First Time Buyer Mortgage
Let us help you get your first mortgage pain free, have a read of the information and key facts below to understand how much you can borrow, the right type of mortgage for you and the amount of deposit you may need.
We work with more than 120 mortgage lenders, including
Who is considered a first timer buyer ?
A first time buyer is someone who has never owned, inherited, or been given residential property or land, either in the UK or abroad, regardless of its value.
You can not be a first-time buyer if:
Purchasing Property with an Existing/Previous Homeowner
Inherited a property, even if you never lived there and it has since been sold.
Purchase a part share of a property from someone else & now you both jointly own the property.
Someone who already owns a home, like a parent or guardian, is buying a property for you.
01
Establish how much you are able to borrow
To find the best mortgage as a first-time buyer, start by calculating how much you have for a deposit, then figure out how much you can borrow. You can get a rough estimate using our mortgage calculator.
Once you know the mortgage amount you may qualify for, you can adjust the deposit, property price, loan term, and interest rate to see how different factors affect your monthly repayments for first-time buyer mortgages in the UK.
02
Get a mortgage agreement in principe
Whilst an agreement in principle isn’t a guaranteed mortgage offer, it will gives you a clear idea of how much you could borrow for your first home.
A soft credit check is done, which won’t affect your credit score. Plus, it’s commitment-free, so you’re not obligated to take the mortgage if you decide otherwise.
Usually this lasts for 60 to 90 days. If it expires, you can reapply with the same lender or explore other options.
03
Make a formal application for a mortgage
Once your offer on a house is accepted, you can submit a formal mortgage application. The lender will review your application and financial situation to determine how much they can lend you.
This process usually includes an affordability check and a hard credit inquiry. The lender will assess your salary, other income, expenses, and credit history to evaluate your reliability as a borrower.
You can typically expect a decision on your mortgage application within two to six weeks.
Government support for First Time Buyers ?
First time buyers have a several support options from the UK Government availble that they may be eligble for.
Lifetime ISA
Available for those aged 18-40, the government adds a 25% boost to savings (up to £1,000 per year) until 50. Limits on property value apply.
Right to Buy
Allows tenants renting from their local council to buy their home at a discounted price.
First Homes Scheme
Offers new-build homes to first-time buyers at 30-50% less than market value.
Shared Ownership
Enables you to co-own a property with a landlord, typically a council or housing association.
Mortgage Guarantee Scheme
Provides the opportunity to get a mortgage with a 5% deposit. Available until June 30, 2025
Types Of Mortgages
Understanding the different types of mortgages is key to choosing the right home loan—whether you’re a first-time buyer, remortgaging, or investing. By exploring each mortgage option, you can select the most suitable financing based on your income, property goals, and risk profile.
Fixed-Rate Mortgages
Fixed-rate mortgage
Fixed-rate mortgage, the interest rate remains the same for an agreed period, between two and five years.
As a first time buyer you have more stability and allowing for easier budgeting.
When the fixed period ends, you’ll typically switch to the lender’s standard variable rate (SVR) or chose a. New deal.
Standard Variable Rate Mortgages (SVR)
SVR interest rate is set by the lender, which can fluctuate. This means your monthly repayments can change, making it harder to predict your future payments.
Tracker Mortgages

Tracker mortgages follows the Bank of England (BoE) base rate. The interest rate is usually set a few percentage points above the BoE rate.
While this can be advantageous when interest rates are low, your payments will increase if the base rate rises, so ensure you’re prepared for potential rate hikes.
Discount Rate Mortgages
These mortgages offer a discount on the lender’s SVR. For example, if the SVR is 5% and the discount is 1%, your interest rate will be 4%. Although the discount stays the same, the SVR can change, which could affect your payments.
Capped Mortgages
Capped mortgages have a variable interest rate linked to the lender’s SVR, but there is a maximum limit (cap) on how high your payments can go, regardless of interest rate rises. These mortgages may not be as widely available.
Offset Mortgages
Offset mortgages link your savings account to your mortgage. The balance in your savings is used to reduce the interest you pay on your mortgage, potentially saving you money in the long term.
Why Choose Mortgage-Tek Mortgage Services
Get your right and on-point advice by our OMA-approved brokers. Working with Mortgage-Tek is simple and straightforward, here are the benefits we offer to our worthy clients.Â
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Frequently Asked Question
What is a joint mortgage?
A joint mortgage is when two or more people apply for a mortgage together. This could be with a partner, family member, or friend. All applicants are legally responsible for the mortgage, and their combined incomes are considered when calculating how much you can borrow.
What is a loan to value ratio (LTV)?
Loan to value (LTV) is the percentage of the property’s value that you’re borrowing through your mortgage. For example, if you’re buying a £200,000 home with a £20,000 deposit, your LTV is 90%. A lower LTV often means better mortgage rates, as it’s seen as lower risk to lenders
Should I buy a freehold or leasehold for my first home?
With a freehold, you own the property and the land it’s built on. With a leasehold, you own the property for a set period (often 99–999 years), but not the land it’s on. Leaseholds are common with flats and can involve ground rent and service charges. Freehold is usually preferred for houses, as you have full ownership and fewer ongoing fees.
Do I need a solicitor when buying my first home?
Yes, you’ll need a solicitor or conveyancer to handle the legal side of the property purchase, including searches, contracts, and transferring ownership.
Can First-Time Buyers Get Contractor Mortgages?
Yes, first-time buyers who are contractors can apply for Contractor Mortgages. Lenders typically require a minimum contracting history of 12 to 24 months and may have specific criteria for first-time buyers.
What is the Help to Buy: Equity Loan and is it still available?
The Help to Buy: Equity Loan scheme in England ended in March 2023. However, alternative schemes such as First Homes and Shared Ownership are still available to support first-time buyers.
How Can I Improve My Chances of Approval?
To increase your chances of approval, consider the following:
- Maintain a stable contracting history.
- Manage your finances responsibly.
- Work with an experienced mortgage advisor.
- Ensure all required documents are accurate and up-to-date.
Can I buy a house with bad credit as a first-time buyer?
It’s possible, but your options may be limited. You might need a larger deposit and may face higher interest rates. Some lenders specialise in helping buyers with less-than-perfect credit.
Should I get a home survey as a first-time buyer?
Yes, a survey helps identify any structural issues or potential problems with the property before you commit to the purchase. It’s a smart step to avoid costly surprises later on.