First-time buyers’ FAQs

Where do I start?

 If you’re a first-time buyer, you don’t have to actually be ready to buy a house, to find out what it will take for you to get a mortgage for your dream home.

Take the first step by simply getting in touch for a chat about your goals, wants and needs and then we can help you figure out how to get there.

What happens then?

We can look at your situation and advise what is realistically affordable to you. 

We can look at how much deposit you’ll need to save, how much you can borrow, what price range you should be aiming for and we can even tell you rough monthly payments for a mortgage.

That way you’ll have an idea how much your mortgage payments could be and how they can vary depending on which house you buy. 

We’ll then help you plan how you can get to the position that you’re ready to buy your first home. 

What happens when I’m ready to buy my first home?

So, we’ve already determined how much borrowing is affordable to you, but now it’s time to get a lender to agree to lending to you, this is called a Decision in Principle (DIP). You should then choose a solicitor because a DIP means that you can search for a house with a serious intention to putting in an offer.

When you get an accepted offer, come back to us and we arrange the mortgage. We also discuss the different products available to your mortgage and will advise which one is most suited to you.

When the mortgage offer is issued, your solicitor will do the rest. On the agreed date you will get your new set of keys and will begin life in your very own home.

Do I need a deposit?

Generally, yes, but you don’t need a deposit to start planning to buy your first home.

But it’s easier to save for a deposit if you have in your head how much you need to save and what it is that you’re saving for. 

But don’t worry, we can help you figure all of that out!

How much deposit do I need?

The deal you get on your mortgage will depend on the level of deposit you have. 

To be ready to go ahead and buy a house, then you’ll usually need a deposit of 5% of the purchase price or more. This is different for all lenders and will depend on your individual circumstances, too. 

If you have more deposit towards the purchase, the lender will class you as less risk to them and will hence offer you a better interest rate. 

But, deposits of 5% are very popular for first time buyers and are very achievable! 

Can I get any help if I’m a First-Time Buyer?

There are so many different schemes out there designed to help first-time buyers.

Currently, these schemes include – 

  • The LIFT scheme
  • Forces Help to Buy
  • Help to Buy
  • Help to Buy / Lifetime ISA
  • First Home Fund

We can tell you which, if any of these, are right for you, depending on your situation.

There’s more info on our website and keep an eye on the Facebook page for latest news, too.

I’m self-employed, does this matter?

Being self-employed isn’t too much of a worry when coming to getting your mortgage. As long as you’ve been self-employed for a minimum of two years there’s generally no issue. 

An important thing to note is that the amount the lender will be willing to lend to you will depend on your income levels. The lower the income you give yourself, the less you will be able to borrow.

Again, if this affects you, come and talk to us as soon as you start thinking about it.

I’m on maternity leave, can I still get a mortgage?

Maternity leave isn’t a problem, as long as your intentions are to go back to work. 

The amount you can borrow from a lender will depend on the level of income you will be returning to work with. 

You will need to prove this with a letter from your employer, but other than that, there are generally no hiccups due to being on maternity leave. 

I have bad credit history, can I still get a mortgage?

Bad credit doesn’t necessarily mean you won’t be able to get a mortgage! It would depend on each individual case so the best step would be to come in and talk to us with a copy of your credit report. 

You can view your credit report by registering with Experian or ClearScore, or various other online sources.

Can’t I just go to the bank for my mortgage?

You could… but you may not get the best deal? What else would you buy without comparing the best deals and all the different options? Nothing as expensive as a house, I bet!

We’re independent, which means we have access to a broad range of lenders and can find the best deal tailored to you at that time. 

Going into your local bank would mean accepting only the range of deals they can offer, taking independent advice will allow you to view many lenders’ deals all at the same time.

Also, if your bank says no to your application, you’re back at square one.  With us, if one lender says no, we will just try another!

It’s hard for me to get time off work to make an appointment, do I have to come into the office?

It’s possible for us to do the whole process over the phone or email. 

We can also do video calls for mortgage interviews over WhatsApp. 

You’ll just need to pop into the office with your ID documents at some point convenient to you.

How much does advice cost?

Our initial advice is FREE! 

Once you’re happy that you’re ready to ask us to go ahead and apply for a mortgage for you then there’s a fixed flat fee of £389, which is invoiced to you after your mortgage is offered.

Everything before that is on us! So, if you have a question or want to know what stage you’re even at, we won’t charge you a penny and there’s no obligation.

You have nothing to lose by finding out more!

Take the next step

The best time to take the next step to secure your financial future is right now.
We’re here for you!

Campbell & McConnachie Ltd is authorised and regulated by the Financial Conduct Authority. Financial Services Register No: 789217 Campbell & McConnachie Ltd Registered Address: Harbour House 1 Shore Street Lossiemouth IV31 6PD. Neither Campbell & McConnachie Ltd nor its representatives can be held responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page. The Financial Conduct Authority does not regulate National Savings or some forms of mortgage (including Buy to Let), tax planning, taxation and trust advice, offshore investments or school fees planning. Your home may be repossessed if you do not keep up repayments on your mortgage. The Financial Ombudsman Service is available to sort out individual complaints that clients and financial services businesses aren't able to resolve themselves. To contact the Financial Ombudsman Service please visit ( The information contained within this site is subject to the UK regulatory regime and is therefore targeted primarily at consumers based in the UK. Please read our Privacy Statement before completing any enquiry form or before sending an email to us.