First-time buyer mortgage broker

Getting a mortgage is a big deal - particularly if you’ve never owned a home before. A mortgage advisor can really help. They’ll be the voice of support and reassurance - all while making sure you choose the right mortgage for you. 

We helped over 12,000 first-time buyers find a mortgage last year*. Can we help you, too?

How we could help you find your first mortgage

  • Dedicated home purchase team who help first-time buyers every day

  • Compare hundreds of mortgage products from 70+ lenders 

  • Access to broker-exclusive products 

  • Clear mortgage advice & recommendations

  • Get your expert-verified mortgage in principle 

  • Our service is always completely free

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nationwide
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HSBC

Last reviewed by John Fraser-Tucker on 26th June 2025

What is a first-time buyer mortgage?

A first-time buyer mortgage is a type of loan you take out to buy your first property. You’ll put down a deposit, and your chosen lender will give you the rest of the funds you need. You’ll then repay them by making monthly payments over a set period until the full mortgage is paid off. This takes time, with most mortgages starting off with a 25 to 30 year term. 

You might be surprised to know that being a first-time buyer probably won’t make much difference to the mortgage you get. That’s because most products are available to all buyers. However, being a first-time buyer could make a difference to the stamp duty charges you’ll pay and the home ownership schemes available to you.

First-time buyers: you’re not alone

It can feel daunting buying a home for the first time, but you’re in safe hands. Over 12,000 first-time buyers worked with one of our brokers to help them find a mortgage last year. 

Buying a property is a huge milestone and there’s often a lot of pressure to get it right. Don’t worry too much - even if you’re just starting to think about buying a home, that’s already a great first step. 

How to get a first-time buyer mortgage

  1. 1.

    Find out how much you could borrow. Getting a mortgage in principle is an exciting first step on your house buying journey, giving you an idea of your buying budget.

  2. 2.

    Start house hunting. Once you’ve found the perfect property, make an offer on the place you love.

  3. 3.

    Compare mortgages and decide on a deal. Explore different mortgage options to discover the best mortgage type, terms and rates available to you. 

  4. 4.

    Submit your mortgage application. Gather the documentation you need to apply for your chosen mortgage - a broker can support you through the application process. 

  5. 5.

    Arrange a property valuation. Your lender will want to make sure the property is worth the amount you want to pay for it.

  6. 6.

    Receive your mortgage offer. Assuming your lender is happy with everything, you’ll get a formal document outlining the terms and conditions of your mortgage. 

  7. 7.

    Complete the conveyancing process. Your solicitor or conveyancer will handle the legal work, including carrying out searches and drafting up contracts. 

  8. 8.

    Exchange contracts and complete. You legally commit to buying the property once you exchange, and the sale will be finalised at completion. Now it’s time to collect your keys and celebrate! 

When you work with a mortgage broker, you’ll get tailored support at every step. And - with Mojo Mortgages - we’ll do it all for free.

Your first-time buyer mortgage questions answered

What are the different types of mortgage?

If you’re a first-time buyer, you’ll probably be looking for a residential purchase mortgage. Other mortgage types include buy-to-let mortgages (which are available to those looking to rent out their homes for profit) and remortgages (where you switch mortgage deals when your first comes to an end). 

How much can I borrow?

Our first-time buyer customers borrow £250,144 for a mortgage on average**. 

Most mortgage providers allow you to borrow between 4 to 5 times your income. However, they’ll also look at things like your outgoings, personal circumstances, credit history, deposit size, mortgage duration and property type to decide how much to lend to you. 

How much deposit do I need?

The average first-time buyer deposit is £59,209**.

You’ll usually need to put down at least 5% of the property value, but it’s better to provide more if you can. A bigger deposit brings down your loan-to-value (LTV) which is the percentage of a property’s value that you borrow. Generally speaking, lower LTV mortgages have more competitive interest rates.

How does mortgage interest work? 

