Looking to get on the property ladder?

First-Time Buyer Mortgages

Buying your first home is an exciting milestone, but it can also be a daunting process. We’re here to guide you through the entire process of securing a first-time buyer mortgage, from finding the right deal to getting the keys to your new home.

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To qualify as a first-time buyer, you or your co-buyer must have never owned a property before. There are various schemes designed to aid first-time buyers in achieving their dream of homeownership. However, it’s important to note that even if you inherit a property, you’re still classified as a first-time buyer until you buy your first property.

The size of your deposit for a first-time buyer mortgage will depend on whether you use a first-time buyer scheme. Generally, you will need a minimum of 5% of the property value. However, the larger your deposit, the lower the interest rates you may receive, as you are considered a lower-risk borrower. Family members can gift your deposit to you, and some lenders may accept a family member as a guarantor if they own their own property.

The amount you can borrow for a first-time buyer mortgage depends on various factors, including:

  • your deposit amount
  • desired loan amount
  • existing credit commitments
  • home improvement needs

To determine your affordability and borrowing capacity, it’s recommended to consult with a qualified mortgage advisor. Our expert advisors can assist you in finding the right mortgage and guide you through the process. Contact us today to get started.

This depends on the cost of the property, you will have to pay Stamp Duty Land Tax (SDLT) if your property is in certain brackets.

Click here to visit our stamp duty calculator page and quickly check out how much you could be paying.

Click here for more information on stamp duty thresholds on the government website.

Begin your mortgage journey

We may charge a broker fee for mortgage advice. The fee can vary from £499 – £995 depending on your circumstances and the complexity of the case with a typical fee being £499. The fee will be agreed with you at the earliest opportunity and no fee is charged until offer stage.

Your home may be repossessed if you do not keep up repayments on your mortgage