First time buyers mortgage
Buying your first home can feel overwhelming with so many mortgage options to consider. Make the process stress-free with expert advice and support from our team.
What are mortgages for first-time buyers?
First-time buyer mortgages are designed for those new to the housing market or who haven’t owned a home in the past two years. We understand the challenges first-time buyers face and the hurdles of getting onto the property ladder.
We offer a free initial consultation to assess your needs and current situation. From there, we research the whole market to ensure you secure the best possible deals. Our team guides you through the entire process, providing tailored advice and going the extra mile. There are no upfront fees, and we remain by your side for the next steps—and throughout the lifetime of your mortgage.
How to Qualify for a First-Time Buyer Mortgage
Before you can take out a mortgage as a first-time buyer, you’ll need to meet some basic eligibility criteria.
5% deposit minimum
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This can come from sources like savings, gifts, or builder deposit schemes.
3 months employment
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Most lenders require you to be in permanent employment; however, we can still find lenders for those with new and non-permanent roles.
1 year self-employment
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If you’re self-employed, you will need a minimum of 1 year of trading, although most lenders will want you to have a 2-year history.
2-year UK resident
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We can consider various visas and settlement schemes.
Home ownership
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Most lenders require you to be in permanent employment; however, we can still find lenders for those with new and non-permanent roles.
Buy To Let
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We can support and advise first time buyers looking to purchase their first home for rental and investment purposes.
Simple steps to your first mortgage
Your journey starts with selecting the right mortgage broker—one who understands your goals and can guide you effectively. By following our straightforward process, you’ll be well-positioned to secure your dream home with confidence.
If you are a first time buyer, did you know?
A 100% mortgage may be available for first-time buyers who have been renting for the past two years.
First time buyers can borrow up to 5.5 times their income if they’re employed and have good credit.
Support is available to help you purchase your home through the Right to Buy scheme.
Parents and siblings can help their families afford a mortgage by using a Joint Borrower Sole Proprietor Mortgage.
Contractors—whether inside or outside IR35, operating through a limited company, or using an umbrella company—can be considered based on their day rate, even with less than one year of contracting history.
To determine their income for mortgages, people who are self-employed can use a combination of:
If you have adverse credit, you can still be considered for a mortgage. 1 missed payment, a small CCJ, or default could be ignored.
CIS contact workers in the building industry can use their payslips or invoices for affordability, dating back 12 months.
Frequently Asked Questions for First-Time Buyers
Still unsure how to begin your mortgage journey? See our answers to frequently asked questions from first-time buyers.
How do I choose the right mortgage for me?
We take the time to understand your situation and needs, creating a foundation to help you secure the mortgage best suited to your circumstances. You can begin this process even before your free initial consultation by exploring our [mortgage services] or visiting our [Find Your Mortgage] page.
Can you assist me if I didn’t begin my mortgage journey with you?
If you’ve previously tried to obtain a mortgage without success, you can still speak with us. We may be able to connect you with a lender that suits your circumstances and can provide the mortgage you need.
Can I still borrow if I have only been self-employed for 12 months?
Yes! There are specialist lenders that can use one-year accounts to support the affordability of your mortgage. This means you can achieve your dreams and bring your family to a new home, even with a limited history of self-employment.
Are you able to talk to and support us with third parties involved in the transaction?
We are here to help you throughout the entire process. This means that we can speak with any third parties involved should you wish us to, giving you as much comfort and support as you need. Even after the transaction is over, the journey will go on, and we’ll be here as your mortgage brokers for life.
What documents will I need to provide?
You will be required to initially supply the following documents, based on your situation and requirements:
- ID documents for each applicant, such as a passport or driving licence.
- Proof of address for each applicant, such as utility bills dated in the last 3 months, bank statements, or council tax statements.
- Proof of income and expenditure, by way of personal bank statements from the last 3 months.
- Proof of income for employed applicants, by way of P60 and payslips from the last 3 months.
- Proof of income for self-employed applicants, by way of self-assessments from the last 2 years or the most recent set of accounts.
- Proof of deposit from the last 6 months of bank statements, if the deposit comes from savings. Gifted deposits will require bank statements and ID for the person gifting.
- Proof of UK residency, by way of residency card. You will need to share your code to prove your settlement status.
We have the right to request further information throughout the process, as and when it’s required.
Can you help if I receive benefits?
You might receive various benefits, alongside your income. Depending on what type of benefits these are, lenders may be able to use them as part of the affordability assessment, allowing you to borrow more. Ideally, these benefits must be ongoing and payable to you for the foreseeable future.
What does my fee cover?
Your fee will cover the production of a mortgage offer as well as support through the conveyancing process, until you get your keys – and beyond.
Where do you operate?
We have dedicated advisors across London and the UK.
We can help you secure the right mortgage, helping you to achieve your dream house at the best rates. We’ll match your budget and locational preferences, supporting your home purchase and community attachments.
What fees are involved in getting a mortgage?
There are many different people and processes involved in the mortgage process. We know it can be stressful when unforeseen costs arise during your major purchase, especially when it’s your first time buying a property. We’re here to lend a warm, helping hand to get you through the process in a clear, understanding way.
Some mortgage fees you can expect to see are:
- Stamp duty
- Solicitor’s fees
- Product fees
- Valuation fees
Can I still borrow if I have historic or current adverse credit?
Having adverse credit can be a challenging situation for many buyers attempting to get their first home. Even if you have adverse credit, we might still be able to find you a lender that is willing to give you a deal on your mortgage. Understanding why and when this happened will allow us to recommend the best lenders for your needs.
Will I be dealing with the same person, throughout my transaction?
To ensure you have a consistent, open experience, we make sure you stay with the same broker from the start of your transaction to the end – and beyond, for any further support you may require.
Can you still help if I am on maternity or paternity leave?
Yes, we can still help! Speak to us so we can understand your specific situation and what your future plans are. Depending on when you want to go back to work, we could use your income for your mortgage affordability.
Fees and Charges
While our initial advice and consultation are free, a fee for our services applies. This is only payable once you receive your Mortgage Offer from the lender. The fee covers not only our expert advice and initial mortgage setup but also ongoing support throughout the lifetime of your mortgage.
We will always make our fee amount, and when it is due, clear after our initial free meeting.
Our standard fee may vary depending on the type of mortgage you choose and is payable once the Mortgage Offer is issued. For specialist requirements, such as adverse credit or irregular income, we may adjust the fee accordingly.
We will always make our fee amount, and when it is due, clear after our initial free meeting.
Specialist Lending Solutions
If you have unique circumstances, you might require specialist lending. We can help identify the solution that best fits your situation.
Our insights
Whether you’re in need of guidance for a general concern about mortgages, or just want to keep up with our thoughts on interesting developments in the market, our blogs and news posts are here to lend a helping hand.