First Time Buyers.
Get expert guidance on your first property purchase with competitive rates and support.
No Stamp Duty Up To £300k*
First-time buyers in England and Northern Ireland benefit from stamp duty relief, making your deposit go further.
First Steps
We'll help you understand your borrowing capacity and guide you through securing a Decision in Principle.
Scheme Experts
Access to Help to Buy, Shared Ownership, and other government-backed first-time buyer schemes.
Dedicated Support
Your personal mortgage advisor will support you from application through to completion and beyond.
First Time Buyer Guide.
Your comprehensive guide to buying your first home in the UK.
A first-time buyer mortgage is specifically designed for people purchasing their first property. These mortgages often come with benefits like lower deposit requirements, government scheme eligibility, and stamp duty relief.
In the UK, you're classified as a first-time buyer if you've never owned a property anywhere in the world. This status gives you access to schemes like Help to Buy, Shared Ownership, and stamp duty exemptions up to £425,000.
The minimum deposit for a first-time buyer mortgage is typically 5% of the property's purchase price. However, the more you can save, the better rates you'll access:
- 5% deposit: Access to 95% LTV mortgages, though rates tend to be higher
- 10% deposit: More lender options and improved interest rates
- 15-20% deposit: Significantly better rates and terms
For a £200,000 property, you'd need a minimum deposit of £10,000 (5%) to £40,000 (20%).
Stamp Duty Land Tax (SDLT) is a tax paid when you buy property in England and Northern Ireland. First-time buyers benefit from significant relief:
- No stamp duty on properties up to £425,000
- 5% stamp duty on the portion between £425,001 and £625,000
- For properties over £625,000, standard rates apply
This relief can save you thousands compared to non-first-time buyers and makes homeownership more accessible.
Several schemes exist to help first-time buyers:
Help to Buy (Equity Loan)
Available on new-build homes up to £600,000. The government lends you up to 20% (40% in London) of the property value, interest-free for 5 years.
Shared Ownership
Buy a share (typically 25% to 75%) of a property and pay rent on the remainder. You can increase your share over time through 'staircasing'.
Lifetime ISA
Save up to £4,000 per year and receive a 25% government bonus. Can be used as a deposit on a first home up to £450,000.
Understanding the steps involved helps you prepare:
1. Decision in Principle (DIP)
Also called Agreement in Principle, this gives you an indication of how much you can borrow. Takes minutes online.
2. Find your property
Use your DIP to show estate agents you're a serious buyer and begin property viewings.
3. Full mortgage application
Once your offer is accepted, you'll complete a detailed application with proof of income and ID.
4. Property valuation
The lender arranges a valuation to ensure the property is worth the loan amount.
5. Mortgage offer
If approved, you receive a formal mortgage offer valid for several months.
6. Exchange and completion
Your solicitor handles the legal work, and on completion day, you receive the keys!
Most lenders will offer 4 to 4.5 times your annual salary. For example:
- Salary of £30,000: Borrow approximately £120,000 to £135,000
- Salary of £40,000: Borrow approximately £160,000 to £180,000
- Joint income of £60,000: Borrow approximately £240,000 to £270,000
Your actual borrowing capacity depends on your credit history, existing debts, living expenses, and the lender's specific criteria.
Start Your Homeownership Journey.
Our expert mortgage advisors are ready to guide you through every step of buying your first home.