First Time Buyer Mortgage Brokers
Thinking about buying your first home? At Mortgage Saving Experts we specialise in helping first time buyers secure the best mortgage deals available. Whether you’re buying alone or purchasing a home with a partner our we can help you find the best mortgage for your budget and guide you every step of the way.
We’re here to explain your options and help you find the best deal
What is a first time buyer mortgage?
A first time buyer mortgage is a type of home loan designed for people purchasing their first property. Because most buyers don’t have the full amount needed to buy a home outright, a mortgage allows you to borrow the majority of the purchase price and repay it over time with interest.
When you apply for your first mortgage, the lender will assess your financial situation in detail. This includes your income, regular outgoings, credit history, and general cost-of-living expenses. Using this information, the lender will calculate how much you’re able to borrow and what type of mortgage deal you qualify for.
As a general guide, many lenders offer up to around five times your annual salary, although this can vary depending on your deposit size, financial commitments, and the lender’s criteria. In some cases, the amount offered may be lower.
What are the types of mortgages available to first time buyers?
First time buyers can choose from several mortgage options. The right type will depend on how you prefer to manage your monthly payments and how much flexibility you want.
Repayment mortgages
With a repayment mortgage, your monthly payments cover both the interest and the loan amount. As long as you keep up with the repayments, the mortgage will be fully paid off at the end of the term. Repayment mortgages come in different forms, including:
- Fixed Rate – Your interest rate stays the same for an agreed period, giving you predictable monthly payments.
- Variable or Tracker Rate – Your interest rate can move up or down, usually in line with the Bank of England base rate.
- Offset – Your savings are linked to your mortgage to reduce the interest you pay.
Interest-only mortgages
You pay only the interest each month, and the original loan amount remains outstanding. You’ll need a clear plan in place to repay the balance at the end of the term. These are less common for first time buyers but may be available in certain circumstances.
Who can get a first time buyer mortgage?
A first time buyer mortgage is available to anyone purchasing a home for the very first time and who has never owned a property before. These products are designed to make getting onto the property ladder more accessible, often with lower deposit requirements and criteria tailored specifically to new buyers.
How much do I need for a house deposit as a first time buyer?
Deposits for first time buyer mortgages are normally around 5-10% of the property value. This is fairly similar to what is expected of those already on the property ladder. If you can put down a larger deposit, you may find a wider range of first time buyer mortgages available to you and the smaller your overall interest rate will be. There are some lenders who do offer special deals to First Time Buyers where no deposit is required.
Buying your first home made simple
At Mortgage Saving Experts, we make the process of buying your first home smooth, clear, and stress-free. Here’s how we guide you from that first search to finally getting the keys:
1. We find the first time buyer mortgage for you
Buying your first home can feel overwhelming, especially with so many lenders, schemes, and mortgage types aimed at first time buyers Each lender has its own criteria, from credit score requirements to deposit size and income rules. We hold key accounts for several high street lenders, including NatWest, Santander, Nationwide, HSBC, Halifax and Barclays to name a few. This in turn enables us to qualify for a better service and exclusive rates from those lenders.2. Get your documents ready
To buy your first home, you’ll need to provide certain documents before applying for your first mortgage.- Proof of ID (passport or driving licence)
- Proof of income (payslips, P60s, tax returns if self-employed)
- Recent bank statements
- Evidence of address
- Proof of deposit (savings statements or gifted deposit letter)
3. Get an Agreement in Principle (AIP)
An Agreement in Principle (AIP) is a lender’s indication of how much they may be willing to let you borrow. It’s a key step for first time buyers, as estate agents often ask for an AIP before accepting an offer. To obtain an AIP, you’ll need to:- Confirm your income details and employment details
- Declare your monthly outgoings (loans, childcare, credit cards, etc.)
- Provide accurate figures from payslips and bank statements
4. Submit your mortgage application
Once your offer on a property is accepted and your AIP is in place, it’s time to submit your full mortgage application. This includes sending the lender all supporting documents, such as ID, income evidence, bank statements, deposit proof, and answering any additional questions they may have. The process can involve valuation reports, underwriter reviews, and back-and-forth queries. We’ll manage everything for you – communicating with the lender, keeping you updated, and ensuring the application progresses without unnecessary delays..5. Mortgage offer approved and completed
Once the lender approves your application, they’ll issue a formal mortgage offer outlining the final terms. This document that confirms your mortgage is officially agreed.
We stay with you right through to completion, ensuring everything goes through without delays.
When all final checks are done and your solicitor completes the purchase, you can collect your keys, move in, and start enjoying life in your new home!
What are the benefits of using a first time buyer mortgage broker?
Working with a broker who specialises in first time buyers gives you support, clarity, and access to deals you may not find alone. Benefits include:
- Access to lenders offering first time buyer products
- Higher chance of mortgage approval
- Guidance on deposits, affordability, and suitable schemes
- Help finding competitive rates or low-deposit options
- Clear, jargon-free explanations at every stage
- Time saved by avoiding unsuitable applications
- Expert support from initial enquiry to completion
Ready to buy your first home? We’re here to help
Our expert advisers will guide you through the first time buyer mortgage application process, giving you clarity and confidence from start to finish. There are many aspects to all types of mortgage and we understand that you need to make the best decision.
We’re here to explain your options and help you find the best deal
First time buyer mortgage FAQs
What interest rates are there for first time buyers?
There are several interest rates available to first time buyers. They are Fixed, Tracker, variable, offset and discounted rates to name a few.
Are there any fees for a first time buyer mortgage?
Yes. You will need to pay arrangement fees, valuation fees and legal fees for a first time buyer mortgage although some lenders may offer incentive-based deals that cover some of this expense. Most lenders do offer slightly higher interest rates with no arrangement fees or offer free valuations.
Are there any additional costs for first time buyers?
There are various costs and fees throughout the buying process and it’s helpful to know these so you can plan ahead.
- Stamp duty – This is a fee paid to HMRC to purchase UK land and property. First time buyers may be eligible to pay no or reduced stamp duty.
- Solicitors fees – this fee can vary from solicitor to solicitor
- Lender arrangement fees – Fees charged by the lender which sometimes can be added to the mortgage so you don’t have to pay it up front
- Valuation fees – A fee you pay the mortgage company for a basic survey on your new property.
- Broker fees – some mortgage brokers charge a fee for their services.
What does Loan To Value (LTV) mean?
The loan-to-value is the percentage of your property which has a mortgage on it expressed as a percentage. For example, if you have a mortgage of £90,000 and your property value is £100,000 then your Loan to Value is 90%
Can I still get a first time buyer mortgage if I have a bad credit score?
Yes. You may find that the number of lenders is a little more limited, but some specific lenders specialise in bad-credit lending. These products may come with higher interest rates and require a larger deposit.
What is a house deposit?
Before buying a house, you’ll need to save a deposit, which is the amount of money you put towards buying your first home. Deposits vary, depending on the type of property you would like to buy, as well as other factors.
