Ultimate Guide to First Time Buyer Mortgages

Specialist mortgages designed for first-time property buyers, often with lower deposit requirements, government schemes, and additional support. These mortgages help new buyers enter the property market.

Typical deposit 5% - 10% · Typical timeline 3-6 weeks

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Summary

Mortgages designed for first-time property buyers. Typical deposit: 5% - 10%. Typical rates: 4.0% - 5.5%. Usual timeline: 3-6 weeks. There are 3,214 first time buyer mortgage brokers listed on Mortgage118.

What is First Time Buyer?

Understanding the fundamentals and purpose of first time buyer financing

Mortgages designed for first-time property buyers.

First-time buyer mortgages are designed for people purchasing their first home in the UK. Government schemes such as the Lifetime ISA and shared ownership can help with deposits, and some lenders offer products with as little as 5% deposit for eligible first-time buyers.

Key Features

Essential characteristics that make first time buyer mortgages unique

Lower deposit requirements (5-10%)

Access to government schemes like Help to Buy

First-time buyer specific products and rates

Professional guidance and support

Flexible lending criteria for new buyers

Eligibility Requirements

Key criteria you need to meet to qualify for first time buyer financing

In most cases you'll need to meet both property and borrower criteria — lenders assess the deal as a whole.

Property Requirements

Suitable residential property type
Good location and market value
Property in good condition
Appropriate insurance coverage
Compliance with lending criteria

Borrower Requirements

First-time buyer status (no previous property ownership)
Stable income and employment history
Good credit history and financial position
Adequate deposit and affordability
UK residency and age requirements

Application Process

Step-by-step guide to securing your first time buyer mortgage

Timescales vary by lender and case complexity — the steps below are typical.

Initial Consultation

30-60 min

Discuss your financial situation and mortgage needs

Agreement in Principle

1-2 days

Get a conditional mortgage offer based on basic checks

Full Application

1-2 days

Submit detailed financial documents and forms

Property Valuation

1-2 weeks

Lender arranges property survey and valuation

Underwriting & Offer

2-4 weeks

Lender reviews application and issues formal offer

Completion

4-6 weeks

Legal work completed and funds transferred

Total: 3-6 weeks

Current First Time Buyer Rates

Latest interest rates and pricing for first time buyer mortgages

Interest Rates

Typical range for first time buyer mortgages

4.0% - 5.5%

3.5% - 6.0%

Deposit Required

Minimum deposit for first time buyer financing

5% - 10%

Min: 5%

Processing Time

From application to completion

3-6 weeks

Average timeline

Indicative figures only — rates and fees vary by lender and your circumstances. A qualified adviser can give personalised quotes.

Benefits & Considerations

Weighing the advantages and important factors for first time buyer mortgages

Benefits

Lower deposit requirements than standard mortgages
Access to government schemes and incentives
Specialist support for first-time buyers
Competitive rates and terms
Professional guidance throughout the process

Important Considerations

Limited to first-time buyers only
May have higher interest rates with lower deposits
Stricter affordability assessments
Limited to residential properties
Government scheme restrictions and criteria

Fees Guide

Understanding the costs and fees associated with first time buyer mortgages

Arrangement Fee

Lender product fee

£0 - £1,999

often added to loan

Valuation Fee

Property survey

£0 - £1,500

sometimes free with lender

Legal Fees

Conveyancing costs

£800 - £1,500

plus disbursements

Broker Fee

Advice and arrangement

£0 - £500

some brokers are fee-free

Important Notice

Fees can vary significantly between lenders and depend on your specific circumstances. Advisers will provide you with a detailed breakdown of all costs before you proceed.

Useful Resources

Authoritative links to help with your first time buyer mortgage journey

FCA Register

Check a firm is authorised

MoneyHelper

Free, impartial mortgage help

GOV.UK

Help to Buy and other schemes

Top First Time Buyer Brokers

Verified specialist brokers with expertise in first time buyer financing

3214 brokers in this directory

Tembo

Unverified

Hackney

Tembo is a mortgage broker based in Hackney. The firm supports clients with Buy-to-Let and First Time Buyers mortgages.

5 (3135)

Yellow Brick Mortgages

Unverified

Norwich

Yellow Brick Mortgages is a mortgage broker based in Norwich. The firm supports clients with Adverse Credit and Auction mortgages.

5 (1202)

Create Finance

Unverified

Derby

Create Finance is a mortgage broker based in Derby. The firm supports clients with Adverse Credit and Auction mortgages.

5 (1168)

Advantage FS - Bristol Mortgage Broker

Unverified

Bristol

Advantage FS - Bristol Mortgage Broker is a mortgage broker based in Bristol. The firm supports clients with Adverse Credit and Buy-to-Let mortgages.

5 (876)

Advantage Financial Solutions

Unverified

Thornbury

Advantage Financial Solutions is a mortgage broker based in Thornbury. The firm supports clients with Adverse Credit and Auction mortgages.

