Buying a house is one of the most important purchases you will ever make. It can be a very daunting experience but also very exciting if it’s your first time. In the current climate, you will probably need at least 5% deposit towards the mortgage before a mortgage lender will consider you. Although having a 10% or 15% deposit will usually get you a lower rate.
As a first time buyer you should seek advice to see how much the bank is able to lend you. Each bank and building society has different levels of affordability and also has different rules when assessing your income and expenditure. Recent changes in legislation regarding affordability have caused banks to request far more information about your spending habits than they used to.