First Time Buyer Mortgage

  • Expert mortgage & protection advice
  • Thousands of mortgage products available
  • See if we can help you find the right deal 

Get in Touch

1 Step 1
FormCraft - WordPress form builder

First Time Buyers Mortgage 

Here are the key points about a first time buyers mortgage in the UK, Contact Us for full advice:

1. Deposit Requirements:

  • First-time buyers typically need a deposit of 5% to 10% of the property’s purchase price.
  • Larger deposits can lead to more favorable mortgage terms.

2. Interest Rate Options:

  • First-time buyer mortgages offer various interest rate choices, including fixed and variable rates.
  • Fixed-rate mortgages provide stability with consistent monthly payments.
  • Variable-rate mortgages might have lower initial rates but can fluctuate over time.

3. Government Schemes:

  • Government schemes like Help to Buy Equity Loan, Shared Ownership, and First Homes support first-time buyers.
  • These schemes aim to reduce deposit requirements or provide more affordable options.

4. Mortgage Term Length:

  • Mortgage terms generally range from 25 to 40 years.
  • Longer terms result in lower monthly payments but higher overall interest payments.

5. Affordability Assessment:

  • Lenders assess your income, expenses, and credit history to determine borrowing capacity.
  • This assessment helps prevent taking on unmanageable debt.

6. Additional Costs:

  • Budget for solicitor fees, survey costs, stamp duty (if applicable), and moving expenses.
  • These costs are in addition to the mortgage itself.

7. Broker vs. Direct Application:

  • Apply directly through a bank or work with a mortgage broker such asa ourselves
  • Brokers help find the best deals and guide through the application process.

8. Credit Score Importance:

  • A good credit score is crucial for obtaining a competitive mortgage rate.
  • Check your credit report and address issues before applying.

9. Repayment Types:

  • Mortgages can be interest-only or repayment.
  • Interest-only mortgages cover only interest, while repayment mortgages gradually reduce the loan amount. 

Remember that the mortgage market and regulations can change, so staying informed about the latest developments is essential when exploring first-time buyer mortgage options. Consulting ourselves can provide valuable guidance throughout the process.

The Mortgage Store is an across the market mortgage broker, and we can help find the ideal mortgage product for your circumstances. Speak to one of our specialist advisors today and  find out what is on the market that could benefit you in the hunt for your first home.