Knowing if you meet first time buyer eligibility requirements can be tricky, especially as lenders have different criteria. When you apply for a mortgage, the lender will assess your affordability by conducting a credit check and looking at your income and expenditure.
While requirements vary from lender to lender, you may need to meet the following criteria:
- Minimum earnings of £20,000 per year
- Relatively good credit score
- UK resident
- Deposit of at least 5%
- Manageable expenditure that’s in line with your monthly earnings
Don’t worry too much if you don’t meet all of the above criteria. Again, requirements vary between lenders, and there may be a scenario where they make allowances based on other factors presented to them.