First Time Buyer Mortgages
First time buyer mortgages are designed to help you take your first step onto the property ladder with confidence, clarity, and the right financial support in place. Buying your first home can feel overwhelming, from understanding how much you can borrow to navigating deposits, mortgage options, and the buying process itself.
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A first time buyer mortgage is simply a mortgage for someone purchasing a property when they haven’t owned a home before. Some lenders offer products specifically designed for first time buyer mortgages, while others make the same deals available to anyone who meets their lending criteria.
What really matters isn’t whether a mortgage is labelled as “first time buyer”, but whether it’s the right mortgage for your circumstances. Lenders assess applications based on a range of factors, including:
Your income and regular outgoings
The size of your deposit and loan-to-value (LTV)
Your credit history and financial commitments
The type of property you’re buying
Your future plans, such as starting a family or changing career
Because criteria can vary significantly between lenders, first time buyer mortgages can look very different depending on your situation. That’s where independent advice makes a real difference.
As independent mortgage advisers, we help first-time buyers compare a broad range of first time buyer mortgage options, explain how different lenders assess affordability, and give you a clear picture of what’s realistic before you commit. This helps you move forward with confidence, knowing your mortgage is suitable not just now, but for the years ahead.
How much you can borrow with a first time buyer mortgage is based on affordability, not just your salary. Mortgage lenders carry out detailed affordability checks to ensure your mortgage payments are manageable both now and in the future, not just at the point you apply.
Although income multiples are often used as a starting point, the amount available through first time buyer mortgages depends on a broader assessment of your overall financial position. This helps lenders understand whether the mortgage remains affordable if circumstances change.
Key factors lenders will consider include:
Income – This may include basic salary, overtime, bonuses, commission, or self-employed income, depending on the lender and how consistent your earnings are over time.
Outgoings – Existing financial commitments such as loans, credit cards, car finance, childcare costs, and regular monthly expenses are all taken into account.
Credit history – Your credit profile, including missed payments, defaults, and how much of your available credit you are currently using, can affect how much you can borrow.
Deposit size and loan amount – A larger deposit can improve affordability and may give access to a wider range of first time buyer mortgage options.
Future affordability – Lenders also consider how you might cope with potential interest rate increases or changes to your financial circumstances in the future.
The deposit required for first time buyer mortgages can vary depending on the lender, the type of mortgage you choose, and your individual financial circumstances. Deposits are usually expressed as a percentage of the property’s purchase price and are closely linked to Loan-to-Value (LTV), which is the amount you borrow compared to the value of the property. In simple terms, the larger your deposit, the lower your LTV, and a lower LTV is generally viewed more favourably by mortgage lenders. This is because the lender is taking on less risk, which can open up access to a wider range of first time buyer mortgage products and potentially more competitive interest rates.
For example, a 10% deposit results in a 90% LTV, while increasing your deposit to 15% reduces this to 85% LTV. Even relatively small increases in your deposit can move you into a lower LTV band, which may significantly affect the first time buyer mortgages available to you and the overall cost of borrowing over the life of the mortgage. When assessing your deposit, lenders will also consider how it has been built up and whether it is coming from savings or other acceptable sources.
Key factors linked to your deposit include:
Deposit size – Larger deposits often provide more choice and better rates
LTV bands – Mortgage products are usually priced around specific LTV levels
Source of deposit – Savings, gifted deposits, or other acceptable sources
Affordability impact – A bigger deposit can reduce monthly repayments
Why choose iMAB for First Time Buyer MortgageS?
Choosing the right mortgage adviser can make a real difference to your first home-buying experience. At Independent Mortgage Advice Bureau (iMAB), we focus on clear, practical advice that helps first-time buyers understand their options and move forward with confidence.
When you choose iMAB, you benefit from:
Get in Touch for First Time Buyer Mortgage Advice
If you’re thinking about buying your first home and want clear guidance on your mortgage options, our friendly team is here to help. Whether you’re just starting to save for a deposit or ready to make an offer, we’ll explain what’s realistic and help you plan your next steps.
You can speak to one of our independent advisers for a free, no-obligation conversation about first time buyer mortgages and your borrowing options.
FAQs
What counts as a first time buyer?
Typically, a first-time buyer is someone who has never owned a property before. If you’ve previously owned a home (even years ago), you may not be considered a first-time buyer by lenders.
Do first time buyers get better mortgage rates?
Sometimes there are products aimed at first-time buyers, but rates depend on your deposit size, credit profile, and the lender’s criteria. We’ll help you compare the best realistic options.
Can I get a mortgage with a low deposit?
In many cases, yes — but product availability and eligibility vary. We’ll explain what’s possible with your current deposit and how increasing it could change your choices.
What if I’m self-employed?
Self-employed applicants can often still get a mortgage, but lenders usually require specific documents (often including accounts or tax overviews). We’ll advise you on what’s needed and which lenders may be more suitable.
How long does a mortgage take to be approved?
Timescales vary by lender and circumstances, but we’ll help you prepare properly and support the application process to keep things moving.
Is your mortgage advice free?
Initial advice is completely free. If you choose to have us manage your mortgage application, we charge a flat fee of £249, payable at the application stage. If you’re not entirely satisfied with our service, we’ll refund your fee.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE