Mortgages
Get on the property ladder with a first-time buyer mortgage
Buying your first home is an exciting milestone, but it can be a daunting process. We are here to guide you through the entire process of securing a first-time buyer mortgage, from finding the right deal, to getting the keys for your new home.
Getting on the property ladder
Whether you have a 5% or 20% deposit we can help you find the right mortgage. As a first time buyer it can be daunting to know who to turn to. Our advisor will take into account your personal circumstances and search the market to find the right mortgage product.
We can answer any questions you may have and we will take care of the whole process from start to finish. If you have bad credit we have lenders who have specific eligibility criteria which may suit your circumstances.
Mortgage advice for first time buyers
For those looking for a first time buyer mortgage, we advise them to focus on the following:
- Assessing your finances and cutting expenses where you can
- Saving for as large a deposit as possible
- Checking your credit score and making payments on time
Your options
Types of first time buyer mortgages
Fixed-Rate Mortgages
A fixed-rate mortgage ensures that your interest rate remains constant throughout a set period – typically 2, 3, 5, or even 10 years. This stability allows you to plan your finances without worrying about fluctuations in monthly payments. However, fixed-rate deals can sometimes be slightly higher than variable rates, and early repayment charges may apply if you decide to switch deals before the term ends.
Variable-Rate Mortgages
Variable-rate mortgages have interest rates that can change over time, influenced by the Bank of England’s base rate or the lender’s own standard variable rate (SVR).
Types of variable-rate mortgages
Tracker Mortgages
These follow the Bank of England’s base rate, plus a set percentage. If the base rate rises or falls, so will your mortgage rate.
Discount Mortgages
These offer a discount off the lender’s SVR for a certain period, typically 2 to 5 years. The actual rate you pay can still change, but it starts lower than the SVR.
Capped Rate Mortgages
These have a variable rate but with an upper limit (cap) on how high the rate can go, providing some protection against significant increases.
Preparing for a mortgage
What information will we require from you?
We will ask you for your credit report so we can assess your credit history. Don’t worry if you don’t have very much history, as lenders are aware that most people buying their first home will not have a long financial history.
We will also talk to you about the following:
- What you do for work and how long you have been in your role
- How much deposit do you have, and whether this is savings or cash a loved one has gifted you
- Your address history over the past three years
- If you have any outstanding debt
- Whether you have children
- If you are hoping to purchase a flat or a house
Common questions
Costs and credit history
How it works
The four-step mortgage process
Here are the 4 simple steps for comparing your first mortgage.
- 01
Getting to know you
At a time that suits you, we’ll arrange an appointment – either face-to-face, by video call, or over the phone, whichever you’re most comfortable with – so we can get to understand your circumstances and needs in more detail.
- 02
We search for the best deal, from a panel of lenders
Now we know a bit more about you and what you want, we’ll search our panel of lenders for the right mortgage. We are not tied to one particular lender, we have access to over 180 lenders, ranging from banks, building societies and specialist lenders.
- 03
We'll make our recommendation
Having found the right mortgage for you, we'll talk you through it, to explain all the features and benefits and how it meets your needs.
- 04
With you every step of the way
Our dedicated team will be with you all the way through the process – from application to completion.
Thinking about your first home?
We pride ourselves on being friendly and approachable, and we don't charge fees for a chat. Give us a call to see if we can help you.