First time buyer tools
If owning your first home is something you're thinking about, whether that's now, next year or simply something you'd like to understand, use our tools and calculators to explore what could be possible.
Where do you want to start?
Where are you in your home buying journey?
Buying your first home can feel like there’s a lot to figure out. Choose where you are in your journey and explore what comes next when buying a home.
How much could it cost to buy your first home?
Enter the property price you're considering to see an illustration of the upfront costs you may need to budget for.
Including your deposit and the estimated buying costs shown above.
Some mortgages have fees and others don't. Depending on the mortgage you choose, you may need to allow for booking, product or other mortgage-related fees.
Your lender will arrange a mortgage valuation and will often cover the cost, although this depends on the lender. A mortgage valuation is for the lender's purposes and isn't a detailed survey of the property's condition. If you choose a more detailed survey, these can typically cost around £400–£1,500 depending on the property and type of survey.
You may also want to leave some room in your budget for furniture, appliances, decorating, insurance and any work you'd like to do once you've got the keys.
This calculator provides an illustration only. Actual costs will vary depending on the property, services you choose and your individual circumstances. Stamp Duty figures assume you qualify for first-time buyer relief and are purchasing a residential property in England or Northern Ireland. Different property taxes apply in Wales and Scotland.
How mortgage ready are you?
Thinking about buying your first home? Answer a few simple questions to see where you are in your journey — and what you might want to think about next.
HERE'S WHERE YOU ARE.
This isn't a measure of whether you'll qualify for a mortgage. It's a simple way of showing what you've already got underway and what you could focus on next.
YOU'VE GOT THESE STARTED.
THINGS TO FOCUS ON NEXT.
CREATE YOUR HOME READY PLAN.
We'll turn your results into a personalised checklist you can keep, work through and come back to as your plans progress.
WANT HELP KEEPING YOUR PLAN ON TRACK?
Hannah Miller Homes also offers an ongoing Home Ready service, with monthly or quarterly reviews to help you track your progress, revisit the areas you're working on and understand when it may be time to take the next step.
This check is for general information only and does not assess your eligibility for a mortgage or provide personalised mortgage advice. Lender criteria vary and your individual circumstances will need to be considered.
Your Home Ready Budget
Understand where your money goes, what you could realistically save each month and how long it could take to reach your deposit goal.
Let's look at your budget
Based on the figures you've entered, here's a snapshot of your current monthly income and spending.
What feels realistic to save?
You don't need to put everything that's left towards your first home. Choose an amount you'd feel comfortable saving consistently while still leaving yourself some breathing room.
Now let's look at your first home.
You've got a clearer picture of what you could realistically save each month. Let's take a few more details to see how long it could take you to reach your deposit goal.
What are you working towards?
This doesn't need to be an exact property. Use a price that gives us a useful starting point for your plan.
Only include money you've specifically set aside for your house deposit, rather than your total savings.
Here's what your plan could look like.
You might not need to wait until you've reached this goal.
Your deposit is only one part of buying your first home, and the percentage you've selected here is your chosen target rather than an assessment of what a lender may require. Speaking to a mortgage broker earlier can help you understand what could be possible based on your individual circumstances.
Your Home Ready action plan
This budget planner is for general information and planning only. It is based solely on the figures you enter and does not assess mortgage affordability or eligibility, or provide personalised mortgage advice. Actual household costs can vary and lenders use their own criteria when assessing affordability. Your deposit is only one of the costs associated with buying a home.
How much could you borrow?
Enter your annual income to see some example borrowing amounts.
Lenders use different affordability criteria and income multiples. The amount you may be able to borrow will depend on your individual circumstances, including income, expenditure, financial commitments, deposit and credit history.
These figures are for illustration only and do not indicate that a particular mortgage or level of borrowing will be available. Mortgage eligibility is subject to individual circumstances, affordability and lender criteria.
Are you ready to start viewing houses?
Download our House Viewing checklist so you know what to look for when finding your next home.
Why use Hannah Miller Homes to buy your first home?
Our Experience Matters
With over 15 years' experience in financial services, we understand how lenders work and how different circumstances can be considered. We'll explain things clearly, without unnecessary jargon or assumptions.
More Than A Mortgage Application
You don't need to have found a property, have a full deposit or all the answers before talking to us — even if owning a home still feels like a long way off, we’ll help you explore what could make it possible.
With You From Plan, To Completion
Our support doesn’t stop at finding the right mortgage. We’ll be in touch throughout, guiding you through what happens next and keeping you updated, right through to getting the keys to your first home.
You don’t need to have everything figured out before talking to us. Whether you’re ready to buy or home ownership still feels a long way off, we can help you understand what could be possible and start putting a plan in place.
It’s not too soon to get in touch
Frequently Asked Questions
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The deposit you’ll need will depend on the property, mortgage and lender. Some mortgages may be available with a 5% deposit, although having a larger deposit could give you access to different mortgage options and rates. We can help you understand what could be possible based on the deposit you have — or the one you’re working towards.
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How much you may be able to borrow isn’t based on income alone. Lenders will consider your income, regular spending, financial commitments, credit history and other circumstances. Different lenders assess affordability differently, so speaking to a mortgage broker can help you understand your options.
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You don’t need to wait until you’ve saved your full deposit or found a property. Speaking to a mortgage broker early can help you understand how much you may be able to borrow, what deposit you could need and whether there’s anything you can do now to get mortgage ready.
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An Agreement in Principle (AIP), sometimes called a Decision in Principle, gives an indication of how much a lender may be prepared to lend based on some initial information and checks. It isn’t a mortgage offer, but it can help you understand your budget before looking for a home.
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Potentially. Your credit score is only part of a lender’s assessment, and lenders have different criteria. Your wider credit history, income, affordability and circumstances can all be considered. It’s worth understanding your credit report before applying for a mortgage.
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Absolutely. You don’t need to have everything figured out before you start planning. We can help you understand where you are now, what could be possible and the steps you could take towards becoming mortgage ready — even if buying your first home is still some way off.
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It may be possible. You don’t always need to have been in the same job for a set period before getting a mortgage, and some lenders may consider applicants who have recently started a new role. The options available will depend on your individual circumstances.
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Yes, being self-employed doesn’t prevent you from getting a mortgage. The information lenders require and the way they assess your income can vary, so it can be particularly useful to understand which lenders may suit your circumstances.
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Your deposit isn’t the only cost to consider. You may also need to budget for solicitor and conveyancing costs, searches, a survey if you choose one, moving costs and potentially mortgage-related fees. There may also be Stamp Duty Land Tax depending on the property and your circumstances.
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First-time buyers in England and Northern Ireland may qualify for Stamp Duty Land Tax relief if they meet the relevant conditions and the property is within the qualifying limits. The amount payable depends on the purchase price and your circumstances, so it’s important to check the current rules when you're ready to buy.
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Once your offer is accepted, there’s still a process to complete before the home becomes yours. This will usually include your full mortgage application, valuation, legal work and potentially a survey, followed by exchange of contracts and completion.
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There isn’t one set timeframe. How long it takes can depend on the property chain, mortgage application, legal work, searches, surveys and whether any issues arise along the way. Your mortgage broker and solicitor will each play different roles in helping your purchase progress.