Understanding Your Position as a First-Time Buyer 

A first-time buyer is someone who has never owned a property anywhere in the world, is purchasing their first property, and may qualify for specific schemes and incentives. 

First-Time Buyer Benefits include:- 

Ps:- Please be aware the information provided is valid as of mid-2024. Please check and verify the information to ensure every information to get all recent updates. 

Here are some examples of mortgage Deposit requirements which is dependent on the property value. The UK Government has set deposit limit as low as  5% for first time buyers meeting some specific requirements. 

Property Value | Min 5% Deposit    | Better 10% Deposit     | Ideal 15% Deposit

£200,000           | £10,000                       | £20,000                              | £30,000

£300,000           | £15,000                      | £30,000                               | £45,000

£400,000          | £20,000                       | £40,000                              | £60,000

Deposit Sources

Here are some Deposit Sources you could be looking at :- 

Required Documentation

1. Identity

   • Most recent Passport/Driving licence

   • Utility bills (Dated within the last 3 months).

   • Bank statements (Usually dated in the last 3-6 months).

2. Income Proof

   • 3 months' payslips

   • Latest P60

   • Employment contract

   • Bank statements

3. Deposit Evidence

   • Savings statements

   • Gift letters

   • Lifetime ISA (LISA) statements

   • Bank statements