First-Time Buyer Mortgage Advice
We guide first-time buyers through the whole mortgage process, comparing deals and managing the paperwork – so you don’t have to.
If you’re a first-time buyer mortgage advice, this guide explains what to expect and how to get started.
What is a first-time buyer mortgage?
A first-time buyer is someone purchasing their first home, with no prior ownership of property in the UK or abroad. If that’s you, some lenders offer mortgage deals specifically designed to help you get on the ladder. These include lower deposit options, cashback offers or access to government schemes like Shared Ownership or Lifetime ISAs.
These mortgages offer a more accessible route to homeownership, but making sure you qualify is key, especially since the rules can get a little confusing.
Do I qualify for first time buyer mortgage advice?
You’re generally considered a first-time buyer if you’ve never owned a home before, including if you’ve inherited property or homes purchased overseas. But there are a few grey areas, especially if you’re buying jointly or have previously had your name on a mortgage without owning the property.
You're a first-time buyer if...
- You've never bought a property in the UK or abroad
- You've never had a mortgage before
- You’ve never inherited a property in the UK or abroad before
- You’ve only ever rented or lived with family
You’re probably not a first-time buyer if…
- You’ve owned a home before, even if you’re no longer the owner
- You’ve previously inherited a property, even if you never lived there
- You’re looking to buy a property with someone who owns, or has previously owned, a home
How does a first-time buyer mortgage work?
Understanding how first time buyer mortgages work can feel overwhelming at first – but once you break it down, the core ideas are surprisingly simple. Here’s what you need to know as a first-time buyer:
Fixed vs Variable Rates
When you take out a mortgage, you’ll choose between a fixed rate – Where your monthly payments stay the same for a set period (usually 2-5 years) – or a variable rate, which can change based on your lender’s rates or the Bank of England base rate. Fixed rates offer predictability and help you budget more accurately, while variable rates may be lower initially but carry more risk as they can increase at any time.
Deposit & Loan-to-Value (LTV)
Most first-time buyer mortgages will need a minimum deposit of 5%, though putting down more will unlock better interest rates. The amount you borrow compared to the value of the property is called the Loan-to-Value (LTV) ratio. For example, a £20,000 deposit on a £200,000 home gives you a 90% LTV.
Generally, the lower your LTV, the more competitive the mortgage rate you’ll be able to get.
Government Schemes
Depending on your situation, you might qualify for government support aimed at first time buyers, including:
- Lifetime ISA: Save up to £4,000 a year and get a 25% government bonus
- Shared Ownership: Buy a share of a property (usually 25-75%) and pay rent on the rest
- First Homes Scheme: New-build homes sold at a discount for local first-time buyers and key workers
- Help to Buy ISA: Closed to new savers, but existing account holders can claim a 25% government bonus when buying a home until December 2030.
Repayment Mortgages
Most first time buyer mortgages are repayment type – this means you pay off both the loan amount and the interest over the term (typically 25-35 years). By the end of the term, your mortgage is fully paid off and the property is 100% yours.
The other option is an interest-only mortgage – where you only pay the interest each month and repay the full loan amount at the end of the mortgage. These are less common for first-time buyers and usually require a solid repayment plan at the end of the term and much stricter affordability checks.
What you’ll need to apply for a first time buyer mortgage
Before approving a mortgage, lenders need to be confident you can afford the loan – both now and in the future. That’s why they ask for detailed information to assess your income, spending, credit commitments, and deposit source. Getting these documents together early can speed things up and reduce delays.
- Proof of ID – A valid passport or UK driving license
- Proof of address – Such as a recent utility bill or bank statement
- Proof of income – Your last 3 months pay slip and most recent P60 if you’re employed (or tax returns if you’re self-employed)
- Bank statements – Usually the past 3 months, to show income and outgoings
- Credit commitments - Detauls of any loans, credit cards, or finance agreements
- Deposit evidence – Proof of your savings or a gifted deposit letter, if applicable
Working with a specialist first time buyer mortgage adviser can simplify this process by helping you gather the right documents from the start and flagging anything that could delay your application.
Common first-time buyer Mortgage challenges – and How we can help
Buying your first home comes with some common hurdles – and we’re here to help you clear them:
- Saving for a deposit: We help you understand how much you’ll need. Explore low-deposit or 100% first time buyer mortgages and explain any government schemes you may be eligible for.
- Not knowing how much you can borrow: We’ll assess your income and outgoings to give you a realistic picture, and help you get a lender’s agreement in principle.
- Credit worries: Even if your credit isn’t perfect, we work with lenders who take a flexible approach to first time buyer mortgages.
- Too many mortgage options: We search thousands of deals across the market, helping you choose a first time buyer mortgage that fits your situation – Not just the headline interest rate.
- Paperwork and process stress: We handle the admin and explain the home buying process from start to end, making sure you’re well informed and everything gets submitted right, the first time
You picture your first night in – We’ll take care of everything that comes before it.
Tips for First Time Buyers Mortgages
If you’re starting your journey onto the property ladder with a first time buyer mortgage, a few smart moves early on can save you time, stress, and money later. Here are our top first-time buyer tips to help you feel confident and avoid the common pitfalls:
Know how much you can borrow
Get a mortgage in principle early. It gives you a clear idea of your budget and shows sellers you’re serious
Understand all the costs involved
It’s not just the deposit – Don’t forget stamp duty, legal fees, surveys and moving costs. We’ll help you factor in everything and give you an idea of your costs upfront
Check your credit report
Lenders use this to assess your application. A strong credit history can improve your chances of securing a better mortgage deal. We’ve partnered with CheckMyFile who allow you to check your credit report as part of a 30-day free trial here.
Explore first time buyer schemes
There may be government-backed initiatives, options with low or no deposit, or shared ownership schemes available to you.
Work with a first time buyer mortgage adviser
A first time buyer mortgage adviser can help you find deals you may not see online, explain the small print, and manage the paperwork – Saving you time and stress
Your First-Time Buyer Mortgage Advice Questions Answered
How much deposit do I need for a first time buyer mortgage?
Most lenders ask for at least 5-10% of the purchase price, but generally the more you put down, the better rate you’ll get. A few lenders now offer 100% mortgages, but they come with strict eligibility criteria. These options are helpful in the right circumstances, but they’re not suitable for everyone.
How much can I borrow as a first time buyer?
This usually depends on your income, outgoings and credit history. Most lenders offer up to 4.5 times your annual income, with some willing to lend up to 6 times, especially for certain professions or higher earners.
Can I get a first time buyer mortgage with a low credit score?
A low credit score may mean you need a bigger deposit and could pay higher interest rates, but we can help you find the right lender.
How long does a first time buyer mortgage application take?
The timeline depends on how quickly you provide your documents. We work at a pace that suits you and aim to submit your application as soon as possible. After that, lenders usually take between 1-2 weeks to send you your mortgage offer with some issued the same day.
Do I need a mortgage adviser to get a first time buyer mortgage?
You don’t need one, but an adviser can save time, compare deals, and help avoid mistakes – Especially as a first-time buyer.
What documents do I need for a first time buyer mortgage?
Lenders usually ask for ID, proof of income (payslips or tax returns), bank statements, and proof of address.
Is it harder to get a mortgage as a first time buyer?
Not necessarily – but the process can be confusing. A first time buyer mortgage adviser can help simplify it and improve your options.
Ready to take the next step towards your first home?
Whether you’re just starting to explore your mortgage options or already have a property in mind, we’re here to make the process simple. Get clear advice, expert guidance, and support that works around you.