First-time buyers
Your first home starts here
Nine short guides covering everything from eligibility and deposits to the day you get the keys — then advice that's built around you.
Guide 1 of 9
Am I eligible for a mortgage?
Lenders look at four things: income, outgoings, credit history and deposit. You'll usually need to be at least 18, live in the UK and be able to prove your income — payslips, or accounts and tax calculations if you're self-employed.
There's no single pass mark. One lender might decline a case another is happy with, which is why we start by understanding your whole situation before going anywhere near an application.
- Three months' payslips (or two years' accounts/SA302s if self-employed)
- Three months' bank statements
- Photo ID and proof of address
- Proof of where your deposit comes from
Guide 2 of 9
Navigating first-time buyer deposits
Some lenders accept a 5% deposit, but every extra 5% you put down usually unlocks lower rates. On a £180,000 home, 5% is £9,000 and 10% is £18,000.
Deposits can come from savings, a Lifetime ISA, or a gift from family. Gifted deposits are common — the lender will want a letter confirming it's a gift and not a loan, and your solicitor will need to check where the money came from.
- Savings and Lifetime ISA (with the government bonus)
- Gifts from family (with a gifted-deposit letter)
- Some lenders offer family-assisted or joint-borrower options
Guide 3 of 9
Mortgage rate guide
The headline rate isn't the whole cost. Arrangement fees, the length of the deal and any early repayment charges all matter. The APRC (Annual Percentage Rate of Charge) shown on every illustration lets you compare total cost over the whole term.
A two-year fix gives you flexibility sooner; a five-year fix gives you certainty for longer. We'll model both against your plans.
- Fixed — your rate stays the same for the deal period
- Tracker — moves with the Bank of England base rate
- Discount variable — a discount off the lender's standard rate
- SVR — the lender's standard rate once a deal ends (usually the one to avoid)
Guide 4 of 9
Mortgage types
Most first-time buyers take a repayment mortgage, where each monthly payment covers interest and pays off part of the loan, so you own the home outright at the end. Interest-only is rarely available for first homes.
Beyond that there are options for particular situations: offset mortgages that use savings to reduce interest, joint borrower sole proprietor mortgages where a parent helps with affordability, and higher loan-to-value mortgages for small deposits.
- Repayment
- Offset
- Joint borrower sole proprietor
- 95% loan-to-value
- Shared ownership
Guide 5 of 9
Credit score and your mortgage
Lenders don't use the score you see on an app — they run their own checks on your credit file. What matters is a history of paying on time, sensible use of credit and being on the electoral roll.
A past problem isn't automatically a no. Specialist lenders look at what happened, when and why. Be upfront with us and we'll know where to go.
- Register on the electoral roll at your current address
- Check all three credit reference agencies for errors
- Avoid new credit applications in the months before applying
- Keep card balances well below their limits
Guide 6 of 9
First-time home buyer schemes
Several schemes can help you get on the ladder. The Lifetime ISA adds a 25% government bonus to savings of up to £4,000 a year (so up to £1,000 a year free), for a first home costing up to £450,000.
Shared ownership lets you buy a share of a home and pay rent on the rest, and some lenders run their own first-time buyer products. Scheme rules change — we'll check what's open to you right now.
- Lifetime ISA
- Shared ownership
- Government-backed 95% mortgages
- First-time buyer stamp duty relief
- Local and new-build schemes
Guide 7 of 9
The home-buying process
From first conversation to keys usually takes around three to four months, depending on the chain. The stages are: budget and Decision in Principle, viewings and offer, mortgage application, valuation and survey, legal work and exchange, then completion.
Exchange is the point of no return — contracts are legally binding and your deposit is paid. Completion is when the money moves and you get the keys.
- Decision in Principle
- Offer accepted
- Application & valuation
- Survey & searches
- Exchange of contracts
- Completion
Guide 8 of 9
First-time buyer insurance
Buildings insurance usually needs to be in place from exchange. Beyond that, think about what would happen to the mortgage payments if you couldn't work, became seriously ill or died — especially if you're buying with a partner.
Cover can cost less than people expect, particularly when you're young and healthy. We'll show you the options and you decide.
- Buildings & contents
- Life insurance
- Critical illness
- Income protection
Guide 9 of 9
Being a homeowner
Congratulations — now the fun part. Budget for maintenance (a common rule of thumb is around 1% of the home's value each year), council tax, utilities and insurance.
Most importantly, note when your mortgage deal ends. We'll be in touch four to six months before, so we can secure your next rate before you roll onto the lender's standard variable rate.
- Know where your stopcock and fuse box are
- Set aside a maintenance fund
- Diarise your rate end date
- Review your protection as life changes
Let's find your first home
A free, no-obligation chat about where you are and where you'd like to be. We'll tell you honestly what's possible.