First time buyer? We'll match you with the right mortgage and support you every step of the way

In brief, start early and work with a mortgage adviser – they can help you understand the impact of your credit profile and deposit sizes, plus secure the best available rate throughout your home-buying journey.

The mortgage market is highly competitive with lenders offering similar rates on any given day, but your personal circumstances make the biggest difference to what you’ll actually pay. While you can’t control economic conditions (which cause the largest rate swings of around 5%), you can significantly improve your chances by addressing your credit history early (1% to 3% impact), working with a broker who will ‘fix and switch’ rates (0.2% to 1% impact) and help you work through your ideal deposit size (0.2% to 1% impact). An experienced adviser will help you optimise these factors before you start house hunting.

Why starting early matters: Discussing your credit history with an adviser 6-12 months before you’re ready to buy gives you time to take practical steps that improve your acceptance odds with high street lenders offering the best rates. This early planning can make a meaningful difference to the rate you ultimately secure.

How a good adviser protects your rate: Since mortgage rates change constantly and it typically takes 6-12 months to complete a first-time buyer purchase, a proactive adviser will lock in a competitive rate at three key stages: when you get your Agreement in Principle (AIP), at mortgage application, and again before completion if better deals emerge. This continuous monitoring ensures you don’t miss out on rate improvements during your buying journey.

What affects your mortgage rate:

• Economic conditions: 1% to 5% potential variation (outside your control)
• Your credit history: 1% to 3% impact (improvable with early action)
• Your deposit size: 0.2% to 1% impact (plan ahead to maximise)
• Rate fixing and switching from AIP to completion: 0.2% to 1% impact (your adviser handles this)
• Choice of lender: 0.1% to 0.2% impact (your adviser handles this)

First-time buyers can secure a mortgage with as little as £0 deposit in the right circumstances. Some lenders assess your credit and rental history without requiring any upfront cash, while others accept deposits as small as £5,000 or 1% to 3% of the property value. Most lenders also allow you to put in £0, as long as family or friends are gifting you 5%. With a 5% deposit, you’ll access mainstream lenders and competitive rates (assuming a clean credit history). Read our guide on deposit sizes for more details.

Most people can afford to buy if their monthly mortgage payments fit comfortably within their budget and they meet lender income requirements. Lenders typically cap borrowing at a multiple of your income – traditionally 4.5x your gross salary, though many now extend to 5.5x or 6x for first-time buyers, and a couple of lenders go even higher. We can work through your specific situation in a 10-15 minute chat to give you a clear answer, factoring in your personal finances including any loans, credit cards, and pension contributions. Book a chat here to get your personalised assessment.

When buying a home, you should budget for:

• stamp duty – use the stamp duty calculator below to work out your specific amount
• solicitors’ fees (typically £2k-£2.5k) – ask us for a discount code giving you 15% off with Eden Conveyancing
• survey fees (£500-£1k) – ask us for a quote
• mortgage fees (£0 to £1,500 for the lender and £0 to £1,000 for a broker)
• removals (£0-£3,000 depending on your approach).

The biggest cost that often catches buyers off guard is home improvements after you move in. Even with a new build, expect to become a regular at your local DIY, furniture and homeware stores for a few months. Most buyers spend between 1% and 10% of their total house price turning their new property into a home they love.

Calculate Your Stamp Duty

The cheapest mortgage matches your current budget and future plans – not necessarily the lowest headline rate. The biggest cost you’ll face is the exit penalty (thousands of pounds) if you need to leave before your fixed rate ends, making the right deal more important than the cheapest rate.

Whether you choose a 2,3 or 5-year deal, fixed or variable, with fees or fee-free, depends entirely on your circumstances and plans. The fiercely competitive UK mortgage market means there are no secret bargain deals, but using an adviser who knows which lenders are consistently cheap compared with the headline grabbers, knows who will say ‘yes’ to you and the place you are buying, and will track rates whilst you are waiting for the conveyancing to complete, can save you thousands.

