First time buyer mortgages.
Buying your first home is a big step. We help you work out what you can borrow, find a suitable mortgage and get you from first conversation to keys.
What is a first time buyer mortgage?
Whether you are moving out of the family home on your own or buying with a partner, getting on the property ladder is a big step. There is a lot to weigh up, from how long to run the mortgage over to which type of product suits you.
A first time buyer mortgage is a mortgage for someone who has never owned a property. It does not matter how old you are. If you have not owned a home before, you are a first time buyer.
Some lenders have products and criteria aimed at first time buyers, including mortgages that need a deposit of 5%.
Who is it for?
Anyone who has not owned a property before. That includes people who are:
- Buying on their own, or with a partner, friend or family member
- Still saving and want to know what is realistic before they start viewing
- Ready to make an offer and need an agreement in principle
- Getting help with their deposit from family
- Worried that being self-employed or having past credit problems will count against them
How we help.
We know buying your first home can feel daunting. Mortgage types, surveys, solicitors: there is a lot to think through, and you will not have done it before. So ask as many questions as you want, as often as you want, even the ones you think are silly.
We search a wide range of lenders and products to find a mortgage suited to your circumstances. Our recommendation takes account of the things that are easy to miss, such as fees, early repayment charges and the overall cost, not just the headline rate.
Then we stay with you from the first appointment through to completion. It is not just about taking out a mortgage. It is about getting the keys to your new home.
Both Phil and Amanda made the process of getting our mortgage offer as first time buyers really simple and easy, even with an upcoming job change and they both had very quick replies to any of our questions throughout the process.
What happens next.
Book a free call
Tell us where you are and what you want to do. There is no obligation and no hard sell.
See your options
We research lenders against your circumstances and explain what we recommend, what it costs and why.
We handle the application
We prepare and submit it, deal with the lender and keep you updated at each stage.
Offer to completion
We stay involved until you complete, and we are here when your deal is next due for review.
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
Still have questions?
How much can I borrow?
There is no hard and fast rule. Every lender works out affordability differently, based on its own criteria and your circumstances. They look at the size of your deposit, your credit profile, your income and your outgoings.
Our affordability calculator gives a rough guide. A conversation gives you a real answer.
How much deposit will I need?
Most residential lenders ask for a deposit of at least 5% of the property value. For buy to let, lenders usually ask for around 25%. A bigger deposit generally opens up more lenders and lower rates.
What is the best interest rate available?
It is not just about the interest rate. A low rate with a high fee can cost more overall than a slightly higher rate with no fee. We look at the whole picture, including fees, cashback and early repayment charges, and recommend what suits your circumstances.
Do first time buyers pay stamp duty?
It depends where you buy and what you pay. In Wales, Land Transaction Tax has no separate first time buyer relief, but there is nothing to pay on a main home costing £225,000 or less. In England and Northern Ireland, first time buyers pay no Stamp Duty on the first £300,000 of a home costing £500,000 or less.
Rates can change. Our stamp duty calculator covers Wales, England and Scotland, and your solicitor will confirm the figure.
Have a no obligation chat with us.
So that we can identify your options and the best next steps, book a free call. We will learn about you and your circumstances and put together a plan.