We are open Mon-Thurs 8am-8pm | Fri 8am-5pm

01603 340644 [email protected]
Trustpilot

First Time Buyer
Mortgages

Buying your first home is a major move in every sense of the word.

Start Your Search

As one of the biggest financial commitments you’re likely to make, finding and securing the right mortgage is vital. But as a first time homebuyer the process can seem complicated and time-consuming. That’s where we can help.

FIND THE BEST DEAL

Trustpilot

At Vincent Burch Mortgage Services we can compare first time buyer mortgages from across the whole market. The true cost of a mortgage is made up of the rate you’ll pay and the fees you’ll be charged so it’s important to consider this before making your choice. As an independent mortgage broker we’ll find the best first time home buyer mortgage rate for you, taking into account all the associated lender costs.

 

What is the Process for Getting a Mortgage as a First Time Buyer?

1

Find out how much you can borrow

When searching for the most suitable first-time buyer mortgage, you need to start by working out how much money you have for your deposit, and then start discovering how much you can borrow. You can get an initial idea by getting in touch with one of our mortgage advisors, who will be able to help you find out how much you can reasonably borrow based on your financial situation.

2

Apply for a Mortgage Agreement in Principle

This is recommended before looking at properties. An Agreement in Principle (or Decision in Principle) is not a guaranteed mortgage offer, but it can give you a good idea of what properties you could purchase. This will involve a soft credit check, so your credit score is typically not affected. Your Agreement in Principle is usually valid for up to 90 days, and is typically commitment-free, so you do not need to accept the mortgage if you do change your mind.

3

Complete Your Formal Mortgage Application

Once you’ve found a property, and you’ve had an offer accepted, we can help you make a formal application for a first time buyer mortgage. This will often include an affordability review and a hard credit check, which will more often than not affect your credit score. This is the stage of the process where we review your salary, additional income, and your outgoings. Your credit history is checked to ensure you’re a responsible, reliable borrower.

Am I a First Time Buyer?

You’re classed as a first time buyer if:

  • You have never owned a residential property within the UK or abroad, or;
  • You only own, or have ever only owned, a commercial property which does not feature any living space attached

You’re not a first time buyer if:

  • You are completing a mortgage application with someone who owns, or has previously owned, a property;
  • You have previously inherited a property, even if you have never lived within it and it has since been sold;
  • A family member or guardian is purchasing a property for you and they already own or have previously owned their own home.

How Much Deposit Do I Need as a First Time Buyer?

A first time buyer is typically expected to put down a deposit of at least 10% of the property’s purchase price. It can be possible to have only a 5% deposit and receive a 95% LTV mortgage, but there are risks.

Typically, the more you can save for your mortgage deposit, the more equity you will have in your first home. You can then be placed in a more suitable position to source more favourable mortgage rates, which can in turn mean cheaper monthly payments.

We can help explain the most suitable way forward for you at the start of your mortgage journey.

Discuss your First Time Buyer mortgage options now

 

Is It Easy to Get a Mortgage as a First Time Buyer?

The steady rise in house prices can make it difficult for many first time buyers to get a foot on the property ladder. However, there are ways to help you make the first move without the need for large deposits:

  • First Homes – a new government scheme being rolled out across the country to enable first time buyers to purchase a home at a discount of between 30-50%
  • Lifetime Individual Savings Account (LISA) – You must be aged between 18 and 39 to open a LISA, and you can use this savings account to purchase your first home (for a property costing up to £450,000). You can put in £4,000 each year until you are 50 and you must make your first payment into your LISA before you’re 40.
  • 95% Loan to Value first time buyer mortgage – this is a low deposit mortgage for first time buyers where you borrow up to 95% of the purchase price and pay just a 5% deposit

Our team of advisers will talk you through these options in detail to establish the right approach for your personal circumstances. The type of mortgage you choose will also be influenced by how you’d like to repay your loan:

Fixed-Rate Mortgages

Where monthly mortgage repayments are charged at a fixed interest rate for an agreed term, usually two, three or five years. At the end of the term the rate switches to your lender’s Standard Variable Rate (SVR) which can be much higher, so it pays to start looking for a new deal, known as a remortgage, well before your current deal ends.

Tracker Mortgages

These track changes in the Bank of England or the lender’s own base rate. The amount of interest you pay each month could go up or down so it’s important to know that you can afford your repayments if interest rates rise.

Discounted Variable-Rate Mortgages

Where the interest rate is fixed at a set percentage below your lenders SVR. This means the monthly amount you pay could change, reflecting the fluctuations in SVR.

Offset Mortgage

Where you have a linked savings account to offset against your mortgage debt. This effectively reduces your debt balance, which in turn reduces the amount of interest you pay.

Secure the Best Mortgage Deal for your Dream First Home

Your dream first home means nothing if you don’t have the right mortgage deal in place. Our friendly, expert team can help to guide you through the process and find the right mortgage for your specific needs. You’ll benefit from a choice of specialist and high street lenders offering the best mortgage deals for first time buyers. And what’s more, our independent, personal service is free of fees.

Take a step closer to home ownership today. For first time buyer mortgage advice and a competitive quote, call 01603 340644 or email [email protected]

Receive a First-Time Buyer Mortgage Quote

Advice that’s tailored to your own bespoke situation.

Enter your contact details and we will contact you, typically within 10 minutes (during normal business hours).

Consent(Required)
This field is for validation purposes and should be left unchanged.

Frequently Asked Questions from First Time Buyers

What qualifies me as a first time buyer?

A first time buyer is someone who has never owned a residential home or property before, including leaseholds and freeholds. The definition can depend on a few factors:

Inherited Property – If you have inherited a home, you are not considered a first time home buyer.

Property Bought By Family – If a family member has purchased a property on your behalf, you are not considered a first time buyer.

You should always check with a mortgage advisor or individual providers and schemes to determine if you are eligible.

How much deposit does a first time buyer need?

A first time buyer will typically require a deposit of at least 5% of the property’s price, however a larger deposit can be beneficial.

In 2023, the average deposit for a first-time buyer in the UK was around £53,414 but the amount can vary by region. In Greater London, the deposit amount can be more than double the national average.

How much can I borrow as a first time buyer?

The amount you can borrow as a first time buyer will depend on your income, deposit, credit score and typical outgoings. Lenders will typically offer loans between 4 and 5 times your annual income, but this can vary. Having a larger deposit will mean you will need to borrow less, which can improve your chances of getting a mortgage and/or potentially lower your interest rates. A good credit score indicates responsible financial behaviour and can make you more attractive to lenders, and these lenders will assess your affordability by considering your income and expenses as they will want to make sure you can comfortable afford the mortgage repayments.

To get an accurate estimate, you can use a mortgage calculator or get in touch with us and we can provide personalised advice.