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
Summary
Mortgages designed for first-time property buyers. Typical deposit: 5% - 10%. Usual timeline: 3-6 weeks. There are 1,427 first time buyer mortgage brokers listed on Mortgage118. Mortgage118 does not quote live rates — compare brokers for product-specific figures.
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 minDiscuss your financial situation and mortgage needs
Agreement in Principle
1-2 daysGet a conditional mortgage offer based on basic checks
Full Application
1-2 daysSubmit detailed financial documents and forms
Property Valuation
1-2 weeksLender arranges property survey and valuation
Underwriting & Offer
2-4 weeksLender reviews application and issues formal offer
Completion
4-6 weeksLegal work completed and funds transferred
What lenders look for
Typical underwriting factors for first time buyer mortgages — confirm product terms with an FCA-authorised broker
Borrower profile
- 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
Property requirements
- Suitable residential property type
- Good location and market value
- Property in good condition
- Appropriate insurance coverage
- Compliance with lending criteria
Typical timeline
Many first time buyer cases complete in around 3-6 weeks, depending on valuation, legal work, and lender queues.
Mortgage118 does not publish live mortgage rates or monthly payments. Use our directory to compare brokers, then ask an FCA-authorised adviser for quotes tailored to your situation.
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
Valuation Fee
Property survey
Legal Fees
Conveyancing costs
Broker Fee
Advice and arrangement
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
Frequently Asked Questions
Common questions and answers about first time buyer mortgages
Work out the costs
Use our UK mortgage calculators to estimate stamp duty, monthly payments and buy-to-let yields before you apply.
Related Specialisations
Explore other mortgage types that might be relevant to your needs
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.
Browse all UK regions →Content last reviewed: March 2026. Rates and criteria may have changed - always confirm with a qualified adviser.
