First Time Buyers

Buying a house is likely to be the single biggest investment you’ll make in your lifetime. If you are a home owner looking to sell your current home and buy a new one, Mayday may be able to help you with your purchasing needs.

How Much Can I Borrow?
Different lenders have different formulae for determining how much they will be willing to lend to you. To get a rough idea of the amount you may be able to borrow please contact us.

Will I Need a Deposit?
The maximum Loan To Value (LTV) that you can normally borrow is 95% including any fees that may be included in the cost of the mortgage. This means that you will need a minimum deposit of 5% of the purchase price of the property, plus money for any fees, in order to qualify for a mortgage through Mayday.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
A broker fee may be charged. The precise amount will depend on your circumstances but it will usually be £1950 (0 to 3%) and is paid only on completion. Please ask for a personalised illustration. The overall cost for comparison is 8.2% APR.