First Time Buyer Mortgages

To get a first time buyer mortgage there is a lot to think about and plan. There are key areas to concentrate on and this guide is set out to help you prepare for your first home purchase.


In this article

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Buying Your First Home

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Searching for Your First Home

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Challenges You May Face

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What Options Do You Have?

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Benefits of a Mortgage Broker

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Find Out More

Buying Your First Home

As a first time buyer, buying your first home can be exhilarating and daunting at the same time. You need to think about your affordability, financial situation, challenges you may face, the location you want to buy in, type of property, what type of mortgage will be best for you and whether you will use a mortgage broker.

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Searching for Your First Home

When searching for your first property you should have a good idea of what you are looking for as this will help you make an informed decision.

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Affordability: This is important, and you need to be realistic. Think about your budget and financial situation, this will help you determine how much you can afford to spend on a property, consider your income, savings, and other expenses.

Location: This is an essential consideration, what can your chosen area offer you? Picture yourself living there, commuting to work, buying your weekly shopping etc. Think about things like transport links, amenities, schools, and the local property market.

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Property type: Are you looking to buy a flat, house, or new build? Each property type has its own advantages and disadvantages. Will a particular property type be more suitable for you than another?

Condition of the property: Are you looking for a place that requires DIY work? Do you want to decorate, or do you want something that you can move straight into? What age of property are you looking for? Common opinion is that older properties have more character however they can require more ongoing maintenance than newer properties.

Remember that when you do choose a property, your mortgage provider will require you to have a survey carried out on that property. This will identify any issues or potential problems that may affect the property’s value or allow you to find out if it will require costly repairs.

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Mortgage options: As a first time buyer, you should consider your mortgage options carefully. This including interest rates, repayment terms, and eligibility criteria . You may want to consult a mortgage broker such as Fluent Money for advice and guidance on the best mortgage product for your needs.

Additional costs: You need to factor in the actual costs directly linked to buying a property in your budget and these costs are typically a few thousand. Legal fees, stamp duty, and survey fees, should all be factored in.

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Future plans: How long are you intending to stay in your first home and what are your plans within the next few years? Are you thinking of starting a family or want to have more children? Are you considering moving jobs? You should think carefully about any future plans and if your new desired property can accommodate them.

Buying your first property is a significant decision. As a first time buyer you should consider all these factors carefully to make an informed decision and ensure you find a property that meets your needs and budget.

Get Mortgage Advice

Fluent Money are experts in Mortgages. If you are a first time buyer and thinking of taking out a Mortgage then speak to an adviser today.

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Challenges Faced by First Time Buyers in the UK

Fluent Money are specialist mortgage brokers. If you are looking to apply for a first time buyer mortgage through us, then we can provide you with the following support:

High property prices: The cost of housing in many areas of the UK is high. This can make it more difficult as a first time buyer to save up for a deposit and afford the mortgage payments.

Deposit requirements: Some mortgage lenders can require deposits of around 5 to 10% of a property’s value. This can be a significant amount of money to save up. In certain situations, there are other options that could be available. Fluent Money mortgage advisers would be able to talk you through these options.

Mortgage eligibility: Lenders can have strict eligibility criteria that as a first time buyer you must meet to be approved for a mortgage. This includes having a good credit score, a stable income, and a sufficient deposit. An experienced mortgage broker is used to working with these requirements and they may be able to help you find a good fit regarding your eligibility criteria.

Competition: Stamp Duty Land Tax in England is a tax paid by buyers when purchasing a property over a certain value. The tax can be a significant cost for you as a first time buyer, especially in areas with high property values.

Stamp Duty: Once we have found a suitable lender that you are happy with and prepared your documentation, we will then apply for the loan on your behalf. Your adviser will carefully talk you through the terms and conditions to make sure you fully understand them, and they will be there to answer any questions you may have before accepting the loan.

Legal and administrative costs: Buying a home involves various legal and administrative costs, such as conveyancing fees and survey costs. These expenses can add up quickly and make the home-buying process more expensive.

