IMC’s Guide to Getting Mortgage Ready
Buying your first home is a huge milestone — exciting, emotional, and yes, sometimes a little overwhelming. Between deposits, interest rates and endless mortgage jargon, it’s easy to feel lost.
At IMC Financial Services, we believe that understanding your options is the key to feeling confident. So, here’s our friendly, practical guide to mortgages for first-time buyers.
Step 1: Save Smart — Your Deposit Matters
Your deposit is your foundation. Most lenders require at least 5–10% of the property’s value. The more you can put down, the better your mortgage rate is likely to be — and the less you’ll pay overall.
Example: If you’re buying a £250,000 home with a £25,000 deposit, you’ll need a £225,000 mortgage — that’s a 90% Loan to Value (LTV) ratio.
A lower LTV usually means better deals and lower monthly repayments.
Step 2: Understand How Mortgages Work
A mortgage is a loan secured against your home, which you repay over a set term (often 25–30 years).
There are two main types:
Repayment mortgage: You pay off both the loan and the interest each month — the most common and secure option.
Interest-only mortgage: You pay only the interest monthly and repay the full amount later — suitable only if you have a clear repayment plan.
At IMC, we help first-time buyers understand the pros and cons of each option to find what’s right for them.
Step 3: Know What You Can Afford
Before you start viewing properties, get clear on what fits your budget. Remember, your monthly mortgage payment isn’t the only cost.
Factor in:
Legal and valuation fees
Surveys and moving costs
Buildings and contents insurance
Possible Stamp Duty (depending on price and location)
💡 IMC Tip: Use our expert mortgage advisers to assess your affordability — we’ll help you work out what you can comfortably borrow and repay.
Step 4: Explore Help for First-Time Buyers
There are several government-backed schemes designed to help you get on the ladder sooner:
Lifetime ISA: Save up to £4,000 a year and receive a 25% government bonus toward your deposit.
Shared Ownership: Buy part of a property and pay rent on the rest.
First Homes Scheme: Discounted homes for local buyers and key workers.
We’ll guide you through which options might best suit your circumstances.
Step 5: Freehold or Leasehold?
When buying, it’s important to understand ownership types:
Freehold: You own the property and the land it sits on.
Leasehold: You own the property for a set term (often 99+ years) but not the land — common for flats and apartments.
Leasehold properties can come with additional fees, so always review the details carefully before committing.
Step 6: Get Professional Support
Buying your first home doesn’t have to be stressful. Our IMC mortgage advisers take the time to explain your options, compare the best deals from across the market, and support you every step of the way — from application to completion.
Your first mortgage is more than just a loan — it’s the start of a new chapter. With expert guidance, smart preparation, and the right advice, owning your first home can be one of the most rewarding journeys you’ll ever take.
At IMC, we’re here to make that journey simpler.
📞 Ready to start your first home journey?
Get in touch with our team of mortgage experts today.