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 UK
We've broken down how to buy your first home and how to get a first time buyer mortgage in the UK into 3 easy steps:
1. Research Buying Your First Home
2. Find Out What You Can Afford as a First Time Buyer
3. Compare First Time Buyer Mortgage Rates and Start the Process
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 3 steps and you'll be ready to take that first leap onto the property ladder.
Step 1: 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.
What Is a First Time Buyer?
So you're a first time buyer - but what does that actually mean? Learn about it here, as well as how the process works and how the first time home buyer status is determined.
The Bank of Mum and Dad
Can mum and dad help you get on the property ladder? Learn about how parents can help first time buyers, including contributing to the deposit and supporting the mortgage.
First-Time Buyer Costs
What costs do UK first time buyers need to consider when buying property and moving home? There's a few, luckily you can find out in our first time buyer costs checklist.
Stamp Duty for First-Time Buyers
One benefit of being a first time buyer is that you're eligible for the Stamp Duty exemption. Learn more about that, what Stamp Duty is and how much first-time buyers pay, here.
Buying a House
Buying a new house should be fun and exciting! Lessen the pressure by preparing with our guide. We take you what questions to ask the seller, how the property chain works, making an offer and more.
Tenants in Common
Depending on who you're buying your first home with, e.g. family, a partner or a friend, you may want to set up ownership differently. Should you become tenants in common or joint tenants? Find out here.
Freehold and Leasehold Properties
When you buy a property for the first time, it will generally be either on a freehold or leasehold basis. Learn the differences here.
Right to Buy Advice and Eligibility
Are you a council tenant looking to buy your home? You might be able to purchase it for a lot less than you first thought with the Right to Buy government scheme.
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.
How to Save for a Deposit
Not sure where to start? Here we explain how long saving for a deposit can take, how much you need and tips on how to save.
Borrow Money for a Deposit
If you're a first time buyer struggling to save a deposit, you could consider borrowing the money from family or taking out a loan.
Buy Your First Home with a Small Deposit
Fortunately for first time buyers, it's possible to buy your first house with a small deposit such as 5%. Learn more here.
No Deposit Mortgages and How They Work
Find out about the no deposit mortgage options out there for first time buyers struggling to get on the property ladder.
Step 2: 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.
Mortgage Deposit Saving Calculator
Know how much you need in first time buyer deposit but want a clearer plan and timeline? Try our mortgage deposit calculator to see how much you need to save each month to reach your goal.
Mortgage Loan-to-Value Calculator
Most first time buyers have a high LTV on their mortgage. Find out what your LTV will be based on your deposit or home loan amount compared to the property you want to buy with our calculator.
Mortgage Repayment Calculator
As a first time buyer, you might be wondering how your monthly payments will compare to what you currently pay in rent. Find out what your monthly payments could be with our calculator.
FTB Stamp Duty Calculator
First time property buyers receive a Stamp Duty exemption which can make buying a house cheaper. Work out how much Stamp Duty you'll pay on your first home with our calculator.
Step 3: Compare First-Time Buyer Mortgage Rates and Start the Process
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!
Applying for a Mortgage
Applying for a mortgage as a first time buyer in the UK is actually pretty straightforward. In this guide we take you through the whole journey, from pre-application to completion.
Your First Mortgage Appointment
Your first mortgage adviser appointment needn't be overwhelming. Find out what happens during the appointment for a first time buyer's mortgage and what you can do to prepare.
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. Learn the difference between repayment and interest only, the rate options and more.
What Mortgage Documents Do I Need?
Find out exactly what documents you need to provide for first time buyer mortgages. Being organised can help ensure the application process runs as smoothly as possible.
Fixed Rate Mortgage Deals
Fixed rate mortgages are popular amongst homebuyers, especially new first time buyers. This is because interest rates are fixed - making your monthly payments easier to predict. Learn more about them and compare fixed rate home loans for first time buyers here.
Self-Employed Mortgages
Mortgages for first time buyers who are self-employed aren't actually that different from the ones for employed people. Compare mortgage loans for the self-employed and learn about what information you need to provide the lender with here.
Family Springboard Mortgage
Family springboard mortgages are popular amongst first time buyers as they enable you to purchase your first home without providing a traditional deposit. Instead, your family is able to help. See how it works now.
Joint Mortgage with Parents
Worried a low income will stop you from borrowing enough? A joint mortgage with parents can be a way around this and a great alternative to a traditional first time home buyers mortgage, helping you to borrow more and secure the house you really want.
Do I Need a Credit Score to Buy a House?
A good credit score can make finding a worthwhile first time buyer mortgage deal much easier. Here we explain how credit impacts the homebuying process and what your options are if you haven't built up your credit score yet.
Mortgage Credit Check
When you apply for a mortgage in the UK, the lender typically does a credit check on you regardless of whether you're a first time buyer. Learn how a lender credit check works, why lenders do it and a soft vs a hard credit check.
Minimum Credit Score for Mortgages UK
As a first time buyer, you've probably heard about credit scores. Although there's no minimum credit score required for a first time buyer home loan, a good score can improve your options.
Mortgages for First-Time Buyers with Bad Credit
Getting a first time buyer mortgage can be challenging enough, without the added pressure of bad credit. Fortunately, mortgage brokers like John Charcol can help. Find out how it works here.
Home Insurance
Our expert team of insurance advisers at John Charcol can help you protect the structure and contents of your home against a wide range of risks.
Protection
Our team can help you plan for the unforeseen by arranging protection cover for you and your family.
Concierge
We want you to move in and start enjoying your property as soon as possible, that’s why John Charcol now offer all our customers a complimentary move-in service.
What Our Customers Say
See more John Charcol reviews here.
John Charcol
0330 057 5173£Cutlers Exchange, 123 HoundsditchLondonEC3A 7BU
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LocalBusiness2608 reviews
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Benedict
Verified BuyerI was extremely impressed with Keri Nicholson's service. From beginning to end of the process she was proactive in resolving any issues that came up, and also liaised effectively and efficiently with the conveyancing solicitors, with a tight timeline to adhere to. I would have no hesitation in recommending her and John Charcol's services in the future. Mark Ward
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Becky
Cannot thank Lisa Gilsenan enough! highly professional, knowledgeable and informative. Being a first time buyer I was initially quite anxious about the whole process, but thanks to Lisa the whole experience has been positive and stress free, always at the other end of the phone and happy to help if I had any questions. Cant thank Lisa enough for putting my worries at ease and helping me get on the property ladder. Thank you! will definitely recommend.
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Steve
Verified BuyerI first had dealings with Molly Wilsden in early 2023.Having used quite afew mortgage brokers over the years I noticed straight away that she was a very exceptional person.She is incredibly efficient,hardworking and friendly. The effort she puts in to get the business done quickly is staggering.Since then I have recommended her to all my friends and family.Without exception they all say she is the best broker bar none.She has now just got me an excellent remortgage and shaved weeks off the process. Unbelievable. So pleased with her and all the John Charcol staff who made it possible.
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Justin
Verified BuyerMichael has been amazing throughout the process, we have several homes all of which have been organised through Michale at John Charcol. Why go anywhere else?
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David
Verified BuyerGreat service from start to finish. Full marks to Shak who was extremely courteous and helpful. I would definitely recommend John Charcol without hesitation. Many thanks.
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Dr
Verified BuyerAmazing highly professional mortgage advisors. Special thanks to Mr Paul Butlin for his unlimited genuine support.
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