Buying your first home
First time buyer mortgage
Mortgage Solutions UK offers tailored mortgage options for first-time buyers, ensuring a smooth and informed process with expert advice and competitive rates to help you secure your dream home.
Mortgage Solutions UK
See how much we could lend you for your new home
Discover your borrowing limit today to plan your finances effectively and ensure you’re informed about your mortgage options.
Mortgage Solutions UK is available 24/7 to offer support and guidance, helping you avoid the risk of home repossession.
Instant Borrowing Estimate
Receive a personalized borrowing amount in under 10 minutes.
No Credit Score Impact
The estimate won’t affect your credit score.
Preliminary Agreement
Secure a provisional agreement in principle to understand your borrowing potential.
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What is a first time buyer mortgage?
A first-time buyer mortgage is a loan designed for individuals purchasing their first home, often with lower deposits and favorable terms.
First Time Buyer Definition
First-time buyer mortgages are designed for individuals who are new to the housing market, specifically those purchasing their first property.
Eligibility Criteria
You are typically considered a first-time buyer if you are buying a property to use as your primary residence and have never previously owned a property.
Primary Residence Requirement
To qualify, you must be purchasing a property that you intend to live in as your main home.
Top Tips for First-Time Buyers
Be careful if you're transferring any money
Buying a home involves large sums. Beware of scams, especially with mortgage deposits. If asked to transfer money, verify with your conveyancer directly using a trusted contact number.
If you can, try and view a property more than once
First viewings can be overwhelming. A second or third visit, at different times, ensures you make an informed decision.
SERVICES
Step-by-step to your first mortgage
Getting a first time buyer mortgage might seem like a fairly complicated process, but there are some general steps you can follow. Here's a helpful first time buyer guide.
Information in the following section is relevant to purchasing property in England.
Search for your perfect property
Explore the housing market to pinpoint your needs—bedrooms, garden, garage, or parking. Consider the price. Use our mortgage calculator to estimate your borrowing potential for your first home and plan your purchase effectively.
Plan for your deposit
To get a mortgage with us, you’ll need to make a deposit of at least 5% of the property’s price. A larger deposit reduces the amount borrowed. First-time buyers might use a gifted deposit from a parent or guardian.
Get an Agreement in Principle
Before viewing properties, get an Agreement in Principle. This free, no-obligation estimate from a bank shows your potential borrowing capacity. It helps demonstrate your financial readiness to sellers and agents, and won’t affect your credit score.
Find your new home and make an offer
When you find a property you want to buy, make an offer through the estate agent. The asking price is the seller’s hope, not the final figure. You might be able to negotiate a lower price.
Prepare what you'll need to apply for your mortgage
Prepare for a smoother mortgage application by reading our guide and gathering the necessary documentation in advance. This preparation will help make the process more efficient and straightforward.
Exchange and complete
Exchange’ is when contracts are swapped and you pay your deposit, binding both parties to the deal. If you withdraw after this, you risk losing your deposit. ‘Completion’ is the final step, where the mortgage funds are transferred, and you receive the keys.
CALL TO ACTION
Can I take advantage of a first time buyer scheme?
Quite possibly. To help make getting onto the housing ladder easier, the UK government have outlined various home ownership schemes. Not every scheme will be right for everyone, so it's important to consider both pros and cons, to understand what could work for you.
Home Buying
Schemes
All of these schemes are subject to eligibility criteria for both the borrower and the property being purchased.
01
Help to Buy: Equity Loan
This scheme allows first time buyers in England buying a new build property to borrow an equity loan from the government to cover part of the cost, so a smaller mortgage is needed.
02
Shared ownership
Shared ownership lets buyers mortgage a property portion and rent the rest. Over time, they can buy more shares and eventually become the full owner.
03
The Mortgage Guarantee Scheme
The scheme provides support from the UK Government for lenders to offer new 91% - 95% mortgages.
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