Most first-time buyers choose a repayment mortgage, which means your monthly payments cover both the interest on the loan and a portion of the original amount borrowed so your entire mortgage is paid off by the end of the term.

It’s much less common for first-time buyers to choose an interest-only mortgage, where your monthly payments only cover the interest and you then repay the original amount borrowed in one lump sum at the end of your mortgage term.

What are the interest rate types available?

There are two main interest-rate types to be aware of: fixed-rate, where your interest rate stays the same for a set period, and variable-rate, where the interest can fluctuate. Lots of different deal lengths are available, with the most common being two and five-year deals. 99% of our first-time buyers chose a fixed-rate mortgage, with 58% opting for a 5-year fixed-rate mortgage**. 

Do remember, though, that the most suitable mortgage option for you will depend on your own individual circumstances. That’s why it’s so important to speak to a mortgage expert who can provide personalised advice and recommendations.

How much will buying a house cost? 

There are lots of different costs to consider when buying a home, including: your deposit, stamp duty, conveyancing costs, property valuation fees, survey fees and product fees. 

It’s also a good idea to budget for future expenses such as moving costs, insurance, day-to-day bills and any unexpected maintenance/repairs to ensure you’ve got enough cash set aside for the big move. 

Buying your first home? Here’s how our brokers can help you

The easiest way to find the best first-time buyer mortgage deal available to you is to enlist the help of mortgage experts - like us. A mortgage broker can help you by: 

  • Comparing first-time buyer mortgages on your behalf to find deals that work for you

  • Arranging a mortgage in principle, so you can get a better idea of your home buying budget

  • Discussing your mortgage options, from comparing low deposit mortgages to how to utilise home ownership schemes 

  • Explaining jargon or key mortgage terms that you might otherwise overlook 

  • Working with you to weigh up tricky decisions, like whether a fee-free mortgage is worth paying a slightly higher interest rate for or not

  • Preparing and submitting your application, improving your chances of success 

mortgage options

Key factors to consider when choosing a mortgage

  • What type of mortgage will suit you best. You may prefer the security of a fixed-rate mortgage as your interest rate and monthly payments won’t change, though a variable-rate could be cheaper initially and may give you greater flexibility

  • Interest rate costs. The amount of interest charged can significantly affect how much you’ll pay both monthly and in total, so it’s likely this will play a big part in your decision when choosing a mortgage

  • Any additional fees. Fees such as product or valuation fees can impact the overall cost of your deal, so you may need to weigh up whether paying these fees are worth a potentially lower interest rate 

  • How long you need to pay off your mortgage. Your mortgage term length affects your monthly payments. A longer term means lower monthly payments, but you'll pay more interest overall. The average mortgage term for first-time buyers is 30 years 

  • Lender terms and conditions. Some lenders offer greater flexibility when it comes to things like overpayments and early repayment charges, so it’s important to choose a provider that offers terms that suit your needs. 

Everything went to smoothly

"I had not much knowledge around mortgages as a first time buyer, they both helped me through the process and everything went so smoothly!"

Read Alfie's full review

Five Trustpilot stars

Alfie Claxton

02 May 2025

Trustpilot

Help available for first-time buyers 

There are plenty of specialist mortgages and home ownership schemes available to first-time buyers. 

Each of these schemes comes with their own eligibility criteria, so it’s important to read up on them carefully or ask your broker about your options. 

Shared ownership scheme - allows you to buy a percentage of a property and rent the remainder

Mortgage Guarantee scheme - enables you to find and apply for a 95% mortgage with participating lenders

Deposit Unlock scheme - you could buy a new build home with 5% deposit, rather than the standard 15%

Rent to Buy - allows you to rent a home at a discounted rate, with the goal of eventually buying the property

Lifetime ISA - save up to £4,000 per year and the government will top your savings up by 25% (up to £1,000 per year)

Regional schemes such as the First Homes scheme in England, LIFT Scheme in Scotland and help to buy a home schemes in Wales are also available to first-time buyers

