First Time Buyer Mortgage

First time buyer mortgage is a term used when people buy their first home with the help of a home loan called a mortgage. Whilst some first-time buyers manage to get onto the housing ladder with ease, many struggle to purchase their first home.

Difficult Times

It is widely publicised that there is a high demand for property within the United Kingdom. The continued rise in property prices has for many priced people out of the property market.

There is hope…

There are many lenders who will lend to first time buyers and they all offer different things. Instead of walking around the high street it is better to speak to a “whole of market” mortgage adviser who will give you advice before you start looking for a property. If you have already found the perfect home then your “whole of market” mortgage adviser will be able to advise  you and arrange the mortgage for you.

It is also worth having a look at our process for getting you a mortgage.

The market is quite complicated with different lenders offering different incentives for first time buyers. Additionally there are affordable housing schemes, equity loan schemes, shared ownership and help for military personnel wanting to buy their first home.

We will be able to advise whether you can get a mortgage based on your income, available deposit, financial commitments and credit worthiness. If a mortgage is not deemed affordable then your adviser can help with information on the various schemes available as well as options for using a guarantor or additional people on the mortgage.

In the old days lenfirst time buyers mortgageders would use income multiples minus any financial commitments to assess affordability. Now lenders use their own affordability calculators and the difference between one lender and another can vary significantly on what they will lend. Your “whole of market” mortgage adviser will be able to access what your affordability is from a range of lenders who offer the best rates for first time buyers.

First time buyers are very important to the mortgage market which is why there is so much help out there to assist people.

We will be able to talk to you about the fees you need to pay such as valuation fees, arrangement fees, broker fees and stamp duty. The type of rates available ad whether they are fixed or variable. The types of repayment method available but most likely a repayment mortgage will be advised in most case due to market conditions.

You will receive advice about the what will happen from application process to the moment you get the keys to your new home.

If you are interested in a first time buyers mortgage


Mortgage Guardian


0115 714 1988