Your first home starts with knowing what’s possible.
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Your home or property may be repossessed if you do not keep up repayments on your mortgage.
What’s a first-time buyer mortgage?
A first-time buyer mortgage is a mortgage used to help you buy your first home.
It isn’t necessarily a separate type of mortgage. First-time buyers can choose from many of the same fixed-rate, tracker and variable-rate mortgages available to other homebuyers, although some lenders also offer mortgages, incentives or lower-deposit options specifically for first-time buyers.
The mortgages available to you will depend on factors including your income, deposit, credit history, the property you’re buying and each lender’s eligibility criteria. Morrow can help you understand those options and guide you through the process of buying your first home.
Buying your first home? Start with the big questions.
Before looking at mortgage deals, most first-time buyers want to understand three things.
How much could I borrow?
There’s no single answer based on salary alone. Lenders can look at your income, regular spending, existing borrowing, credit history, deposit and the mortgage term when assessing affordability.
How much deposit will I need?
Some first-time buyers may be able to buy with a smaller deposit, although the mortgages available will depend on your circumstances and the property. A larger deposit can reduce your loan-to-value and may give you access to a wider choice of mortgages.
What could my monthly mortgage cost?
The amount you borrow, mortgage term and interest rate all affect your monthly repayments.
What else does a first-time buyer need to budget for?
Your deposit isn’t the only cost involved in buying your first home. Depending on the property and your circumstances, you may also need to budget for:
Mortgage fees
Some mortgage products include arrangement or product fees.
Solicitor or conveyancing fees
You’ll need legal work completed as part of the purchase.
Get a quote nowValuation and survey costs
Your lender may arrange a valuation, while you may also choose to have your own property survey.
Get a quote nowProperty tax
The tax payable when buying property depends on where in the UK you’re buying, the price of the property and your circumstances. First-time buyer relief may apply in some parts of the UK.
Moving costs
Remember removals, storage, furniture and the practical costs associated with moving.
Insurance
Buildings insurance is usually required by mortgage lenders from the appropriate stage of the transaction, while you may also want to consider contents and personal protection.
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Your circumstances, and what they mean
Can I get a mortgage if I’m self-employed?
Yes. Self-employed people can get mortgages. However, lenders may assess income differently depending on whether you’re a sole trader, contractor, partner or company director.
The length of time you’ve been trading, your accounts, tax calculations and how you take income from your business can all influence the assessment.
Read our guide to self-employed mortgagesCan I get a mortgage with bad credit?
Your credit history is one of the factors lenders may consider when assessing a mortgage application.
Missed payments, defaults, County Court Judgments and other credit issues can affect which lenders and mortgages may be available, but having a less-than-perfect credit history doesn’t automatically mean you can’t get a mortgage.
Read our guide to mortgages with adverse creditYour first mortgage. With someone beside you.
Buying your first home comes with lots of firsts. Your first viewing. Your first offer. Your first mortgage application. And eventually, your first set of keys.
You shouldn’t have to become a mortgage expert to get there. Morrow helps you understand your options and guides you through the mortgage process in straightforward language.
Understand what’s possible
We’ll help you look at your finances and understand the mortgage options that may be available.
Explore mortgages from across the market
Morrow offers access to a comprehensive range of mortgage products from across the market, excluding products available only by applying directly to a lender.
Advice built around you
Your income, deposit, credit history and plans are individual to you. Your mortgage advice should be too.
People when you need people
Technology can make the process easier, but sometimes you just want to ask somebody a question. Our mortgage advisers are there when you need them.
Want to talk it through?
Call our friendly team on 0800 888 6500 for free, no-obligation advice or start online with our calculator.
Guides and insights
First-Time Buyer Mortgage FAQs
View more FAQsQuestions? We have answers.
Mortgages, loans, and insurance do not have to feel confusing. If you are unsure, curious, or just want a real person to guide you, Morrow is here to help.
Contact us today