Riach Financial

First Time Buyer

Providing individual mortgage advice; unique to you

Riach Financial

First Time Buyer

Providing individual mortgage advice; unique to you

First Time Buyer

Buying your first home can be a very exciting albeit daunting experience which is why it is important to get the right advice at the very start. There are many different mortgage products to choose from, so it is important to get the
solution that meets your needs.

To help you to make the right decision we have put together our Top Tips for first time buyers:  

  • How much can I borrow?
    It is important to be realistic when working out how much you can spend on your new home. A budget planner will help to ensure your mortgage is affordable. 
  • How much deposit will I need to put down?
    When choosing a mortgage, you can see which deals you might qualify for based on the size of the deposit you have by looking at what is known as the mortgage ‘loan to value’ (LTV). For example if you are looking to buy a property valued at £100,000 and have a £5,000 deposit you will be looking to borrow 95% of the property value. Typically the more deposit you have to put down the better the mortgage rates will be. 
  • Have you considered any extra costs?
    Even a newly built house will require some sort of furnishings, whereas older properties may require extensive work, such as re-flooring, tiling or renewing the wiring. These should be considered alongside the purchase price, and fees such as conveyancing and stamp duty. 
  • Know what to look for when viewing properties
    Always take an experienced home buyer with you when viewing properties as there may be important details you could be missing out on.
  • Household Budgets
    If you have been used to living at home with your parents, remember to budget for expenses such as council tax, gas and electricity bills, boiler servicing, and other home repairs.

  • Council Tax Charges
    Make sure you know what the likely council tax charge will be in your new property. The selling agent should be able to tell you what tax band the house you are interested in buying is in, and how the charges are levied by your local authority.

Remember a mortgage is a long term commitment and there are lots of different products available, so it is important you get the right solution for you.

Call our experts today for more information.

Buying a property can be the biggest decision made in our lives. It is for this very reason that impartial advice is critical from competent and qualified advisers. Whether you are a first time buyer, looking to remortgage or even looking to purchase a second home. This is where our advisers excel.

Be reassured that our style is to provide reliable personalised mortgage advice appropriate to any individual that makes contact with us.

First Time Home Buyers

As a first-time home buyer, there are several important steps and considerations to keep in mind. Let’s break it down:


Start Building Your Deposit:

Begin saving for your mortgage deposit. Typically, you’ll need at least 5% of the property value. For instance, if you’re eyeing a home priced at £250,000, aim for a deposit of at least £12,500.

Ideally, save more than 5% if possible. A larger deposit opens up a wider range of mortgage options at better rates.


Check Your Credit Score:

Lenders assess your creditworthiness during mortgage applications. A good credit score is crucial.

Take steps to improve your credit rating before applying for a mortgage. Consider whether you have any existing credit commitments and ensure that the monthly payments are all paid on time and in full. If you have a credit card, small and regular usage, paid off in full every month will improve credit score and credit history.


Clean Up Your Current Account:

Lenders consider your income and monthly expenses to determine how much you can borrow.

Review your current account to understand your spending habits. Cancel unnecessary expenses (like expensive gym memberships or regular nights out) to present a better financial profile to lenders. Also lenders do not like to see Gambling or betting transactions, especially if there are multiple deposits in a single month.

Remember, buying your first home can feel overwhelming, but understanding these initial steps will help you navigate the process with confidence.

Using a mortgage broker can be highly advantageous for first-time home buyers. Here are the top benefits of working with a mortgage broker:


Get the Most Suitable Deal for You:

A mortgage broker can search for the most suitable deal on your behalf, considering your specific demands and circumstances.

Unlike dealing directly with a bank or building society, brokers have access to an extensive range of lenders and products, giving you more options and negotiating leverage.

They remain unbiased since they are not tied to any single lender and can provide impartial advice.

Brokers take the time to understand your long-term goals and recommend the most suitable products.

They can answer your questions, clarify doubts, and assist you throughout the application process. Applying for a mortgage can be time-consuming, especially if done on your own. Mortgage brokers handle paperwork, chase lenders for updates, and keep the process moving forward.

They work around your schedule, even offering telephone calls or virtual consultations to complete application for added convenience.

Avoid Rejection:

Lenders thoroughly assess financial situations and employment history. A broker’s expertise ensures you meet eligibility criteria, reducing the risk of rejection.

In summary, a mortgage broker simplifies the process, provides expert advice, and helps you secure the best loan terms for your first home purchase.


Expert Advice

Getting a mortgage can be a challenging and complicated process. That’s why you need regular access to expert guidance and support from people you know you can trust. Our aim is to provide you with professional knowledge of the market and excellence in customer service whilst being on hand to help every step of the way.

We’re committed to helping you fully understand the broad range of options available to you so that you can work with us to make an informed decision about the product that is most suited to your individual requirements.

The information given in this website does not contain all of the details you need to choose a mortgage. Make sure that you read the separate key facts illustration before you make a decision. The FCA does not regulate some forms of buy to let mortgages.


Click here for a link to our Jargon Buster

Contact Our Advisors


38-40 Doncaster Road,
North Lincolnshire, Scunthorpe, DN15 7RQ


Monday - Friday
07:00 - 17:30
09:00 - 12:30


01724 276000

Details submitted through this form are confidential. We will process any personal information collected in this form in accordance with our Privacy notice. The information therein is used only to contact you to discuss the areas you've expressed an interest in.

Please note the contents of this form is sent via email and therefore may not be secure.

We can also deal with clients face-to-face in one of our 10 offices. We can also deal with client and prospects over the telephone or by video chat.


100 Alfred Gelder Street, Hull
East Yorkshire, HU15 2AE


15A Wednesday Market
Beverley, HU17 0DH


Spaces Victoria, 25 Witton Road
Victoria, London, SW1V 1LW


Gresley House, Ten Pound Walk, Doncaster, DN4 5HX


10 Dudley Street, Grimsby
North Lincolnshire, DN31 2AB


25‑26 St Marys Place, Newcastle, NE1 7PQ


14 Coppergate, York, YO1 9NT


Stuart House, St Johns Street, Peterborough, PE1 5DD


17-21 West Parade
Lincoln, LN1 1NW


1a Kingston Road, Willerby
East Riding of Yorkshire, HU10 6AD


1 King Street
Barton-upon-Humber, DN18 5ER


With us, progress means development. Financial and life planning that helps you to navigate life’s financial complications, free of financial ambiguity and safe in the knowledge that the professional team is at your side, every step of the way.


Riach Financial Ltd
38-40 Doncaster Road
North Lincolnshire
DN15 7RQ
T: 01724 276000
E: enquiries@riachfinancial.co.uk


Copyright 2023 Riach Financial Ltd
All rights reserved
Appointed representative of Sesame Ltd which is authorised and regulated by the Financial Conduct Authority

The information given in this website does not contain all of the details you need to choose a mortgage. Make sure that you read the separate key facts illustration before you make a decision. The FCA does not regulate some forms of buy to let mortgages.

If you have a complaint or dispute with us, you are entitled to make a complaint. We have a complaints procedure that is available on request. If you wish to register a complaint, please contact us either in writing, by telephone or email. Please be assured we treat complaints seriously. For your protection if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service (FOS).

Riach Financial LTD is an appointed representative of Sesame Ltd which is authorised and regulated by the Financial Conduct Authority. FCA Register No 966934. Registered in England under reference 13361374. Calls may be recorded for training and monitoring.