Buying your first home comes with a lot of decisions. How much can you borrow? How much deposit should you use? Which lender should you choose? Should you fix your mortgage rate, and for how long?
A good mortgage advisor should help you answer these common first-time buyer questions clearly. Not just by showing you a rate, but by helping you understand what’s realistic, what fits your situation, and what could cause problems later.
In this guide, we’ll cover the key questions every first-time buyer should ask, so you leave the conversation with a clearer view of what you can afford, what’s realistic, and what to do next.
[TOC]
1. What can I realistically borrow?
One of the first questions to ask is: how much can I borrow, and would that monthly payment actually feel affordable?
Some buyers focus only on the maximum mortgage amount. That can be useful, but it’s not always the right target. A lender may offer you a mortgage that technically fits their affordability rules, but that doesn’t mean it leaves enough room for bills, council tax, travel, food, savings and unexpected costs.
Ask your mortgage advisor:
- How much could I borrow based on my income?
- What monthly payment would that likely mean?
- How would debts, credit cards, childcare or loans affect this?
- Should I borrow the maximum, or would a lower budget be safer?
For example, a first-time buyer earning £38,000 with a £25,000 deposit might be able to look at properties around £220,000 to £250,000 depending on the lender, their debts and mortgage term. But if the monthly payment feels tight once other costs are included, a smaller budget may be more sensible.
This is where advice can make a difference. Different lenders assess income in different ways, especially if you have bonuses, overtime, commission, a recent pay rise or variable income.
2. How much deposit should I use?
Your deposit affects your mortgage options, interest rate and monthly payment. But using every pound you’ve saved isn’t always the best move.
Ask your mortgage advisor:
- Is a 5%, 10% or 15% deposit realistic for me?
- Would a larger deposit improve my rate?
- How much should I keep aside after completion?
- Would it be better to buy sooner with a smaller deposit or wait and save more?
For example, on a £250,000 property, a 5% deposit is £12,500 and a 10% deposit is £25,000. A 10% deposit may give you more lender choice and potentially better rates, but it could also leave you with less money for legal fees, furniture, moving costs and emergencies.
| Deposit size | Example on £250,000 property | What it may mean |
|---|---|---|
| 5% deposit | £12,500 | Lower upfront cost, but fewer lender options and potentially higher rates |
| 10% deposit | £25,000 | Often a stronger position, with wider lender choice |
| 15% deposit | £37,500 | May improve rates further, but ties up more savings |
| 20% deposit | £50,000 | Usually stronger for rates, but not always realistic for first-time buyers |
There isn’t one right answer. A buyer with secure income and low monthly costs may feel comfortable using more of their savings. Someone with less spare cash may prefer to keep a buffer.
For more detail, read our guide on how much deposit you need for a mortgage in the UK.
3. Which mortgage type is right for me?
One of the most common first-time buyer questions is which mortgage rate is cheapest. That matters, but it isn’t the only question. You also need to understand how the mortgage works, how stable your payments will be, and what flexibility you may need later.
Questions for your mortgage advisor:
- Should I choose a fixed rate or tracker mortgage?
- How long should I fix for?
- What happens if rates rise or fall?
- Are there early repayment charges?
- Can I make overpayments?
The right choice usually comes down to a few trade-offs. Your advisor should explain these in plain English before recommending a deal.
| Mortgage decision | What to consider |
|---|---|
| Fixed rate vs tracker rate | A fixed rate gives predictable monthly payments, which can help with budgeting. A tracker rate can move up or down, so payments may fall if rates fall, but they can also rise. |
| Shorter fixed term vs longer fixed term | A shorter fixed term may give you flexibility sooner, but you’ll need to remortgage earlier. A longer fixed term may offer more stability, but you could be tied in for longer if your plans change. |
| Lower rate vs higher product fee | A mortgage with a lower interest rate isn’t always cheaper overall if it comes with a high fee. Your advisor should compare the total cost, not just the headline rate. |
| Flexibility vs certainty | Some buyers want predictable payments above all else. Others may want more flexibility to move, overpay or review their mortgage sooner. |
A good advisor should help you weigh this up based on your income, future plans and appetite for risk.
4. Which lenders am I likely to fit?
Not every lender suits every buyer. Two people with the same salary and deposit can still get different outcomes depending on their credit history, job type, income structure, property type and spending commitments.
Ask your advisor:
- Which lenders are most likely to accept my situation?
- Are there lenders better suited to my income?
- Will my credit history limit my options?
- Are you checking the whole market or a limited panel?
- Are there any lenders I should avoid applying to?
This is one of the main benefits of using a mortgage broker. They can look beyond headline rates and check whether your situation fits a lender’s criteria before you apply.
That matters because a declined application can waste time, delay your purchase and create unnecessary stress.
5. Will my credit score affect the application?
Your credit score can matter, but lenders don’t rely only on the number you see in an app. They look at your wider credit file, including missed payments, defaults, debts, credit utilisation and recent applications.
Here are some first-time buyer questions to ask your mortgage advisor:
- Is my credit file strong enough to apply now?
