Buying Your First Home in the UK? Mortgage Expert Answers Top Questions

Host:
Hello again and welcome to our podcast. Today we have a very special guest, Helen Clift from Greenstone Mortgages.

Helen, along with her colleague David, brings over 40 years of combined experience in the financial services sector and has helped countless clients over the years. I’m really pleased to have her here today.

Welcome, Helen!

Helen’s Journey into Mortgages

Helen:
Thank you for having me!

I started my career at a high street bank, where I worked for 13 years as a customer account manager and later as an assistant manager.

After taking a short break to have children, I returned to the financial industry in an admin support role within mortgage advising. It didn’t take long for me to realize I wanted to get back into advising, so I took the necessary steps to qualify and became a mortgage adviser.

Specializing in First-Time Buyers

Host:
You’ve worked with David, who has a lot of experience, but you seem to specialize in helping first-time buyers.

Helen:
Yes, that’s right. While we help all types of clients, I do tend to attract a lot of first-time buyers.

Host:
I’ve seen your reviews many are from first-time buyers, and they clearly value your help.

Advice for First-Time Buyers

Host:
What advice would you give someone thinking about buying a home today?

Helen:
Plan ahead. Ideally, speak to an adviser 6–12 months before you’re ready to buy.

This isn’t something taught in school, so early guidance is crucial. An adviser can help you understand:

• Your credit record
• Deposit savings
• Income and outgoings

This way, you’re on the right path toward your goal.

Mortgage Schemes & Borrowing Power

Host:
What schemes are available to help first-time buyers?

Helen:
There are more options now than people realize. Some lenders can offer more than the standard 4.5–5x income up to 6x income if you meet certain criteria (income level, profession, deposit size).

This can make a big difference, especially in more expensive areas.

Deposit Requirements

Host:
What are lenders looking for in terms of deposits?

Helen:
It varies. Many people think they need 10-20%, but that’s not always the case.

Some lenders even offer 100% mortgages depending on eligibility. Speaking to an adviser early helps you understand your options.

Market Conditions & Interest Rates

Host:
With current global events affecting markets and interest rates rising, should first-time buyers wait?

Helen:
It’s a common question. While rates are increasing, house prices may adjust as a result—meaning you could find better deals.

Also, some lenders allow you to secure a rate early, even before finding a property, which can be very helpful right now.

“Bank of Mum and Dad”

Host:
Should buyers consider financial help from family?

Helen:
Yes, many do. Most lenders accept gifted deposits from parents, which can be a huge help.

Fixed vs Variable Rates

Host:
What’s better right now fixed or variable rates?

Helen:
Currently, fixed rates are generally safer, especially for first-time buyers.

A 2-year or 5-year fixed rate offers stability, and some lenders may even allow higher borrowing with a 5-year option.

Credit Score & Missed Payments

Host:
Do missed payments mean waiting six years before applying?

Helen:
Not necessarily. Many lenders will still consider applicants with minor missed payments.

Speaking to an adviser early helps match you with the right lender.

Improving Your Credit Score

Helen:
To maintain or improve your credit score:

• Make all payments on time
• Set up direct debits
• Check your credit report monthly

Loans & Affordability

Host:
Do loans (like car finance) affect mortgages?

Helen:
Yes, they affect affordability.

When assessing your application, lenders consider your income and outgoings. Existing loans reduce how much you can borrow.

So it’s best to get advice before taking on new debt.

Decision in Principle (DIP)

Host:
Should buyers get a decision in principle before house hunting?

Helen:
Absolutely.

It strengthens your position with sellers and estate agents, and in some cases, allows you to lock in a mortgage rate early.

New Build Mortgages

Host:
Do buyers have to use a developer’s mortgage adviser?

Helen:
No, not at all.

You’re free to choose your own adviser. As whole-of-market advisers, we can help find the best option for you.

Support for First-Time Buyers

Host:
Do you offer hands-on support?

Helen:
Definitely. First-time buyers often need guidance, and we’re here to help every step of the way.

We’re even seeing our own children reach that stage now, so we understand how challenging it can be.

Closing

Host:
Helen has answered many common questions for first-time buyers today.

If you’re looking for guidance and support, feel free to reach out to Helen at Greenstone Mortgages her contact details are provided below.

Thank you so much for joining us!

Helen:
Thank you for having me pleasure!