First-Time Buyer Mortgages
Buying your first home is one of the biggest financial decisions you'll make. We're here to guide you through every step — from understanding how much you can borrow to picking up the keys.
Understanding your mortgage options
With hundreds of lenders and thousands of products available, choosing the right mortgage can feel overwhelming. Here are the main types you'll encounter:
Fixed Rate
Your monthly payments stay the same for an agreed period (typically 2, 3, or 5 years), giving you certainty and making budgeting easier.
Tracker Rate
The interest rate tracks the Bank of England base rate plus a set margin. Your payments go up and down with interest rate changes.
Discounted Variable
A set discount off the lender's standard variable rate (SVR) for a fixed period. Payments can change if the SVR moves.
Capped Rate
A variable rate with a ceiling. Your payments can go down but will never exceed the cap — offering some protection against rate rises.
Standard Variable Rate (SVR)
The lender's default rate, which you'll typically move to after your initial deal ends. SVRs are usually higher, so most people remortgage before this happens.
Libor-Linked
Rates linked to the London Interbank Offered Rate (now largely replaced by SONIA). These are less common for residential borrowers but still available on some products.
Repayment methods explained
How you repay your mortgage is just as important as the interest rate. There are three main options:
Capital & Interest
The most common method. Each monthly payment covers some of the loan (capital) plus the interest. By the end of the term, your mortgage is fully repaid.
Interest Only
You only pay the interest each month, so your payments are lower — but the full loan amount is still owed at the end of the term. You'll need a repayment strategy.
Part & Part
A combination of both. Part of the mortgage is repaid on a capital and interest basis, and part is interest only. This gives lower payments while still reducing the debt over time.
Getting mortgage-ready: your checklist
Before you start viewing properties, make sure you're in the strongest possible position to secure the best mortgage deal.
Check your credit report
Register on the electoral roll, settle any outstanding debts, and check for errors on your credit file. Even small issues can affect your application.
Save the largest deposit you can
5% is the minimum, but 10-15% unlocks significantly better rates. Each 5% step up in deposit typically improves the deals available to you.
Gather your documents
Three months' payslips, three months' bank statements, proof of ID and address, and details of any existing financial commitments.
Get a mortgage agreement in principle
This shows estate agents and sellers that you're a serious buyer with finance lined up. We can arrange this for you quickly.
Budget for additional costs
Solicitor fees (£700-£1,000), survey costs (£250-£600), and building insurance are all needed. First-time buyers are exempt from SDLT on the first £300,000.
How we help first-time buyers
As independent mortgage brokers, we have access to the entire market — including deals you won't find on comparison sites or by walking into a bank. Here's what you can expect:
- A free, no-obligation initial consultation to assess your situation
- Whole-of-market search across hundreds of lenders
- Agreement in principle arranged quickly so you can start viewing
- Full application management — we handle the paperwork and chase the lender
- Guidance on protection insurance to safeguard your new home
Frequently asked questions
How much deposit do I need as a first-time buyer?
What is stamp duty land tax (SDLT) for first-time buyers?
How much can I borrow?
Do I need a solicitor?
What's the difference between a mortgage broker and going direct to a bank?
Ready to take the first step?
Book a free consultation and we'll help you understand exactly how much you can borrow and what it will cost.
Book a Free ConsultationOr call us: 0115 967 0888