5 (795)

Frequently Asked Questions

Common questions and answers about first time buyer mortgages

What deposit do I need as a first-time buyer?▼

A:First-time buyers can typically get mortgages with deposits as low as 5% of the property value, though 10% is more common. Some government schemes may allow even lower deposits with additional support.

What government schemes are available for first-time buyers?▼

A:First-time buyers can access schemes like Help to Buy, Shared Ownership, and First Homes. These schemes can help with deposits and make homeownership more affordable.

Do I qualify as a first-time buyer if I've inherited a property?▼

A:If you've inherited a property, you may not qualify as a first-time buyer for certain schemes and products. However, you may still be eligible for first-time buyer mortgages depending on the lender's criteria.

Can I get a first-time buyer mortgage for a buy-to-let property?▼

A:No, first-time buyer mortgages are typically for residential properties only. Buy-to-let mortgages have different criteria and are not usually available to first-time buyers.

What documents do I need for a first-time buyer mortgage?▼

A:You'll need proof of income, bank statements, identification, and proof of deposit. Your broker will provide a comprehensive checklist of all required documents.

What is the Help to Buy scheme and how does it work?▼

A:Help to Buy is a government scheme that provides an equity loan of up to 20% (40% in London) of the property value, allowing you to buy with just a 5% deposit. The loan is interest-free for the first 5 years.

Can I get a mortgage with a 5% deposit?▼

A:Yes, many lenders offer 95% loan-to-value mortgages for first-time buyers, though you may need to pay higher interest rates and potentially higher fees. Government schemes can also help with smaller deposits.

What is Shared Ownership and how does it work?▼

A:Shared Ownership allows you to buy a share of a property (usually 25-75%) and pay rent on the remaining share. You can gradually increase your ownership over time through a process called 'staircasing'.

Do I need a guarantor for a first-time buyer mortgage?▼

A:Not necessarily, though some lenders may require a guarantor if you have a small deposit or limited income. Guarantors are typically family members who agree to cover payments if you can't.

What are the age restrictions for first-time buyer mortgages?▼

A:Most lenders have minimum age requirements (usually 18-21) and maximum age limits (typically 70-75 at application). Some lenders may offer longer terms for younger borrowers.

Practical guides and explainers from our blog — relevant to this mortgage type.

First Time Buyer

How Much Deposit Do You Need for a First Mortgage in 2026?

Find out how much deposit you need as a first-time buyer in 2026, from 5% options to the benefits of saving more. Includes tips for building your deposit faster.

30 March 2026Read

First Time Buyer

First-Time Buyer Schemes 2026: Every Government Scheme Explained

A complete guide to every government scheme available to first-time buyers in 2026 — from First Homes to shared ownership, Lifetime ISAs, and regional programmes.

30 March 2026Read

First Time Buyer

The Mortgage Application Process: Step-by-Step Timeline

A step-by-step guide to the UK mortgage application process — from agreement in principle to completion. Understand timelines, documents needed, and what to expect at each stage.

30 March 2026Read

First Time Buyer

Mid Cheshire’s First-Time Buyers to Benefit from Major Housing Overhaul

Mid Cheshire s first-time buyers are set to benefit from an impending major overhaul in the UK s housing policies. This change could stimulate the property market, benefiting homeowners, investors, and the broader property market.

8 October 2025Read

First Time Buyer

Potential Repercussions of Property Tax Revision on First-Time Buyers

This article provides an analysis of the potential consequences of the proposed property tax changes on first-time buyers. It highlights the possible challenges, including amplified property prices, increased rental market pressure, and a complicated purchasing process.

8 October 2025Read

First Time Buyer

First Time Buyer Mortgages: Your Complete Getting Started Guide

Complete guide to first time buyer mortgages. Learn about government schemes, deposit requirements, and application process.

29 September 2025Read

Related Specialisations

Explore other mortgage types that might be relevant to your needs

Help to Buy

Learn more about help to buy mortgages

Residential

Learn more about residential mortgages

Shared Ownership

Learn more about shared ownership mortgages

Browse First Time Buyer Brokers by Location

These pages list active advisers in each area — use them to narrow down, then check each profile covers first time buyer lending.

North West South East West Midlands East Midlands Yorkshire South West East of England North East

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Content last reviewed: March 2026. Rates and criteria may have changed - always confirm with a qualified adviser.

Broker

Ultimate Guide to First Time Buyer Mortgages

What is First Time Buyer?

Related Guides

Key Features

Eligibility Requirements

Property Requirements

Borrower Requirements

Application Process

Initial Consultation

Agreement in Principle

Full Application

Property Valuation

Underwriting & Offer

Completion

Current First Time Buyer Rates

Interest Rates

Deposit Required

Processing Time

Benefits & Considerations

Benefits

Important Considerations

Fees Guide

Arrangement Fee

Valuation Fee

Legal Fees

Broker Fee

Useful Resources

FCA Register

MoneyHelper

GOV.UK