First-Time Buyers · Rates & Costs
The First-Time Buyers 100.
Rates & Costs
Focus: Fees, interest rates, and the total cost of borrowing.
How does the mortgage application process work?
TL;DR
Discover the detailed step-by-step process of applying for a mortgage in the UK. Learn about Agreement in Principle, documentation requirements, valuation, and final offer stages.
Read Full Article →
What’s the difference between mortgage brokers and direct lenders?
TL;DR
Choosing a mortgage source? Learn the essential differences between a mortgage broker, who shops the market for you, and a direct lender, who offers their own products. Understand the pros and cons of each.
Read Full Article →
How much Stamp Duty will I pay as a first-time buyer?
TL;DR
As a first-time buyer in the UK, you could be exempt from Stamp Duty Land Tax (SDLT) up to £425,000. Learn the rules, eligibility criteria, and the thresholds for Stamp Duty relief.
Read Full Article →
Are there exceptions to Stamp Duty for first-time buyers?
TL;DR
Discover the Stamp Duty Land Tax (SDLT) exceptions and reliefs available to first-time buyers in the UK. Learn the rules, eligibility criteria, and how to benefit.
Read Full Article →
What mortgage type is best for me (fixed-rate, variable, tracker)?
TL;DR
Deciding between a fixed-rate, variable, or tracker mortgage? Understand the pros and cons of each option in the UK. We help you determine what mortgage type is best for your unique financial situation.
Read Full Article →
Am I eligible for the Shared Ownership scheme?
TL;DR
Find out if you meet the criteria for Shared Ownership in the UK. We break down the income caps, first-time buyer status, and the rules for existing homeowners looking to move.
Read Full Article →
Are there regional grants or loans for first-time buyers?
TL;DR
Explore regional grants and schemes available across the UK for first-time buyers. Learn about Help to Buy, shared ownership, and specific local initiatives designed to make buying your first home affordable.
Read Full Article →
What fees do mortgage brokers charge?
TL;DR
Discover what fees do mortgage brokers charge in the UK. We break down commission vs fee models, typical costs, and tips for finding a transparent broker. Understand your options.
Read Full Article →
How much should I set aside for unexpected costs?
TL;DR
Learn how much should i set aside for unexpected costs, following the expert 3-to-6 month rule. Calculate your essential expenses and build a robust emergency fund.
Read Full Article →
What insurance will I need for my home?
TL;DR
Understanding what insurance you need for your UK home can be complex. Learn about buildings and contents insurance, when they are mandatory, and extra protection options.
Read Full Article →
Can I borrow money for renovations after I buy?
TL;DR
Looking to renovate your new home after buying it? Learn how you can borrow money for renovations after completion using remortgaging, secured loans, or further advances. Understand the costs and risks involved.
Read Full Article →
Do I need to save an emergency fund?
TL;DR
Discover why having an emergency fund is crucial for financial stability in the UK. Learn how much you should save, practical saving strategies, and how a safety net protects you from unexpected costs.
Read Full Article →
Should I overpay my mortgage when possible?
TL;DR
Considering overpaying your UK mortgage? Learn the pros and cons, how it saves interest, and important checks like early repayment charges (ERCs). Understand when it makes financial sense.
Read Full Article →
Do I want a freehold or leasehold property?
TL;DR
Understanding whether you want a freehold or leasehold property is vital before buying in the UK. Learn the rights, responsibilities, costs, and risks associated with each tenure type.
Read Full Article →
What size of property is realistic within my budget?
TL;DR
Understanding what size property is realistic within your budget requires assessing affordability, location, and borrowing capacity. Learn how to calculate your costs and find the right home size.
Read Full Article →
How many properties should I view before making an offer?
TL;DR
There is no fixed number for how many properties you should view before making an offer. Typically, 5-10 viewings help establish market value and comparison points. Learn effective viewing strategies here.
Read Full Article →
Does the property have the right planning permissions?
TL;DR
Buying property? Ensure the planning permissions are correct before completion. Learn how to verify property permits, understand building control, and mitigate financial risks.
Read Full Article →
What’s the average price of homes in my preferred area?
TL;DR
Finding the average house price in your target location is crucial for buying or selling. Learn where to find reliable UK property data, understand price trends, and interpret local market statistics accurately.
Read Full Article →
What’s the best location for my work commute?
TL;DR
Choosing where to live significantly impacts your finances and quality of life. Learn how to weigh property costs against commuting expenses to find the best location for your work commute.
Read Full Article →
Are there good schools nearby?
TL;DR
Finding a property near excellent schools significantly impacts value and quality of life. Learn how to research school performance, catchment areas, and local authority data in the UK.
