First Time BuyerMortgages UK
Most first-time buyer problems aren't about money. They're about not knowing what to expect — or applying to the wrong lender.
The process is simpler than it looks. But small mistakes early on can delay you by months or cost you thousands in the wrong product.
29 Years
Experience
No Fee
On Many Deals
5★
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TL;DR — How Much Do I Need as a First-Time Buyer?
- Minimum 5% deposit, but 10-15% unlocks better rates and more options
- No Stamp Duty on properties up to £425,000 for first-time buyers
- Shared Ownership lets you buy 25-75% and pay rent on the rest
- Lifetime ISA gives 25% government bonus on savings up to £4,000/year
- Typically borrow 4-4.5x your annual salary with most lenders
Is This Page For You?
This page is for people buying their first home who want to understand what's actually required — not generic advice. If any of these apply, we can help:
Why First-Time Buyers Get Stuck
Most delays and disappointments aren't about the deposit. They're about the process. Here's what typically goes wrong:
Searching before knowing your budget
You fall in love with a property, then discover you can't borrow enough. Or worse, you get an offer accepted, then find out you need a bigger deposit than expected.
Generic online calculators
They don't account for student loans, car finance, or how different lenders calculate affordability. The number you see online might be £30,000 different from reality.
Multiple credit searches
Each 'agreement in principle' from a different lender leaves a mark on your credit file. Too many make lenders nervous — even if you're a good applicant.
Missing Stamp Duty relief
First-time buyers get significant Stamp Duty savings on properties up to £425,000. If you've owned before (even abroad), you might not qualify.
Underestimating costs
Beyond the deposit, you need money for surveys, legal fees, moving costs, and building up an emergency fund. Many first-time buyers are surprised by the total.
How We Approach It Differently
We give you a clear picture before you start searching — so you know exactly what you can afford and what the process looks like.
Accurate borrowing figure
We check multiple lenders' criteria to find your real borrowing power — not a generic estimate. This includes accounting for student loans and other commitments.
One credit check
We source your mortgage properly, so you're not leaving multiple footprints on your credit file from different applications.
Full cost breakdown
We explain all the costs upfront — deposit, fees, legal costs, surveys — so there are no surprises halfway through.
Scheme guidance
We explain which government schemes you qualify for (Shared Ownership, Lifetime ISA, etc.) and whether they're actually worth using.
Common First-Time Buyer Mistakes
Waiting until you've found a property
Get a mortgage agreement in principle first. It shows sellers you're serious and prevents disappointment if you can't borrow enough.
Only looking at the interest rate
Total cost matters more. A "cheap" rate with a £999 fee can cost more over 2 years than a slightly higher rate with no fee.
Forgetting about remortgaging
Your initial deal ends after 2-5 years. If you don't remortgage, you go onto the lender's expensive standard rate. Plan for this now.
Using comparison sites for first mortgages
They show rates but don't check if you'll actually be approved. An adviser assessment is more reliable for first-time buyers.
"First-time buyers often think they need more deposit than they do. Getting proper advice early can save months of unnecessary saving — and help you buy sooner."
Jay Sabine
Principal Adviser, Your Home Finance
Frequently Asked Questions
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Content reviewed: January 2026
CeMAP awarded by The London Institute of Banking & Finance. Cert CII (MP) awarded by the Chartered Insurance Institute.