Buying your first home is a big milestone – there’s nothing quite like the moment you get the keys. But before you can unlock the door to your dream, there are plenty of decisions to be made. Let us help you navigate the process with expert advice and the best mortgage quotes for first-time buyers.
Access to the best mortgage deals, clear advice—no hidden fees, expert guidance every step of the way, and fast approval with competitive rates.
With years of experience, we bring industry knowledge and a track record of success to help first-time buyers make confident financial decisions.
Track your application every step of the way through our easy-to-use platform, giving you full visibility and peace of mind during the process.
We work with a wide range of trusted lenders, ensuring that you get access to the best deals available—tailored to your needs as a first-time buyer.
Best UK Mortgages specializes in helping first-time buyers navigate the mortgage process. While some lenders offer specific deals, first-time buyers generally have access to the same mortgage options as everyone else. We’re here to help you find the best deal for your needs.
Saving for your first home can be challenging, especially in today’s financial climate. But don’t worry—there are several government schemes designed to support First-Time Buyers who may not have family or friends to help with a guarantor or family-assisted mortgage.
For those aged 18 to 40, the government offers a 25% boost to your savings, up to £1,000 per year, until you turn 50.
This scheme allows tenants renting from a council or local housing association to buy the home they currently live in. Also known as “Right to Acquire.”
Available to First-Time Buyers over 18, this scheme offers new-build homes at a discount of 30-50% off the market value.
Co-own a property with a landlord, typically a council or housing association. You can buy a share of your home and pay rent on the remaining portion.
This scheme helps you secure a mortgage with just a 5% deposit, available until June 30, 2025, however, the government has announced that it is planning a replacement soon.
We’ve covered the basics, but here are a few things to keep in mind:
Your first payment may be higher as it could include interest from your move-in date plus the next month’s payment.
Besides your mortgage, consider:
Economic changes, like the cost-of-living crisis, can affect mortgage rates and lending criteria. Be prepared for tighter lending and higher deposit requirements.
Before approving your mortgage, lenders need to confirm that you can afford the repayments, even if interest rates rise. Here’s what they will typically review:
Your dedicated Best UK Mortgages advisor will guide you through the process, ensuring you’re well-prepared for your mortgage application
Choosing the right mortgage depends on your personal circumstances, such as financial stability and preferences. Your specialist mortgage broker from Best UK Mortgages can help you navigate through all available options and often has access to exclusive offers.
What it is: An interest rate locked for a period.
Pros: Protection from rising rates.
Cons: No benefit if rates fall; moved to SVR after the deal ends.
What it is: Rates set at lender’s discretion, can change.
Pros: No penalties for switching mortgages.
Cons: Higher interest rate than others, default rate.
What it is: Follows an external indicator like BoE base rate.
Pros: Lower starting rates.
Cons: Rates can rise, increasing interest, payments.
What it is: Set at a percentage below the lender’s SVR.
Pros: Lower rates if the SVR drops.
Cons: Rates are unpredictable and can rise.
What it is: Variable rate with caps (max) and collars (min rates).
Pros: Caps protect from high rates.
Cons: Collars prevent benefiting from low rates.
What it is: Uses savings to reduce interest payments.
Pros: Savings lower interest.
Cons: Requires significant savings; family offsets are available.
The best time to apply for a mortgage is when you are in a stable financial position, your credit file is in good standing, and you’ve saved a reasonable deposit. The steps to take before applying are as follows:
Get a Mortgage Agreement in Principle (AIP). This document outlines how much a lender is likely to lend you. Many estate agents require this before allowing you to view properties.
Start your house hunt and identify a property that suits your needs.
Once you find the right house, make an offer to the seller.
If your offer is accepted, submit your formal mortgage application for the agreed amount.
Before meeting with your Best UK Mortgages broker, make sure you have the following documents ready:
Passport or driving license.
Utility bills or bank statements.
Employed: 3-6 months of payslips
Self-Employed: 12-36 months of accounts and tax calculations.
3-6 months of bank statements to show your spending habits and confirm you can manage repayments.
The timeframe for a mortgage application can vary depending on individual circumstances and the lender’s efficiency. Here’s what to expect:
Advisor Insight: Your Best UK Mortgages advisor will provide a more precise timeline once they begin the process, tailored to your specific situation.
Be in touch with a Best UK Mortgages advisor today!
Whether you’re ready to start your mortgage application or simply looking for advice, we’re here to help. Get a quote now.
Securing a First-Time Buyer mortgage can be tricky without the right guidance. A mortgage broker for first-time buyers can help you find the best rates and ensure your application is strong, increasing your chances of approval with top UK mortgage lenders.
Yes, you can still get a First-Time Buyer mortgage with bad credit. Specialized bad credit mortgage lenders offer options for those with lower credit scores, and a bad credit home loan broker can help you find the best deals suited to your financial situation.
As a First-Time Buyer, you typically need at least a 5% deposit to qualify for a 95% loan-to-value (LTV) mortgage. A larger deposit can help you secure better interest rates and increase your borrowing potential.
Repayment Mortgage: You pay both the capital and the interest, with the loan fully repaid by the end of the term.
Interest-Only Mortgage: You pay only the interest during the term, and the principal remains unpaid until the end of the term. These are more common with specialist mortgage lenders and require a plan to repay the original loan amount.
Yes, a parent or guardian can be a guarantor on a First-Time Buyer mortgage, which can help you secure a loan if you have a low deposit or credit score. A guarantor mortgage broker can help navigate this process for you.
From finding the best mortgage deals to expert advice on your application, we give you access to top UK lenders — with complete transparency and fast approval.
