Buying your first home is an exciting milestone, but it can also feel overwhelming if you are not sure how the mortgage process works. From understanding how much you can borrow to choosing the right lender and mortgage type, there are several steps involved.
At Key Mortgage Advice, we help first time buyers make sense of the process with clear, practical guidance. This guide explains how to get a mortgage for the first time, what lenders look for, and how a mortgage broker can support you from your first enquiry through to completion.
If you already know you would like expert advice on making the first step, you can speak to our team by calling 01772 620000 or emailing us at enquiries@keymortgageadvice.co.uk. If you’re still unsure, read on to find out more.
How To Get A Mortgage As A First Time Buyer?
Getting a mortgage as a first time buyer usually follows a clear process, even though the detail can vary depending on your circumstances.
The first step is understanding your budget. This includes how much deposit you can put down and how much a lender may be willing to lend based on your income and outgoings. Our mortgage calculator is a useful starting point if you want an estimate of potential repayments.
Once you have a rough budget in mind, the next steps usually include:
- Reviewing your credit position
- Choosing a suitable mortgage type
- Applying for a mortgage agreement in principle
- Submitting a full mortgage application once you have found a property
Working with a mortgage broker can help simplify this process, particularly if you are unsure where to start or want support comparing lenders.
How Does A Mortgage Work For First Time Buyers?
A mortgage is a loan secured against the property you are buying. You repay it monthly over an agreed term, often 25 to 35 years, although shorter or longer terms may be available depending on the lender.
Your monthly payments usually include:
- Repayment of the amount borrowed
- Interest charged by the lender
Lenders assess first time buyer applications carefully. They look at your income, regular expenses, credit history, and deposit to decide how much they are willing to lend and on what terms.
We take the time to explain how different mortgage options work, so you can choose a deal that fits your finances both now and in the future.
What Is A First Time Buyer Mortgage?
A first time buyer mortgage is designed for people who have never owned a residential property before. These mortgages often allow lower deposit levels, typically starting from 5 percent or 10 percent of the property value, subject to lender criteria.
While the application process is similar to other residential mortgages, some lenders offer products specifically aimed at first time buyers. These may include features such as fixed interest rates for budgeting certainty.
Eligibility still depends on affordability checks and credit assessment. A mortgage broker can help identify lenders that are suitable for your situation and explain the differences between available products.
How Much Can I Borrow?
How much you can borrow with a first time buyer mortgage depends on several factors, including:
- Your income and employment status
- Existing financial commitments
- Credit history
- The lender’s affordability criteria
Lenders typically offer a multiple of your income, although this varies and is not guaranteed. Using a mortgage calculator can provide an estimate, but a full assessment with a broker will give a clearer picture.
Here at Key Mortgage Advice, we review your circumstances and compare options across a wide range of lenders to find realistic borrowing levels.
What Mortgages Are Available For First Time Buyers?
First time buyers can choose from several mortgage types, depending on their preferences and financial situation.
Fixed Rate Mortgages
With a fixed rate mortgage, your interest rate stays the same for a set period, often between two and ten years. This can make budgeting easier and is a popular choice for first time buyers.
Standard Variable Rate Mortgages
Standard variable rates can go up or down at the lender’s discretion. While they can sometimes be cheaper in the short term, they offer less certainty.
Tracker Mortgages
Tracker mortgages follow the Bank of England base rate, meaning your payments can change over time.
Interest Only Mortgages
Interest only mortgages involve paying just the interest each month, with the full loan repaid at the end of the term. These require a clear repayment strategy and are not suitable for all buyers.
Shared Ownership Mortgages
Shared ownership allows you to buy a share of a property and pay rent on the remaining portion. You take out a mortgage on the share you own, which can help buyers with smaller deposits.
Our advisers explain each option clearly, helping you weigh up the pros and cons before you decide.
Can First Time Buyers Get A Buy To Let Mortgage?
In some cases, yes. If you are purchasing your first property specifically to rent out rather than live in, you would usually need a buy to let mortgage.
Buy to let mortgages are assessed differently, often based on expected rental income rather than personal income alone. Criteria can be stricter, and deposit requirements are usually higher.
We offer advice on buy to let mortgages and can explain whether this route is suitable for your plans.
How To Apply For A Mortgage as A first Time Home Buyers
Applying for your first mortgage involves gathering documents and submitting an application to your chosen lender, this usually includes:
- Proof of income
- Bank statements
- Identification
- Details of the property
A mortgage broker can help ensure everything is prepared correctly and submitted efficiently.
How Long Does A First Time Buyer Mortgage Application Take?
Timescales can vary, but a typical mortgage application may take several weeks from submission to offer. This depends on factors such as lender processing times, property valuation, and how quickly documents are provided.
Having a broker involved can help avoid delays by making sure applications are complete and accurate from the outset.
Who Is The Best Mortgage Lender For First Time Buyers?
There is no single best lender for every first time buyer. The right choice depends on your income, deposit, credit history and future plans.
As mortgage brokers, we compare deals from over 100 lenders. Because we are not tied to one bank or building society, we can focus on finding the most suitable option for your circumstances.
What Is a Good Mortgage Rate For First Time Buyers?
Mortgage rates change regularly and depend on market conditions, loan to value and lender criteria. What is considered a good rate will vary from one buyer to another.
Rather than focusing solely on headline rates, it is important to consider fees, flexibility, and how long the rate is fixed. Our advisers explain these details clearly so you can make an informed choice.
What To Ask A Mortgage Advisor
When speaking to a mortgage adviser for the first time, it can help to ask:
- How much can I realistically borrow?
- What deposit will I need?
- Which mortgage types suit my situation?
- What costs should I budget for?
- How long will the process take?
After 15 years of experience helping our customers secure a mortgage, we encourage questions and make sure you understand each step before moving forward.
Why Use Key Mortgage Advice As A First Time Buyer?
Buying your first home is a big decision, and having the right support can make all the difference. Our experienced advisers offer clear guidance, practical advice, and access to a wide range of lenders.
Many clients choose us as their trusted mortgage brokers in Preston, Southport and Garstang, valuing the personal service we provide across the North West.
Alongside first time buyer mortgages, we also advise on remortgages, buy to let mortgages, commercial mortgages, and lifetime mortgages, supporting clients at every stage of their property journey.
Speak To A First Time Buyer Mortgage Advisor
If you are ready to take the next step or would like to talk through your options, our team is here to help.
Call us on 01772 620000, email us at enquiries@keymortgageadvice.co.uk, or book a free consultation through our online enquiry form.
