First-Time Buyer Mortgages

Your first home is closer than you think.

We guide you through the whole process, from understanding what you can borrow to getting the keys in your hand. No jargon. No pressure. Just expert advice that gets results.

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First-time buyer outside their new home

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What is a first-time buyer mortgage?

A first-time buyer mortgage is specifically designed for people who have never owned a property before. Many lenders offer special deals and incentives for first-time buyers, including lower deposit requirements, fee-free products, and cashback offers. Our first-time buyer guide covers everything you need to know.

As a first-time buyer, you may also qualify for stamp duty relief and various government-backed schemes that can make home ownership more affordable.

First-time buyer eligibility

To qualify as a first-time buyer, you must never have owned a residential property anywhere in the world. Key requirements typically include:

  • A minimum deposit of 5% (though more is better)
  • A stable income, employed or self-employed for at least 6-12 months
  • A reasonable credit history, not got perfect credit? Don't assume the answer is no, see our Adverse Credit page
  • Proof of identity and address
  • Bank statements showing your spending habits

How we help first-time buyers

Our experienced mortgage advisers will:

  • Work out exactly what you can afford, we'll run through your income, outgoings, and deposit so you know what's realistic before you even start viewing properties. Try our affordability calculator
  • Search the whole market, compare deals from over 90 lenders to find the best rate for your circumstances
  • Handle the whole process for you, the paperwork, the lender chasing, the solicitor communication. You won't need to chase anyone. We do that. See how it works
  • Advise on available schemes, shared ownership, First Homes, and lender-specific first-time buyer products
  • Make sure you're protected from day one, we'll talk you through life cover, buildings and contents insurance, and income protection so your home is secure.

Client Case Study

First-time buyer with CCJ, mortgage approved.

A first-time buyer came to us with a satisfied CCJ from 3 years ago. Most lenders said no. We found a specialist lender offering 90% LTV at a competitive rate and got them into their first home.

£285,000

mortgage approved

10%

deposit

CCJ

history, no problem

"As a first-time buyer, I was overwhelmed, but Option Finance made it so easy! My adviser walked me through every step, and I got a rate lower than I expected. Now I'm in my dream home!"

Michael B.

First-Time Buyer

Tools & guides for first-time buyers

Affordability Calculator

Find out how much you could borrow

Mortgage Calculator

Estimate your monthly payments

Stamp Duty Calculator

Check your stamp duty with FTB relief

First-Time Buyer Guide

Everything you need to know

Mortgage Glossary

Understand mortgage jargon

Frequently Asked Questions

How much deposit do I need as a first-time buyer?
Most lenders require a minimum deposit of 5% of the property price, though some government-backed schemes may offer alternatives. A larger deposit (10-20%) will typically get you access to better interest rates.
Can I get a mortgage with no deposit?
While 100% mortgages are rare, options include guarantor mortgages and Skipton Building Society's Track Record mortgage, designed specifically for renters with a strong payment history. A specialist adviser can confirm which route suits your situation.
What is the Help to Buy scheme?
The Help to Buy equity loan scheme has now closed, but there are other support options available for first-time buyers including shared ownership, First Homes, and various lender-specific products. We can guide you through current options.
How much can I borrow as a first-time buyer?
Most lenders will lend between 4-5 times your annual income, though this varies based on your circumstances, credit score, existing debts, and the lender. Use our affordability calculator for an estimate.
Do I need to pay stamp duty as a first-time buyer?
First-time buyers in England and Northern Ireland currently pay no stamp duty on the first £300,000 of properties up to £500,000. On properties between £300,001 and £500,000 you pay 5% on the portion above £300,000. Properties over £500,000 are charged at standard rates.
What fees are involved in buying my first home?
Beyond the deposit, expect to pay for a survey/valuation (£250-£1,500), solicitor/conveyancing fees (£1,000-£2,000), and our broker fee. We'll provide a full breakdown of expected costs upfront.
How long does it take to get a mortgage as a first-time buyer?
From initial application to mortgage offer typically takes 2-6 weeks, depending on the lender and your circumstances. We manage the whole timeline and keep you updated at every stage, you won't be left wondering what's happening.
Sukhvinder Tamber

Expert reviewed by

Sukhvinder Tamber

Specialist Mortgage & Protection Adviser · CeMAP

This page was reviewed by Sukhvinder, a CeMAP-qualified mortgage adviser at Option Finance. All content is checked for accuracy and kept up to date.

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