First-Time Buyer Mortgage
Are you looking for a first-time buyer mortgage to help you jump on the property ladder? Look no further. Here is our first-time buyer hub, where you’ll find everything you need to get started, broken down into 3 simple steps.
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How to Get a Mortgage as a First Time Buyer in the UK
We’ve broken down how to buy your first home and how to get a first-time buyer mortgage in the UK into 4 easy steps.
Below you’ll find more information on these steps as well as additional resources for each step to help you prepare, covering everything from Stamp Duty and first-time buyer mortgage deposits, to affordability and the mortgage process – and more. Don’t worry – you don’t need to read it all! But if you have a question about becoming a first-time buyer or home loans, you’ll find the answer here.
Follow these 4 steps and you’ll be ready to take that first leap onto the property ladder.
On this page:
Step
Research Buying Your First Home
What do first time home buyers need before securing a mortgage and buying a house? Find out here. We explain how it all works and help you answer questions such as: how much deposit will you need for the kind of home you want? Are there additional costs to consider? See our first time house buyer’s guide to find out what to expect and what you can do to prepare.
An Expert’s Guide to First-Time Buyers
Buying your first home is exciting, but it can feel overwhelming with so many steps to navigate. From saving for a deposit and understanding affordability to comparing mortgage deals and government schemes, preparation makes all the difference. Having expert advice on your side means you can avoid common pitfalls, secure the right mortgage, and take your first step onto the property ladder with confidence.
Nicholas Mendes
Head of Marketing
Steps
Find Out What You Can Afford
Once you have a clearer idea of how the homebuying process works, what your goals are and what your journey will look like, you can start getting into the numbers. With our mortgage borrowing calculator you’ll be able to work out how much you can borrow on a first time home buyer mortgage, based on your income.
Ready to crunch some numbers? Try our calculators to work out what you can borrow, how much to save each month for your deposit, what your LTV will be and what your monthly mortgage payments will look like.
Mortgage Calculator: How Much Can I Borrow?Mortgage Deposit Saving CalculatorMortgage Loan-to-Value CalculatorMortgage Repayment Calculator
How Much Can I Borrow?
This is not a quotation under the Consumer Credit Act. Figures are subject to validation of income, credit checks and a property valuation.
As a guide, you could potentially borrow around:
As long as you've got a 10% deposit, good credit history, and no big debts or expenses, you should be able to borrow up to .
The amount you could potentially borrow…
Calculating the amount you could borrow
How is this calculated?
Next Steps
Speak to our team for a free consultation and more advice on what you can borrow.
Mortgage Deposit Calculator
To work out how much you will need to save each month to reach your deposit amount, try our calculator below.
This calculator is for illustrative purposes and you should check the progress of your savings and review it regularly to ensure you are on track to reach your amount by the target date.
You can also use this tool as a buy-to-let mortgage deposit calculator or to calculate your deposit savings for a residential property.
Below you’ll find information on mortgage eligibility and what satisfies a lender’s requirements.
What you will need to save per month
The amount you'd need to save could be…
Calculating your saving amount
How is this calculated?
Next Steps
Speak to our team for a free consultation and more advice on what you can borrow.
What Is My Loan-to-Value?
This is not a quotation under the Consumer Credit Act. Mortgage application approvals are also subject to validation of income, credit checks and a property valuation.
Your LTV is:
Your LTV could be…
Calculating your LTV
How is this calculated?
Next Steps
Speak to our team for a free consultation and more advice on what you can borrow.
Mortgage Repayment Calculator
Monthly Payment
You monthly repayments could be…
Calculating your monthly repayments
How is this calculated?
Next Steps
Speak to our team for a free consultation and more advice on what you can borrow.
Learn about mortgage deposits
Mortgage deposits are a huge step for every first-time buyer. You can learn all about first-time buyer mortgage deposits in our guide, including deposit amounts, how your deposit affects your mortgage and how to save up.
StepFind out more about mortgage types
Compare First-Time Buyer Mortgage Rates
By the time you reach this step, you’ll have a better understanding of what’s right for you and will have laid the groundwork so you can start seriously comparing first-time buyer mortgage offers currently on the market in the UK. Basically, you’ll be ready to find the best option for you as a first-time buyer and apply for your mortgage!
Mortgage types explained
You hear a lot of jargon when you buy a house so it can be hard to know what mortgage is best for first-time buyers.
We’ll help you answer the following questions:
- Do you want a repayment or interest-only mortgage?
- What other special features might appeal to/suit you?
- What type of interest rate option would suit you – tracker, discounted, fixed?
Residential Best Buys
Based on a mortgage of £125,000 at 50.00% LTV.
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Provider
Initial Rate
3.00%
Then 3.00% (variable)
Cost Comparison
5.00% APRC
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Provider
Initial Rate
3.00%
Then 3.00% (variable)
Cost Comparison
6.00% APRC
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Provider
Initial Rate
3.00%
Then 3.00% (variable)
Cost Comparison
6.00% APRC
The mortgage process
Buying a new house should be fun and exciting! Lessen the pressure by preparing with our guides. We cover everything from your first mortgage appointment, to the documents you need, how mortgage valuations work and more.
What you need to know
Which first-time buyer mortgage is right for you?
There are so many different types of mortgages for first time buyers out there that it can seem really overwhelming! Don’t worry, here are some classic first time buyer mortgages broken down so they’re easy to understand.
Fixed rate mortgages
With a fixed rate mortgage, your mortgage rate and monthly payments stay the same. Fixed rate mortgages are a popular choice amongst first time buyers because they’re predictable.
Self-employed mortgage
If you’re self-employed or freelancing, the mortgages available to you are exactly the same as the ones for employed people, the only difference is in how lenders assess your application and what proof they require.
Family springboard mortgage
A family springboard mortgage, also known as a family deposit mortgage, could help you get a mortgage of up to £500,000 with a relative’s help and only a small deposit.
Joint mortgage with parents
A joint mortgage with parents could be a way for you to borrow more. Find out how joint mortgages work, the drawbacks & what alternatives are out there.
Step
Ready to Find the Perfect Deal? Speak to the Experts
At John Charcol, we’re there from the very start of your journey to guide you through each and every step.
Start your journey today
Book an appointment with an adviser today and we’ll find you the best first mortgage deal, for free.