Buying Your First Home –

My Advice for First-Time Buyers | Venchi Mortgages

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Buying your first home is an exciting milestone, but I know it can also feel a little daunting when you start thinking about deposits, mortgage rates and all the steps involved in getting on the property ladder. At Venchi Mortgages, we work with first-time buyers across the UK every day, and our goal is simple to make the mortgage process clear, stress-free and perfectly tailored to you. When you’re applying for your first mortgage, the main things lenders look at are your income, your deposit, and your regular financial commitments. Most lenders will offer around four to four and a half times your annual income, depending on your credit history and circumstances. The more you can save for a deposit, the better your options tend to be a 10% deposit, for example, usually opens up access to lower interest rates than a 5% one.

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Saving for Your Deposit

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I know that saving a deposit can be the hardest part for many first-time buyers, especially with rising living costs. The good news is, there are government schemes designed to help you get started. The Lifetime ISA (LISA) is one of the most popular you can save up to £4,000 a year, and the government will add a 25% bonus (up to £1,000 annually) towards your first home. There’s also Shared Ownership, which lets you buy a share of a property and pay rent on the remaining portion, and the First Homes Scheme, which offers at least a 30% discount on certain new-build properties.

If you’re in Wales, the Help to Buy - Wales scheme remains available, offering an equity loan that can make owning a new-build home more achievable.

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Understanding Stamp Duty for First-Time Buyers

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One of the most common questions I’m asked is, “Do first-time buyers pay stamp duty?” The answer depends on the property price. As of 2025, if you’re a first-time buyer in England or Northern Ireland, you’ll pay no Stamp Duty Land Tax (SDLT) on homes priced up to £300,000. For properties between £300,001 and £500,000, you’ll pay 5% on the portion above £300,000. If your property costs more than £500,000, you won’t qualify for the first-time buyer relief and will pay standard stamp duty rates instead. The rules are slightly different in Scotland and Wales, so if you’re buying there, it’s worth checking the latest local thresholds.

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Don’t Forget the Other Costs

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Alongside your deposit, it’s important to budget for additional costs such as solicitor fees, valuation fees, mortgage arrangement fees, moving costs and home insurance. I always recommend setting aside a little extra as a safety buffer, it’s completely normal for small unexpected expenses to pop up during the buying process.

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How I Help My Clients at Venchi Mortgages

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Once you’re ready, the first step is to get an Agreement in Principle (AIP). This gives you a clear idea of what you can borrow and shows estate agents that you’re serious about buying. From there, I’ll guide you through the next stages from finding the right mortgage deal to submitting your full application and receiving your formal mortgage offer.

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At Venchi Mortgages, we have access to a wide range of lenders, including many that don’t deal directly with the public. This means I can compare hundreds of mortgage deals to find the one that best suits your needs. My job is to make the process as simple and stress-free as possible explaining everything in plain English, managing the paperwork, and keeping you updated at every step.

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Final Thoughts

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Buying your first home is a huge achievement, and while it might feel complicated at times, you don’t have to go through it alone. With professional advice and a clear plan, you can make confident decisions and get one step closer to holding the keys to your very own home.

If you’re a first-time buyer and want to explore your options, I’d love to help. Get in touch with Venchi Mortgages today for friendly, expert advice and personalised mortgage support.

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📞 Contact us: 07577 339249
📧 Email: priyank@venchimortgages.co.uk
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