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An expert approach to buying your first home.

Find out how we can help your mortgage needs.

First time buyers

Finding your first mortgage can seem like a daunting task, but we can get you safely through the decision-making maze.

Free appointment

Let us compare the latest mortgage deals for you over the phone, or see one of our mortgage advisors in person for free!

Compare the rates

Our team of advisors have access to the best rates of over 50+ niche high street lenders.

Mortgages made easy

You won’t have to tell us any info twice, we’ll keep it and put it in the form so you can check it and apply by phone.

Track & Chase

We track your application for you. We’ll even appoint a dedicated case manager who’ll do all the legwork for you.

Speak To Your Perfect Advisor Today

Let us know how you’d like to proceed with your mortgage needs and we’ll help point you in the right direction. Call us directly on 0333 939 0165.

Awesome tools and calculators

Get a head start with your mortgage journey. Our awesome mortgage tools are here to give you the information you need when considering a mortgage.

How much can I borrow?

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How much with my repayments be?

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First time buyers FAQ

How big of a Deposit do I need?

There is no standard amount that people need to have saved up before they can get a mortgage. But a basic principle to keep in mind is that the bigger the deposit you have, the cheaper the mortgage deals you will be able to get. This is because the more money you have to put towards a house, the less of a risk you pose to a lender. In recent years first-time buyers have typically used a 20% deposit to buy a house. See our section on gifted deposits.

But don’t despair if you’re struggling to save a large deposit there are still many mortgages out there for first-time buyers. You can find typical first-time buyer mortgage rates in our rates tables.

What is Help to Buy and how does it work?

Help to Buy is a Government-backed initiative designed to support buyers with small deposits to take their first or next step on the property ladder by making affordable mortgages more readily available. Help to Buy is split into two options – a Mortgage Guarantee and an Equity Loan.

Guarantee benefits buyers with a deposit of between 5% and 20% looking to purchase a new or existing home.

The Government will cover your mortgage lender on a percentage of the loan amount, lowering interest rates by reducing the element of risk encountered by the lender. The scheme is available from participating mortgage lenders only.

What are the costs associated with buying a home?

Mortgage costs

Arrangement fees: Many mortgages come with arrangement fees and other charges for setting up the loan, the average is around £1,500. You can get deals without these fees but it may affect the interest rate you pay.

If you don’t have the money to pay an arrangement fee upfront you can usually add it to your mortgage loan – but you will pay interest on it as well.

Higher lending charges: A small number of lenders apply these charges if you’re borrowing a high loan-to-value ratio (LTV) loan. For example, if you were borrowing 90% of your property’s value. They’re very rare these days but smaller lenders such as local building societies may charge them.

The fee is used for insurance in case you default on your repayments. You pay a higher lending charge as a percentage of the amount of money you’re borrowing over a certain threshold. For example typical charges are 3-4% for 75%- 85% mortgage, 6% for 90% mortgages and 8% for 95% mortgages.

What is a gifted deposit?

A gifted deposit is a sum of money that is given by a family member forming all or part of a deposit for somebody wanting to buy a property. It is possible for friends to gift money to enable someone to buy a property, but is less favourable for lenders.

It’s not just a deposit you need to budget for when buying a house – there are lots of other costs to factor in, such as mortgage costs and legal fees.

 

What is Shared Equity and Shared Ownership?

Not having a big enough deposit continues to be the main barrier stopping people from buying their first home. Both Shared Equity and Shared Ownership schemes aim to make homeownership more affordable for people without substantial savings.

These schemes are an alternative for people who aren’t able to get first-time buyer help from parents or able to access 95% or 100% mortgages.

Free Mortgage Advice

Learn all about our range of services dedicated towards First Time Buyers. Get in touch with a member of our expert team today.