First Time Buyers TEST

1. Be working for at least 1 year and if self-employed 2 years.

2. Be in a permanent job (banks will be lenient towards some professions i.e. IT contractors).

3. Deposit of 10% – to be made up of savings, gifts, the “help to buy” scheme etc.

4. Proven repayment capacity i.e. evidence from your bank accounts that you can repay the loan – this can be shown as rent, savings or a loan that will be cleared.

5. Clean financial history – no missed payments on previous loans.

6. Good bank statements – no referral fees, unpaid direct debits and no online gambling payments – the odd one can be explained so don’t let this put you off but highlight it with your broker.