Other mortgage options for first-time buyers

  • Gifted deposit - not all lenders allow this, but most will, so long as whoever is giving you the gift confirms its gift-status in writing

  • Guarantor mortgages - where a parent or family member agrees to cover the loan costs if you’re not able to, usually when you don’t meet affordability requirements for repayments on the loan size you need

  • Family assisted mortgage - this lets relatives (often parents) use their savings in lieu of a deposit - it’s then repaid to them when you’ve paid off enough to satisfy the lender’s deposit criteria

  • Joint borrower sole proprietor mortgage - you’ll get a joint mortgage with someone else, sharing responsibility for the mortgage payments, but you’ll be the sole legal owner of the property 

Did you know? 13.6% of first-time buyers looking for a mortgage in the last 12 months enquired about using a home ownership scheme***.

6 tips to help you secure your first mortgage

  • 1.

    Find the right lender. To improve your chance of approval, find a lender with criteria that matches your circumstances. An expert broker can help you to compare mortgage providers for first-time buyers

  • 2.

    Improve your credit score. Lenders like to know you’re a safe bet, and are more likely to approve applicants with a strong credit history. Review your credit report to make sure it’s accurate and up-to-date, and look out for ways to boost your credit score

  • 3.

    Compare deals from across the market. No two mortgage deals are the same. It’s a good idea to compare mortgage products from a wide variety of lenders to make sure you’re choosing the right option for you

  • 4.

    Boost your deposit to bring your loan-to-value down. Sometimes even a small increase in your deposit can take you into a new LTV bracket, giving you access to better deals

  • 5.

    Apply for a joint mortgage. You may find that getting a mortgage with someone else allows you to boost your affordability, and your chances of getting approved

  • 6.

    Pick a lender-friendly property. You may find it harder to get a mortgage if you choose a more unusual property type

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First-time buyer FAQs

Your mortgage broker is here to help you. No question is too small or too silly. Their job is to help you understand the process and find the right deal for your personal situation. 

However, there are a few key questions you should ask:

  • Do you charge a fee for your services? Broker fees can add unexpected costs to the process (though you’ll be pleased to know that, here at Mojo, we don’t charge you a penny for our services). 

  • Which lenders do you have access to? a whole-of-market broker like Mojo is able to compare a wider range of lenders and products

  • Are you qualified? All brokers should hold a Certificate in Mortgage Advice and Practice (CeMAP) or Certificate in Mortgage Advice from the Chartered Insurance Institute

  • Are you regulated by the Financial Conduct Authority? It’s important to double check your broker is regulated, as this ensures you’ll get access to a certain quality of advice 

Read more about what happens during your first mortgage broker appointment.

Each lender has their own eligibility criteria. They’ll usually assess things like your financial situation (income and outgoings), credit history and deposit amount to decide whether they’ll be able to lend to you. 

Working with a mortgage broker can be really useful, particularly to first-time buyers. They’ll be able to identify and recommend the mortgage providers most likely to accept you. 

You'll usually need at least 5% as most lenders offer mortgage loans at a maximum of 95% LTV, although there are a few no-deposit mortgage options available in certain circumstances.

In England and Northern Ireland, you won't pay any Stamp Duty Land Tax on properties worth less than £300,000. You'll then pay 5% SDLT on the portion from £300,001 to £500,000. You won't be able to claim the first-time buyer SDLT discount if the property price is over £500,000, or if you're buying with someone else who is not a first-time buyer.

In Scotland if you're a first-time buyer, you won't need to pay Land and Buildings Transaction Tax on properties up to £175,000.

*Data shown is from Mojo Mortgages' own customer records, covering the period between 1 January 2024 to 31 December 2024

**Data shown is from Mojo Mortgages' own customer records, covering the period between 1 January 2025 to 12 May 2025

***Data shown is from Mojo Mortgages’ own customer records, covering the period from 7 May 2024 to 6 May 2025.