First-Time Buyer Mortgages: Expert UK Advice From a Whole-of-Market Broker
Your first mortgage is the largest financial decision you'll ever make. We make it understandable. Whether you have a 5% deposit, a Lifetime ISA, or you're not sure where to start, we'll search the whole UK mortgage market to find the right deal — and explain every step in plain English.
How much can I borrow?
Most UK mortgage lenders will lend you somewhere between 4 and 4.5 times your annual income, although some go higher in the right circumstances. If you're applying with a partner, both incomes count.
The exact amount depends on your existing debts, your spending, your credit history, and the lender's own affordability rules — which is why two lenders can offer the same applicant very different amounts. Your actual figure will depend on your full circumstances.
Find out exactly how much you can borrow — book a free chat.
How much deposit do I need?
The honest answer: anywhere from 0% up to 25% or more, depending on your circumstances and which lender will accept your case. Each level of deposit unlocks a different part of the market.
0–2% deposit (100% LTV)
A small number of UK lenders offer 100% mortgages to certain first-time buyers. The best-known is Skipton Building Society's Track Record Mortgage, aimed at renters who can prove they've paid rent on time for at least 12 months. April Mortgages also offers 100% LTV products. Eligibility is strict and rates are higher — but for tenants finding it hard to save, this can be a genuine route onto the ladder.
5% deposit (95% LTV)
On a £250,000 home, a 5% deposit is £12,500, with the mortgage covering the remaining 95%. This is the most common low-deposit starting point and is offered by most major UK lenders.
10–15% deposit — wider choice, better rates
A 10% deposit (90% LTV) unlocks a noticeably broader range of deals. A 15% deposit (85% LTV) opens up the most competitive part of the mainstream market.
20%+ deposit — the lowest rates
Once you're below 80% LTV, you're into the cheapest tier of mortgage products. A 25% deposit (75% LTV) typically gives access to the very best rates UK lenders offer.
Mortgage in Principle vs Mortgage Offer
Mortgage in Principle
Sometimes called an Agreement in Principle or Decision in Principle — a soft check by a lender confirming that they would, in principle, lend you a certain amount. Estate agents often ask to see one before they take your offer on a property seriously. Getting one usually does not affect your credit score.
Mortgage Offer
The formal, binding offer to lend, made after the lender has fully assessed your application and the property. This is what you actually need to complete the purchase.
Costs to budget for beyond the deposit
Your deposit is the biggest cost, but not the only one. A realistic first-time buyer budget includes:
- Stamp Duty Land Tax — first-time buyers in England usually pay nothing on properties up to £300,000 (subject to current thresholds — check before completion)
- Conveyancing / solicitor fees — typically £1,000–£3,000
- Mortgage valuation fee — £0–£500 depending on lender
- Survey — £400–£1,000 depending on the type
- Mortgage broker fee— typically £599, dependent on circumstances — we'll explain ours up front
- Removals, furniture, and a contingency for the unexpected
Why use a mortgage broker as a first-time buyer?
You can absolutely walk into any high-street bank and apply for a mortgage. Three reasons most first-time buyers choose to use a broker instead:
01
Choice
A bank only sells its own mortgages. A whole-of-market broker compares deals from across the UK lender market.
02
Specialist deals
Some of the most competitive mortgages are only available through brokers, not directly to consumers.
03
Someone in your corner
When the lender comes back with awkward questions (and they will), you have an experienced broker translating, negotiating, and pushing.
Around 71% of UK first-time buyersnow use a broker, and 95% of those who do say they're glad they did.
How working with us looks, step by step
- 01Free 20-minute initial chat
We listen, you ask anything, no pressure.
- 02Fact-find
We gather your income, deposit, and credit history details — about 30 minutes.
- 03Market search
We shortlist the right deals from across the lender market.
- 04Decision in Principle
We get you a soft-search confirmation you can show estate agents.
- 05Full application
Once you've had your offer accepted, we submit and manage the lender's process.
- 06Mortgage Offer
Usually 2–6 weeks later.
- 07Completion
Your solicitor draws down the funds and you get the keys.
First-time buyer FAQs
Book a free, no-obligation chat.
We'll listen, answer your questions, and tell you honestly whether we can help you onto the ladder.