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First Time Buyer Guide

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Step 1 of 7: Planning ahead

Planning ahead will help you make progress towards your goals and show lenders that you are prepared, which could make it easier for you to get a mortgage.

Key Steps:
Unless you’ve sorted out your home-buying fund, you will need to start saving, cut down on any borrowing and make sure your credit record is as good as possible.

1. Build up a solid savings balance - You will usually need 10% or more of the amount that the property costs to put into it yourself - your deposit.

Tips:

  • Remember to work out the moving costs involved in buying a place.
  • A Mortgage Specialist can help you work out the total costs involved in buying a place.
  • Our Savings calculator will help you work out your savings plan.

2. Reduce your debts – Most lenders work out how much you can borrow based on your outgoings as well as your income. 

3. Polish up your credit record – It will help if you:

  • are on the electoral register,
  • are in steady employment,
  • have kept accurate records of your income and tax,
  • have copies of your last six months' bank statements,
  • have your last three months' payslips.

Back to First time buyers guide                                                                                             Continue to step 2

 

C&G mortgages are provided by Lloyds TSB Bank plc and administered by Cheltenham & Gloucester plc. Lloyds TSB Scotland plc offer their own range of mortgages, find out more.

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