Mortgages for first-time buyers
The fastest way to your new home
Start your journey with us now
Mortgage for first-time buyers
Buying a property as a first-time buyer is probably the most important financial decision in people’s lives. This is also likely a single largest financial transaction they will undertake. We understand that buying a property can be very stressful and take a considerable amount of time. It is much easier to navigate the mortgage process with the help of an experienced mortgage adviser, that understands your circumstances and budget.
Although all mortgages work in the same way, you borrow the money and pay back monthly, there are many different types of products and features you need to consider. Cheapest might not always be the best for you in your circumstances.
We specialise in offering personalised mortgage advice for individuals who are looking to buy their first property, would like to remortgage their existing property or are thinking of buying a second home.
We help self-employed individuals, those who have an adverse credit history or need access the Help-to-Buy scheme. We can help you navigate the buying process and find a competitive product that suits your needs and circumstances, clearly explaining every step, costs and requirements.
First-time buyers mortgage calculators
We work with over 90 lenders
From high-street banks to specialist finance providers
Book your free consultation
Common questions about your mortgage.
What is a repayment mortgage?
A repayment mortgage is a secured loan on a property when the monthly payment includes part of capital owned and interest. At the end of the mortgage term, you will repay all the capital and will be debt-free. At the early stages, you will be paying more interest than the capital but in the later stages, it will reverse. This is the most popular repayment option.
What is an interest-only mortgage?
An interest-only mortgage is a secured loan on a property when the monthly payment consists of interest only. At the end of the term, you will need to repay the capital borrowed. Most of the banks will require a repayment strategy in place before agreeing to lend on an interest-only basis. This can be Stocks and Shares ISA, pension, unit trust or other. This type of mortgage is most suited to the buy-to-let property.
What is LTV and how much deposit do I need?
Loan-To-Value ratio is a proportion of your deposit to the value of the mortgage loan. If your deposit is 20% of the value of your home, the LTV is 80%. Usually the minimum deposit required is 10% of the property purchase price. Some lenders will agree to only 5% deposit but might also charge a higher interest charge. Help-to-Buy Scheme allows to purchase a new-build property with as little as 5% deposit.
What mortgage interest rate can I get?
The interest rates vary and depend on your credit score. Interest rate is charged on the amount of capital owned and payable monthly. There are different types of interests calculated on different basis. We will guide you on what type of interest is the right for you. Interest rates we offer: fixed, variable, tracker, discounted, capped, offset.
What is Help to Buy Scheme?
The government scheme provides financial support in the form of an equity loan and allows for purchasing new build properties with as little as 5% deposit.
What is Shared Ownership?
Shared ownership allows purchasing the share of your home, typically between 25%-75% and pay rent on the rest. To buy a share you will still need a deposit to cover at least 5% of your share value and be able to arrange the mortgage for the balance. For example, to purchase a 50% share of £400k home, you would need a £10,000 deposit and be able to afford £190,000 mortgage.
Can I get a mortgage with bad credit?
There are options available for people with not so great credit history. We work with a number of lenders who accept CCJ, defaults and missed payments that happen in the past. It is not as easy to get a mortgage with adverse history and there will be a price to pay in higher interest rate.
Can I get a mortgage as self-employed?
Yes, although it can be more difficult due to the document requirements. The lenders will need you to proof that you have a steady income and you business is sustainable in the long run. Remember that the mortgage is for 25 to 40 years and it is a great commitment.