Buying your first home in Cardiff is exciting — but it can also feel like a maze of mortgage jargon, paperwork, and decisions. You might be wondering where to begin, how much you can borrow, and what kind of mortgage is right for you. That’s where some clear, practical mortgage advice in Cardiff really helps.
Here’s what you need to know as a first time buyer — explained simply and with your goals in mind.
Start With the Basics: What Is a Mortgage?
A mortgage is a type of loan used to buy a home. You agree to repay it over time — usually 25 to 35 years — through monthly repayments. Interest is added to what you borrow, and the amount can vary depending on the mortgage deal you choose.
There are different types of mortgages available. Most first-time buyers choose:
- Fixed rate – Your repayments stay the same for a set number of years.
- Tracker – Your interest rate follows the Bank of England base rate, so payments can change.
Understanding your mortgage terms is an important part of the home buying process, and it helps you find a suitable deal that fits your budget and lifestyle.
How Much Can You Borrow?
What you can borrow depends on your income, expenses, credit score, and deposit. Lenders usually offer around 4 to 4.5 times your income, but this varies. A mortgage broker or mortgage adviser can offer guidance and help you work out what’s realistic.
Even if you have bad credit, there are providers and lenders who specialise in helping people in similar situations. Your adviser will look at your full picture and recommend options that meet your mortgage needs.
Save for the Deposit — and Other Costs
You’ll generally need a deposit of at least 5%. But the more you save, the better your deal will likely be.
Other costs include:
- Mortgage application and arrangement fees
- Solicitor and valuation fees
- Surveys and insurance
- Moving costs
Planning your money carefully is key. Your adviser can help you budget for the entire process, not just the deposit.
Get an Agreement in Principle (AIP)
Before viewing properties, it’s helpful to get an AIP — a basic check from a lender that shows how much you could borrow. It makes you a stronger buyer and helps focus your search.
Most mortgage brokers and advisors can get one arranged in a few days or weeks, once they have your details.
Local Schemes in South Wales
Buying in South Wales opens up opportunities for local help:
- Help to Buy – Wales (a shared equity scheme for new builds)
- Council-led discounts for eligible customers
- Shared ownership options for first-time buyers
Ask your adviser which schemes are available and how to apply.
Choosing the Right Mortgage Adviser
The best advisers do more than compare mortgage deals. They offer excellent service, local market knowledge, and personalised advice in Cardiff. Look for someone who:
- Has extensive experience with first-time buyers
- Is authorised and regulated by the Financial Conduct Authority (FCA)
- Offers access to other lenders and not just high street banks
- Can help you navigate the whole process with confidence
Look for a team that can assist with paperwork, answer questions clearly, and offer services that suit your schedule. Booking an appointment for a one-to-one can make things much clearer.
Questions to Ask During Your Appointment
Ask your mortgage adviser:
- What’s the most suitable deal for me?
- What fees will I pay?
- Can I overpay or switch later?
- Do you compare the whole market?
- What happens if rates change?
Getting the right answers early saves confusion later — and helps you make better decisions.
What to Bring to Your Appointment
Be ready with:
- Payslips and your P60
- 3 months of bank statements
- Proof of your deposit
- ID and utility bills
- Info about debts or credit cards
Having these makes it easier for your adviser to offer mortgage advice that suits your situation.
Understanding the Risks
A responsible adviser will always include the legal warning:
“Your home may be repossessed if you do not keep up repayments on your mortgage.”
It’s serious — and why getting professional advice matters.
Step-by-Step Timeline: From Chat to Completion
Week 1: Contact a mortgage adviser and review your finances.
Week 2–3: Obtain your AIP and start viewing properties.
Week 4–6: Make an offer, submit documents, and start the full application.
Week 7–10: Get your mortgage offer and begin legal checks.
Week 10–14: Exchange contracts and complete the deal. Move-in Day: Collect your keys and celebrate!
Are You Mortgage Ready? A Simple Checklist
- I have at least 5% deposit
- My income is stable
- I’ve checked my credit report
- My documents are ready
- I’ve spoken to a mortgage adviser
Ticked them all? You’re ready to go.
Common First-Time Buyer Misconceptions
“I need a huge deposit.” – You may only need 5%. “I won’t be approved with bad credit.” – Some lenders specialise in helping. “I don’t need advice.” – A good adviser can show deals you won’t find alone. “All mortgage brokers charge fees.” – Not always. Ask upfront.
Theoretical Stories From Cardiff Buyers
Ben and Sophie – Roath
Bought their first home using Help to Buy Wales. “The advice was clear, and the service made it feel simple.”
Alys – Grangetown
Self-employed and unsure she’d qualify. “My adviser worked with specialist lenders who understood freelancers.”
Dan – Heath
Bought solo, with a gift from family. “The team helped me understand every part of the process.”
Next Steps
- Book an appointment with a mortgage advisor in Cardiff.
- Gather your documents.
- Get an AIP.
- Start house hunting!
- Ask questions at every stage.
If you’re ready to talk, reach out and contact a local adviser. They’ll help you obtain the best possible advice and save you time and stress.
FAQs
Can I buy with 5% deposit? Yes — with the right lender.
What if I’ve changed jobs recently? Some banks need 6 months’ history, but not all.
Do I need an adviser or can I go direct? An adviser gives you broader access to mortgage deals.
Will this affect my credit score? Only if you submit a full application.
Do I need an accountant if I’m self-employed? It helps — lenders prefer well-presented accounts.
