You will be kept informed about where the application stands, what is being awaited and whether anything further is required from you.
Once the mortgage offer is issued, your solicitor will continue with the legal process.
We remain available to explain the mortgage position and assist with relevant lender requirements as the purchase progresses towards completion.
The lowest advertised rate is not the only factor that determines whether a mortgage is suitable.
The product fee, mortgage term, monthly payment, early repayment charges, overpayment options and flexibility to move or refinance in future can all affect the overall outcome.
Your first home may also be the beginning of longer-term plans. You may expect your income to change, need more space in several years or want the flexibility to make additional repayments.
Jayhawk Capital considers the immediate purchase alongside those wider circumstances. The aim is to recommend a mortgage that supports the transaction now without overlooking how the structure may affect you later.
Factors that can affect the overall outcome
Buying your first home involves estate agents, solicitors, surveyors and a mortgage lender, often with different information moving between them.
You should not be left wondering whether your mortgage application is progressing or what happens next.
The aim is not to provide updates for the sake of it. It is to make sure you understand the current position and feel comfortable asking questions throughout the purchase.
Learn More About Our ApproachFor Jayhawk Capital, constant client communication means explaining:
The amount available will depend on your income, regular expenditure, existing credit commitments, deposit, credit history, mortgage term and the lender’s affordability assessment.
Online calculators can provide a broad estimate, but they will not account for every aspect of your circumstances or lender criteria.
We will need to understand your position before providing a more meaningful indication.
The minimum deposit varies between lenders and mortgage products.
Some mortgages may be available with a smaller deposit, while contributing more may widen the range of products available or reduce the overall cost.
We will explain which deposit levels appear realistic based on your budget and circumstances.
You can speak to an adviser before you begin viewing properties.
An early conversation can help you understand your likely budget, the deposit and costs involved and whether anything needs to be addressed before making an offer.
A mortgage in principle is an initial indication of how much a lender may be prepared to lend.
It can help with planning your property search, but it is not a guaranteed mortgage offer. The lender will still need to assess the full application and property.
Potentially. Being self-employed does not prevent you from obtaining a mortgage, but the lender will need evidence of your income and business position.
The way that income is assessed can vary between lenders, particularly for company directors, sole traders and applicants who retain profit within a business.
Family support may take several forms, including a gifted deposit, a family member joining the mortgage or arrangements involving additional security.
Each option has different financial, legal and tax implications. The appropriate route will depend on the circumstances of everyone involved.
Independent legal and tax advice may be required.
In addition to the deposit, you may need funds for legal work, searches, a survey, mortgage fees, advice fees, insurance, moving costs and property tax where applicable.
You should also retain enough money for initial household costs and unexpected expenses rather than committing every available pound to the deposit.
The answer depends on where the property is located.
In England, qualifying first-time buyers may be eligible for Stamp Duty Land Tax relief, subject to the property price and current rules. In Wales, Land Transaction Tax applies and there is currently no separate first-time buyer relief. Your solicitor should confirm the tax position before you proceed.
Home ownership schemes may be available depending on where you are buying, the type and value of the property and your personal circumstances. These include low and no deposit schemes.
The availability, eligibility criteria and financial implications of these schemes can change. We can explain how the mortgage element may work, but current scheme eligibility should always be checked against the relevant official guidance.
Great customer experience! John was brilliant start to finish and really supported us throughout the whole process. Bridging loans were all new to us so John really took the time to make sure the loan was right for us, along with explaining everything in detail. We had a short timescale and John again made sure this was pushed along at each point in the process
Adviser: John Symons
You may already have found a property, or you may simply want to understand the budget you could realistically work with.
Tell us about your income, deposit, approximate property price and preferred timeframe.
We will review the initial details and contact you to discuss what may be possible, which routes appear worth exploring and what information is needed next.
Jayhawk Capital may charge a tailored broker fee of up to 1% of the loan, subject to a minimum fee of £500.
For residential mortgages, the fee is generally payable when the mortgage offer is issued. The amount and payment stage will be confirmed before you decide to proceed.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Your first purchase may also touch on other mortgage needs. Explore related residential mortgage services offered by Jayhawk Capital.
