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Here are some of the most commonly asked questions about the mortgage process. Please select the type of mortgage guides you are searching for from the options below.

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First time buyer guides

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First time buyer guides

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First time buyer guides

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First time buyer guides

First-time buyer mortgages aren't necessarily cheaper than those available to other buyers. You're likely to have a higher interest rate than someone who's paid a mortgage for years and can borrow less for their next home, for example.

However, taking advantage of the government schemes for first-time buyers can help make your new home affordable. You'll also pay less stamp duty than people who've owned a home before. Additionally, some mortgage providers offer special deals to attract first-time buyers.

Our mortgage brokers for first-time buyers can scan the market on your behalf to compare hundreds of options and find the best deal for you.

Interest-only mortgages are rarely offered to first-time buyers due to the high level of risk involved. You have to repay the original amount borrowed in full when the mortgage term ends, which isn't realistic for most people.

First-time buyer mortgages are designed for people who'll live in the property they're buying as their main residence. If you want to buy a property to rent out while you live somewhere else, you'll need a specialist buy-to-let mortgage instead (which we can also help with).

The loan-to-value ratio describes the amount you can borrow on a mortgage compared to the overall cost of a property, usually shown as a percentage. For example, if you bought a property for £250,000 and borrowed £225,000, the LTV would be 90%.

Lenders typically have maximum LTVs of up to 95%. By borrowing less and therefore having a lower LTV, you represent less risk to the lender and could access cheaper mortgage rates.

Buying your first home comes with extra up-front costs on top of your deposit, including:

  • Stamp duty: You may not need to pay this, depending on your chosen property's value.
  • Arrangement fee: A fixed fee to the lender for taking out a mortgage.
  • Survey fees: It's recommended to get a survey to check a property's condition before committing to it, and there are different levels of detail available.
  • Legal fees: You'll normally need a solicitor or licensed conveyancer to carry out the legal work that goes into buying a home.
  • Home insurance: Some mortgage providers may require you to take out buildings insurance.
  • Moving costs: You might need to pay for help moving your belongings into your new home. You may also have to buy more essentials as a first-time buyer, such as appliances and furniture.

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