First time buyer mortgages

An agreement in principle, also known as a mortgage in principle, gives you a good idea of how much you can afford to borrow. You can apply online in just 15 minutes or speak to an adviser and it doesn’t affect your credit score.

Once you’re ready to put an offer in for your new home, there are lots of important costs for you to consider. Some of these include deposits, mortgage fees, stamp duty costs, conveyancing fees and more. 

When you’re ready to apply for a mortgage, you will also need to consider the type of mortgage you will need for your new home. Even if you're not yet ready to apply, you can get in touch with our Mortgage Experts with any questions you may have. 

For guidance on choosing the right type of mortgage for you and for mortgage advice and eligibility, view our first time buyer guide. 

How much you can borrow with a first time buyer mortgage will differ from person to person. To get an understanding of how much you can borrow, you’ll need to know your income and outgoings. You can then use our mortgage calculator to get an idea of how much you could borrow.

Yes there are. If you’re a first time buyer you might be able to benefit from government schemes. You can find out more about the schemes available and how to apply for them on our affordable housing page.

No. A first time buyer mortgage is available to anyone buying their first property. The help-to-buy scheme was a government initiative that was available to first time buyers offering a five-year, interest-free loan for up to 20% of the house purchase price (40% in London). This scheme is still available in Wales but has closed in England.

You can see what other government home-buying initiatives are available on our affordable housing page.

You’ll be considered a first time buyer if you have never owned a property before. There are some exceptions to this. For example, you can still qualify as a first time buyer if you own a commercial property without a living space attached to it, for example a shop.    

If there are two of you buying (joint mortgage) and one of you has owned a home before, then you are still able to get a first time buyer mortgage.

Yes. Our first time buyer mortgages are available with just a 5% deposit - so if the home you want to buy is worth £200,000, you can apply with a minimum deposit of £10,000.

To find out how much you could borrow and get an idea of what your monthly repayments might be, use our mortgage calculator.

Our free, online mortgage events offer expert guidance that are tailored to where you are in the journey. Book your place for our online mortgage event.

For first time buyers, getting onto the property ladder can seem like a long and complicated process. That’s why we’re here to talk you through the key considerations for when it comes to buying your dream home:

1. Planning to buy a home – When planning to buy your first home, you’ll need to start saving for a deposit, reviewing any debts, improving your credit rating and start searching for a property.

2. Mortgage adviser – Choosing your first mortgage can seem confusing. A mortgage adviser can help you find the right type of mortgage for you and give you a mortgage in principle.

3. Formal mortgage agreement and legal process – Once you’ve found your dream home and have had an offer accepted, you can start to look at surveying the property, exchanging contracts and completing the full application process.

View our first time buyer guide for England & Wales and first time buyer guide for Scotland.

A shared ownership mortgage is where you buy a percentage of a property and the housing association or the government own the rest. The part of the home you don’t own will then be rented to you. As you only need a mortgage to buy part of the house, you can get your foot on the property ladder with a smaller deposit. Each month you’ll need to repay the mortgage, as well as your rent payments.

Over time, you’ll be able to ‘staircase’ your way up to owning more of your home by increasing the size of your share.

You can find more information about shared ownership mortgages on the government website(opens in a new tab).  

Buying your first home can be confusing, but our guide helps to break it down into easy-to-follow steps. View our first time buyer guide for England & Wales and first time buyer guide for Scotland.