Find out more: How much can I borrow mortgage calculator. Remember to budget for the additional costs of buying a property, such as conveyancing, surveys, and - depending on the cost of the property and whether you’re a first-time buyer - stamp duty ( LTT in Wales, LBTT in Scotland). Generally speaking, banks will allow you to borrow a maximum of around four-and-a-half times your annual salary, but this varies depending on the individual lender, your financial circumstances and the size of your deposit. If you’re buying a property with other people, the lender will also take their finances into account. The amount a mortgage provider will lend you will depend on various things, including the size of your deposit, your income and credit score. Find out more: how to save for a mortgage deposit.If you've lived in a council house for at least three years, you can benefit from a 35% Right to Buy discount. Right to Buy - council tenants can buy their home at a discount. Help from parents - even if your family can't provide cash toward your deposit, some mortgage lenders will allow your parents to use their property or savings as a guarantee for your mortgage.įirst Homes scheme - first-time buyers with a household income of £80,000 or less (£90,000 or less in Greater London) can get a discount of at least 30% on some new-build homes. Shared ownership - you buy a 25%-75% share in a property, and pay rent on the rest. If you're keen to buy sooner rather than later, you could consider the following options.
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