The main government schemes are Shared Ownership and First Homes, both of which can significantly expand your budget. These programs make a real difference to the type of property you can afford, though availability in your area and waiting lists present the main challenges. The government website here provides comprehensive details on current schemes and eligibility requirements.

Start by asking yourself: can I see myself living here for the next five years – both the property and the location? Think long-term about what you love and what isn’t quite right, prioritising location, setting, and size over changeable features since houses stand for decades and can be modified extensively. Once you’ve answered that core question positively, work through these practical questions:

For negotiation and sale:

• Who’s selling and why? (reveals timing and potential complications)
• How long has it been on the market, and what other interest have you had?
• Have you had other offers, and what was the outcome?
• Are there any mortgage lender issues you’re aware of?

Practical considerations:

• Transport questions – parking, congestion, buses, cycle routes
• What can you tell me about the neighbours?
• If you were staying five more years, what work would you do? (Electrics? Heating? Roof?)
• Is anything needing fixing soon?
• If relevant: “We’re planning to [your plans] – do you think that would cause any issues?”

Remember, properties are ‘sold as seen’ with very little comeback after moving in, so do a second viewing, get a survey, and take your time – pressure from an agent is a red flag. Consider homebuyers’ protection to recover costs if something goes wrong during the process.

You need photo ID, address ID, proof of earnings, and proof of your deposit to complete a house purchase. Employed buyers provide four months’ payslips, your last P60 or P45, and possibly your employment contract or pay rise letter, plus your last four bank statements showing earnings.

Self-employed buyers need your last two to three years of tax returns and accounts (though some lenders accept just one year), also with four months of bank statements.

Deposit proof requirements vary from simple to complex depending on the source – see our guide here.

The best term depends on your comfortable monthly budget and your financial discipline. Start by calculating what you can afford each month, factoring in a buffer for home repairs, future rate rises, and life/income protection insurance. You then have two approaches: take the shortest term that matches your budget to force faster repayment, or take the longest term possible (usually 40 years or to age 75) and make voluntary overpayments to match your budget while keeping a safety buffer for career breaks or rate increases.

Most first time buyers can borrow up to 6x their income from high street lenders. Around 80% of first time buyers we advise are eligible for this maximum, which can include salary, benefits, overtime, and other income streams, though specific rules apply and it may not suit your situation. Lenders factor in your complete financial picture – loans, credit cards, pension payments, and deposit amount – to calculate your maximum loan, which could be more or less than the 6x headline depending on your circumstances.

The 4.5 rule means lenders traditionally cap mortgages at 4.5x your gross income or net profit. This limit resulted from post-2008 financial crisis guidance requiring UK lenders to keep no more than 15% of mortgages above 4.5x loan-to-income ratio. However, 2025 guidance relaxed this rule, making it less important – many lenders now offer 5x, 6x, or even 7x income mortgages to first time buyers, as long as they can evidence cautious lending practices.

Note, if you are self-employed, more lenders will stick to the 4.5x rule – but not all. And, if you have a limited company, some will work off your share of the company’s profit, rather than what you paid yourself.

Yes, 95% loan-to-value mortgages are straightforward for most first time buyers to secure. You may face limited options if you have multiple credit history issues or you’re buying a new build flat, but otherwise 95% mortgages are readily available. Some lenders even offer 97%, 98%, 99% and 100% mortgages in the right circumstances.

Choose your mortgage based on how much to borrow, the term length, and which deal type (fixed or variable, 2 to 5+ years) fits your plans and budget. Once you know you can get a mortgage, selecting the right one becomes about optimising your choice.

You’ll need to decide on a lender considering rates, customer service, and ethics, weighing immediate savings against long-term value. A good adviser typically costs a few hundred pounds but saves you several thousand while removing the stress – you get regulated expertise, the right tools, and something that works for years to come.