Lack of available properties: In some areas, there may be a shortage of affordable properties for you as a first time buyer. This can sometimes make it more difficult to find a suitable home.

As a first time buyer, the home-buying process can be complicated and expensive. However, there are options available to help overcome these challenges, such as government schemes, mortgage brokers, and affordable housing initiatives.

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Get Mortgage Advice

Our Mortgage Specialists are here to discuss your circumstances, answer any questions you may have and will find you a competitive deal.

What Mortgage Options do First Time Buyers Have in the UK?

As a first time buyer in the UK, you have various mortgage options available that depend on your financial situation, preferences, and eligibility criteria. Some of these options include:

Fixed-rate mortgages: Fixed-rate mortgages offer a set interest rate for a specified period, typically two to five years. This can provide you with certainty over your monthly payments and protect you against any interest rate rises during the fixed-rate period.

Tracker mortgages: Tracker mortgages are linked to the Bank of England base rate or another benchmark interest rate and can rise or fall in line with that rate. This means that the monthly payments can vary over time, depending on the interest rate.

Discounted rate mortgages: Discounted rate mortgages offer a lower interest rate than the lender’s standard variable rate for a specified period, typically two to three years. This can provide you with lower monthly payments initially, but the rate will increase once the discount period ends.

Help to Buy mortgages: Help to Buy mortgages are designed to help you as a first time buyer to get onto the property ladder by providing a government-backed equity loan. The loan can be up to 20% of the property value, allowing you to access more affordable mortgage rates.

Shared ownership mortgages: Shared ownership mortgages are designed so that you can purchase a share of a property and pay rent on the remaining share. This can be a more affordable way to get onto the property ladder, but you should be aware that there may be restrictions on selling the property and buying additional shares.

Guarantor mortgages: Guarantor mortgages enable you to borrow more money than you would typically be able to based on your income and credit score, with a guarantor such as a family member providing additional security for the mortgage.

When considering the mortgage options available to you, think about your financial situation and preferences carefully so that you choose the best mortgage product for your needs. A mortgage broker such as Fluent Money can give you advice and guidance on the most suitable options available.

How Much can you Afford to Borrow?

Find out how much you could be able to borrow for your mortgage.

Benefits of Using a Mortgage Broker

Using a mortgage broker such as Fluent Money to buy your first property can be beneficial in the following ways:

Access to a wide range of mortgage products: Fluent Money has access to a broad range of mortgage products from different lenders, including lenders that you could not access directly. This potentially gives you more options to find a suitable mortgage product that meets your needs and budget.

Expert advice and guidance: Fluent Money are experts in the mortgage market and can provide valuable advice and guidance on the different types of mortgages, interest rates, repayment options, and eligibility criteria. This can help you make an informed decision and choose the best mortgage product for your needs.

Saves time and effort: Searching for the right mortgage product can be time-consuming and overwhelming, especially if you are a first time buyer who is not familiar with the market. We can do the legwork for you, saving you time and effort while ensuring we secure you with a competitive deal.

Help with paperwork and documentation: Applying for a mortgage involves a significant amount of paperwork and documentation, which can be confusing. A mortgage broker such as Fluent Money can help you gather the necessary documents, fill out the paperwork correctly, and ensure the application process goes smoothly.

Getting approval: As a mortgage broker that works with a wide range of lenders day in and day out, we can match lenders that are most suited to you based on your financial situation and eligibility.

This can be especially helpful if you have a lower credit score or other financial issues that may make it harder to secure a mortgage.

Overall, working with a mortgage broker can provide significant benefits for you as a first time buyer by helping you navigate the mortgage market, save time and effort, and secure a competitive mortgage product for your needs and budget.

Why choose Fluent Money?

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We’re friendly UK-based loan experts
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Our many years’ experience means our friendly experts know how to find the right loan for you

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Want to find out more?

Speak to our dedicated Mortgage specialists who will be able to help with any questions you may have.