First Time Buyer Mortgages

Start Your First Time Buyer Mortgage Application Today with Lending Expert!

When you are a first time buyer, getting a mortgage can be an extremely daunting prospect. However, it doesn’t have to be. Lending Expert can help make your first time mortgage risk-free and easy. Find advice in this guide on how to access a mortgage as a first time buyer! 

If you have never owned a residential property, either in the UK or abroad, then you would be considered a first time buyer. This can make getting a mortgage more difficult because you would be expected to put down a 10% deposit. 

As it is the first time you would be getting a mortgage, then you will be checked by your lender. This includes a check on your credit history, having bad credit as a first time buyer could impair your chances of getting a mortgage. 

Receiving a mortgage as a first time buyer can be difficult without a larger deposit than planned and extensive background checks by your lender. Despite this, there are plenty of schemes available to help first-time buyers get on the property ladder!

Before taking out a first-time buyer’s mortgage, make sure to share the objectives with your mortgage advisor so that you can ensure that the mortgage suitably meets your requirements.

Lending Expert is a mortgage broker and can compare over 1,000 first-time buyer mortgage deals across the UK. Whilst high street banks will typically offer first-time buyer mortgages too, we can help find the best option for you with rates from 1.39% per month, whether you are looking for interest only, fixed, variable, tracker or have a bad credit history.

Start by clicking on ‘Check my Eligibility’ below and enter some basic details about you and your property – and Lending Expert will be able to help you find the best first-time buyer mortgage according to your requirements. 

 

Key Features:

• Rates from 1.39% per month
• Borrow up to £2 million
• Loan Term – 1 to 25 years or upon request
• Minimum 25% deposit
• Interest only, fixed, tracker mortgages available
• Free tool to compare first-time buyer mortgages

 

Who is a First Time Buyer?

A first time buyer is someone who has never owned a residential property in the UK or abroad before. If you have owned or shared a property anywhere in the world before then it is unlikely you will be eligible for the schemes that help first-time buyers. 

Make sure that you understand the requirements of your mortgage or scheme before joining as different rules apply and you may not be eligible if you have been a joint tenant or been part of a joint ownership scheme in the past. 

If you are having your property bought for you by a parent or guardian, or you are buying the house with someone who has previously owned a property then you are not a first-time buyer. 

Moreover, if you have inherited a house in the past, even if it has since been sold, then you are also not a first-time buyer. 

 

What Schemes Are Available To Help First Time Buyers?

The government has begun schemes to help those first time buyers find mortgages. Lending Expert has written detailed guides on these schemes. Find out if you are eligible for schemes such as:

• Right To Buy – Gives those who rent from a council house or local housing association the chance to buy their property. 
• Help To Buy – The government lends you up to 20% of the cost of the new home leaving you with a 75% repayment mortgage. 
• First Homes – This offers a 30% discount on the market value of new build homes helping you need a smaller deposit for your mortgage. 
• 95% Mortgage Scheme – This means that you would only need a 5% deposit on your home for properties worth up to £600,000. 

Finding out if you are eligible for one of these schemes could help you secure your first time buyer mortgage! 

 

Am I Eligible For A First Time Buyer Mortgage? 

You are eligible to apply for a First Time Buyer Mortgage with Lending Expert as your broker if you adhere to the following criteria:

• Aged 25 to 85 years’ old
• Minimum income of £25,000 per year
• Minimum deposit 10% of overall property value
• Good credit status (Lending Expert still accepts those with bad credit!)
• Strong financial record (limited defaults, arrears)

 

What Type Of Mortgage Should I Get As A First Time Buyer?

There are many different types of mortgages available for those who are first time buyers. Knowing which one is best for you can be difficult but understanding the different types of mortgages and finding the best fit for you will help you secure your financial future. 

For first-time buyers the typical types of mortgages you should apply for are the following:

• Fixed-Rate Mortgages
• Offset Mortgages
• Discounted Mortgages
• Tracker Mortgages

Visit Lending Expert’s pages on these mortgages to find out which one is best for you! 

 

What Deposit Do I Need As A First Time Buyer?

The amount you need for a deposit for a first time buyer mortgage can vary depending on the type of mortgage but the expected amount is 10% of your property’s value. 

As with all other mortgages, the higher the deposit that you are able to put down on your property the more mortgage rates and lenders will be available for you. 

It is important to understand as a first time buyer that there are other costs involved in getting a mortgage and buying a house including things such as stamp duty. Do not put all your funds into your deposit, with Lending Expert as your broker you can still get a mortgage with a smaller deposit! 

 

Can I Get A First Time Buyer Mortgage?

Yes! As explained in this guide it is more than possible to get a first time buyer mortgage. With the different schemes and mortgage types available to those who are purchasing their first residential property, there is plenty of help available for first-time buyer mortgages. 

Like with any other mortgage, the bigger the deposit you are able to put down the more options you will have for your mortgage. 

There are a few simple factors that can help improve your chances of getting a mortgage if you looking for a first-time buyer mortgage:

• Spend Wisely – Lenders will check your expenditure and if you have a fluctuating self-employed income then lots of spending will deter lenders from allowing you to borrow.
• Improve Your Credit Score – Having a good credit score is always a good way to get into a lender’s good books. Paying off any outstanding bills is a good start. 
• Save For A Deposit – A larger deposit makes getting a mortgage when you are self-employed a lot easier so saving for a little larger deposit can dramatically increase your chances of being accepted. 
• Speak To The Experts – Here at Lending Expert we will provide the best quality service and understand each individual’s circumstances are different. Speak to us today and get started on your self-employed mortgage journey. 

 

How Do I Compare First Time Buyer Mortgage Rates?

Working with a mortgage broker such as Lending Expert will help you find the best mortgage to suit your circumstances without impacting your credit rating.

Contact us today to speak to an expert and start comparing first time buyer mortgages to find the best option for you.

 

What Areas of the UK Does Lending Expert Cover as a First Time Buyers Mortgage Broker?

We proudly offer first time buyer mortgages across the entire UK, Scotland and Wales including Birmingham, Brighton, Bristol, Cardiff, Edinburgh, Glasgow, Leeds, Liverpool, London, Manchester, Nottingham, Newcastle, Sheffield and more.

 

Why Use Lending Expert as Your First Time Buyer Mortgage Broker?

Working with a number of high street banks and specialist mortgage lenders, Lending Expert has access to over 1,000 mortgage deals available and is in the perfect position to help you get approved and get the best rates.

Our eligibility checker is completely free to use and can provide an indicative quote, with no obligation. 

Founded in 2013, we have years of experience working in the secured loan and mortgage market and have helped thousands of customers to date. Our values have always been to find the right product for the right individual at the competitive rate – and we are pleased to offer our services for you today!