All Mortgages

Yorkshire Building Society 2 year discount

Maximum LTV
65%
Initial rate
0.89% until 30 Nov 2019 (3.85% discount on SVR)
Overall cost for comparison
4.2% APRC
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HSBC 2 year tracker

Maximum LTV
70%
Initial rate
1.09% base rate tracker for 2 years
Overall cost for comparison
3.4% APRC
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How do I get a mortgage as a first-time buyer? 

Getting onto the property ladder can be difficult, but the sooner you can make the leap, the closer you are to financial freedom. As a first time buyer, getting a full understanding of the help available will make the process a lot easier. 

There are many first-time buyer schemes to consider, most which offer incentives to make it easier for borrowers to be accepted for a mortgage. Some will allow a smaller percentage of the deposit to be paid – often as little as 5% - because they understand your savings will be limited and you do not hold any equity in an existing property.

Most lenders consider it riskier to give a mortgage to a first-time buyer as they are unable to see how likely you are to keep on top of the repayments. As you have no experience holding a mortgage, leaders need to be cautious with who they accept. Therefore, you will need to provide enough evidence to convince the lender that you are able to handle the monthly repayments and pay any up-front fees. 

Although you’re a first-time buyer, you can still apply for most types of mortgage. However, you will find it easier to look at those set up for inexperienced borrowers and who accept a smaller deposit.

FAQs about first time buyers

What is a mortgage?

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What type of mortgage is right for me?

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How much of a deposit will I have to pay?

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Aside from the deposit, what other up-front fees will I be expected to pay?

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Am I eligible for a first-time buyer scheme?

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Does it matter if I have a bad credit score?

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What is loan to value?

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How much can I borrow?

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What kind of documentation will the lender want to see?

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What happens if I fail to pay my mortgage off?

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