If you are thinking about buying your first home you're probably finding the whole process of choosing the right mortgage and actually buying your ideal home rather daunting? So what do you need to know to get onto the first rung of the property ladder?

The first step is to contact us today on 0800 716634 or email matthew.fox@holmesmortgagesmidlands.co.uk and we'll advise you on the mortgage options available to you. Alternatively complete our online enquiry form and one of our advisors will contact you.

But in the meantime we've outlined below some background information on mortgages for first time buyers that we hope you'll find useful.

How much can you borrow?

The amount that mortgage lenders will typically lend depends on your income.

As a rough guide the usual multiples are 3.25 times the gross salary of single borrowers. A couple can get 3.25 times the first income plus 1 times the second income. However, you could get 2.5 times the combined income of both of you. These multiples do vary from lender to lender so it is worth talking to one of our experts to find out what is available.

Once you add to this the amount you can afford to pay as a deposit, you have the amount you are able to obtain to purchase your first property. However, you should consider the amount of money you can afford to borrow, being offered money is one thing but you must ensure that the monthly payments are affordable throughout the loan.

Some lenders offer very good deals for first time buyers, where for example there is more flexibility, and no deposit required.