Read Full Article →
What’s the local crime rate?
TL;DR
Understanding local crime rates is vital before buying a property. Learn where to find reliable data, how crime impacts property value, insurance costs, and borrowing decisions in the UK.
Read Full Article →
Are there local amenities such as shops, GP surgeries, and parks?
TL;DR
Understanding local amenities like shops, GP surgeries, and parks is essential when buying or investing in UK property. We explain how location impacts value and finance.
Read Full Article →
How energy-efficient is the property?
TL;DR
Understanding how energy-efficient a property is crucial for costs and environmental impact. Learn about EPC ratings, improvements, and the financial implications of energy efficiency in the UK.
Read Full Article →
What should I bring to property viewings?
TL;DR
Preparing for a property viewing? Discover the essential checklist of items, documents, and questions you need to bring to make an informed decision on your next home.
Read Full Article →
What questions should I ask the estate agent?
TL;DR
Buying a home? Knowing what questions to ask the estate agent is crucial. We detail essential queries about the property, the chain, local area, and price negotiation tactics.
Read Full Article →
When was the boiler last serviced or replaced?
TL;DR
Knowing when your boiler was last serviced or replaced is vital for safety, efficiency, and property valuation. Learn why these records matter for finance applications.
Read Full Article →
Are there any obvious signs of damp, cracks, or structural issues?
TL;DR
Identifying damp, cracks, and structural issues is crucial before buying property. Learn the tell-tale signs, understand different damp types, and know when to seek a professional survey.
Read Full Article →
What council tax band is the property in?
TL;DR
Need to know your property's Council Tax band? Learn how bands are determined, where to look up your band online (UK), and what steps to take if you need to challenge the valuation.
Read Full Article →
How much are the average utility bills?
TL;DR
Find out how much the average utility bills are in the UK. We break down costs for gas, electricity, water, broadband, and council tax, providing practical tips to help you manage your monthly household budget.
Read Full Article →
How long has the property been on the market?
TL;DR
Understanding how long a property has been on the market gives you crucial negotiation leverage. Learn how to check the listing history and what different timeframes signal about the sale.
Read Full Article →
Are there any planned developments in the area?
TL;DR
Learn how to find out if there are any planned developments in the area, the financial impact on your property value, and how to check local planning portals in the UK.
Read Full Article →
Has the property had any extensions or modifications?
TL;DR
Extensions and modifications can affect property value, legality, and insurance. Learn what documentation you need, including Building Regulations and planning consent, before buying or selling.
Read Full Article →
What is a good strategy for making an initial offer?
TL;DR
Learn the best strategies for making a strong initial offer on a UK property. We cover research, financing readiness, negotiation tactics, and crucial steps to ensure your offer stands out.
Read Full Article →
What is my budget for buying a house?
TL;DR
Determining your house buying budget involves assessing your deposit, calculating mortgage affordability (typically 4-5x income), and accounting for essential purchase costs like Stamp Duty and legal fees.
Read Full Article →
How long does the seller have to respond to my offer?
TL;DR
How long should you wait for a property seller to accept or reject your offer in the UK? We explore typical timescales, common delays, and what rights you have during the offer stage.
Read Full Article →
Can I afford the monthly mortgage repayments?
TL;DR
Worried about mortgage affordability? Learn how UK lenders calculate your capacity to repay, including income, expenses, stress tests, and DTI ratios. Plan your budget now.
Read Full Article →
Promise Money is a broker not a lender. Therefore we offer lenders representing the whole of market for mortgages, secured loans, bridging finance, commercial mortgages and development finance. These loans are secured on property and subject to the borrowers status. We may receive commissions that will vary depending on the lender, product, or other permissable factors. The nature of any commission will be confirmed to you before you proceed.
More than 50% of borrowers receive offers better than our representative examples
The %APR rate you will be offered is dependent on your personal circumstances.
Mortgages and Remortgages
Representative example
Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender’s current variable rate at the time. The total charge for credit is £317,807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66
Secured / Second Charge Loans
Representative example
Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55,730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.20
Unsecured Loans
Representative example
Annual Interest Rate (fixed) is 49.7% p.a. with a Representative 49.7% APR, based on borrowing £5,000 and repaying this over 36 monthly repayments. Monthly repayment is £243.57 with a total amount repayable of £8,768.52 which includes the total interest repayable of £3,768.52.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME
REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Promise Money is a trading style of Promise Solutions Ltd – Company number 04822774Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG
Authorised and regulated by the Financial Conduct Authority – Number 681423The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages
Website www.promisemoney.co.uk