First Time Buyer Mortgages

As a first time buyer, speaking with a mortgage broker can make the process feel much clearer and less overwhelming. We can review your circumstances, explain your options, and help you find a suitable mortgage based on your deposit, affordability, and lender criteria.

The amount you can borrow will depend on your income, affordability, deposit, credit profile, and the lender’s criteria. Some lenders may offer higher income multiples for first time buyers, so it is worth speaking with a broker to understand what may be available to you.

A first time buyer mortgage works in a similar way to a standard residential mortgage. You borrow money from a lender to purchase a property, then repay it over an agreed term. Some lenders may also offer schemes or products designed to support first time buyers.

First time buyers may benefit from lower Stamp Duty thresholds, access to certain lender products, and government backed schemes designed to make buying a first home more achievable.

There is no single mortgage that is best for every first time buyer. The right option will depend on factors such as your affordability, credit score, deposit size, preferred monthly payments, and the lender’s criteria.

There are several schemes that may help first time buyers get onto the property ladder.

Common options include:
• Lifetime ISA, where the Government can add a bonus to your savings
• Shared Ownership, where you buy a share of a property and pay rent on the remaining share
• Mortgage Guarantee Scheme, which can help eligible buyers access a 95% mortgage