- Should I reduce any debts first?
- Could old missed payments affect my options?
- Will an Agreement in Principle leave a hard search?
- Should I wait before applying?
For example, a buyer with a £5,000 credit card balance may be offered less than expected, even if they’ve never missed a payment. Reducing the balance before applying could improve affordability.
You may also want to read our guide on what credit score you need for a mortgage in the UK and how to improve your credit score before applying.
6. What costs should I budget for?
Your deposit isn’t the only cost. First-time buyers need to think about the full cost of buying and moving.
Ask your mortgage advisor:
- What fees will I need to pay?
- Are there mortgage product fees?
- Should I pay the product fee upfront or add it to the mortgage?
- How much should I budget for legal fees?
- Will I need to pay Stamp Duty?
- What costs are due before completion?
Common costs include solicitor fees, survey costs, valuation fees, mortgage product fees, broker fees, buildings insurance, moving costs and initial furniture or repairs.
A mortgage with a lower interest rate but a high fee isn’t always the best deal, especially if you’re borrowing a smaller amount. Your advisor should help you compare the total cost, not just the rate.
7. What documents will I need?
Mortgage applications can be delayed when documents are missing, unclear or inconsistent. It’s worth asking early so you can prepare before making an offer.
Here are some questions for your mortgage advisor:
- What documents should I get ready?
- How many payslips and bank statements will I need?
- What proof of deposit is required?
- What happens if part of my deposit is gifted?
- What could slow the application down?
You’ll usually need ID, proof of address, bank statements, payslips or income evidence, and proof of deposit. If you’re recieving a gifted deposit as a first-time buyer, lenders usually need a gifted deposit letter and may ask for evidence of where the money came from.
8. What happens after I get an Agreement in Principle?
An Agreement in Principle can help show estate agents that you’re a serious buyer, but it isn’t a full mortgage offer.
Ask your advisor:
- Does this mean I’m guaranteed a mortgage?
- How long does it last?
- Was it based on a soft or hard credit search?
- What could change when I make the full application?
- When should I apply for the mortgage properly?
A lender still needs to assess the full application, documents, property valuation and legal details before issuing a mortgage offer.
9. How will you help me choose the right option?
Before moving ahead, ask your advisor exactly how they’ll help you compare your options.
Useful questions for your mortgage advisor include:
- Which lenders have you considered?
- Why are you recommending this mortgage?
- What are the main trade-offs?
- What could go wrong with this application?
- What happens if the lender says no?
- How will you support me after the application is submitted?
A good mortgage advisor should explain the reasoning, not just give you a product recommendation. You should understand why a lender, rate type and mortgage term suit your situation.
Quick reference: The main questions to ask your mortgage advisor
| Main question | Notes and follow-ups |
|---|---|
| How much can I realistically borrow? | Ask what the monthly payment could look like, whether you should borrow the maximum, and how debts or regular commitments affect affordability. |
| How much deposit should I use? | Ask whether 5%, 10% or 15% is more suitable, and how much money you should keep aside after completion. |
| Which mortgage type is right for me? | Ask whether a fixed or tracker rate makes sense, how long to fix for, and what happens if rates rise or fall. |
| Which lenders am I likely to fit? | Ask why certain lenders suit your situation, whether your advisor is checking the whole market, and what could lead to a decline. |
| Will my credit history affect my options? | Ask whether you should apply now, reduce debts first, or wait before making a full mortgage application. |
| What costs should I budget for? | Ask about product fees, valuation fees, legal fees, surveys, broker fees, insurance and moving costs. |
| What documents will I need? | Ask what evidence is needed for income, deposit, ID, bank statements and any gifted deposit. |
| What happens after an Agreement in Principle? | Ask whether it uses a soft or hard search, how long it lasts, and what still needs checking before a mortgage offer. |
| Why are you recommending this mortgage? | Ask about the trade-offs, not just the rate, and what would happen if your circumstances or the lender’s decision changed. |
If you’re unsure how to answer these questions, speak to Monday Mortgages about your first-time buyer options. We can help you check affordability, compare lenders and understand the next step before you apply.
[FAQ]
Frequently asked questions
What should I ask a mortgage advisor as a first-time buyer?
Ask what you can borrow, how much deposit you need, which lenders may fit your situation, what rate type suits you, what fees to expect, and whether your credit file could affect the application.
Should I speak to a mortgage advisor before viewing houses?
Yes, it can help. An advisor can give you a clearer budget and help you understand whether you’re likely to qualify before you start making offers.
Is the lowest mortgage rate always the best option?
No. Fees, lender criteria, early repayment charges, flexibility and your future plans can all affect whether a mortgage is suitable.
Can a mortgage advisor help if I have a small deposit?
Yes. They can explain which lenders may consider 5% or 10% deposits, how this affects your rate, and whether saving more could improve your options.
Can a mortgage advisor help with a gifted deposit?
Yes. They can explain what lenders usually need, including a gifted deposit letter, proof of funds and ID from the person gifting the money.
[/FAQ]
