First time buyer

Specialists in First Time Buyer Mortgages

If you ask one of our Mortgage Advisors which clients they enjoy working with the most, it is always our First Time Buyers. Helping a client buy their first home makes our day! Mortgage Required are on your side, cutting through the jargon and searching the whole market to find the best product for your needs and budget. We have even produced a free First Time buyer pack to help you -  click on the button below to receive yours.

What is a First Time Buyer Mortgage?

First Time Buyer mortgages are for anyone purchasing their first property. As a first time buyer you may be eligible for certain schemes and lower interest rates to enable you to get on the property ladder.

Features of First Time Buyer Mortgages

Government Schemes: There are a few schemes offered by the government to assist first-time buyers, such as: 

• Shared Ownership
• Lifetime ISA
• First Homes scheme

 Mortgage Required is proud to be recommended as experts in these areas by the providers of these schemes. The schemes are available to provide additional financial support to make the property market more accessible for newcomers.

As well as the government, one or two lenders have launched innovative schemes to assist First Time Buyers.

Lower Deposits: Accord Mortgages came to market in 2024 with a 1% deposit scheme where you can purchase a property up to the value of £500,000 with a 1% deposit. In order to qualify, you need to be a first time buyer (if it is a joint purchase only one person needs to be a first time buyer) and it can only be accessed via a mortgage broker.

100% Mortgages: In some instances, lenders will offer 100% mortgages for first time buyers paying high amounts in rent. You can apply if you have a rental history of 12 consecutive months and are 21 years and over.

Own New: The Own New Rate Reducer scheme allows you to buy a new build home with a mortgage and pay a lower mortgage rate. The developer will agree to contribute 3% or 5% of the purchase price. The lender will take this contribution and offset it against the mortgage interest to reduce your monthly payments for the first two or five years. 

Enhanced Income Multiples: Some Building Societies offer a "Helping Hand" to first time buyers by offering enhanced income multiples. This means borrows can achieve a higher loan amount for their first purchase.

Next Steps for a First Time Buyer Mortgage

1.     Determine Affordability and Monthly Repayments: Your mortgage adviser will help you work out how much you can afford to borrow, and pay back on-a-monthly basis - this will also help when searching for your dream property

2.     Check your Credit Score: a good credit score is essential for mortgage approval. Be mindful of your spending three months before application. Take a look at our how to improve your credit score here.

3.     Mortgage Pre-Approval: we can usually get your mortgage in principle within 30 minutes and provide a certificate that can be used to help secure your first home.

4.     Look at Mortgage Options: your mortgage adviser will help you to find the mortgage product best suited to you.

5.     Mortgage Application: Complete the mortgage application process with the support of one of our advisers.

6.     Offer: Once the lender has done all their checks, they will issue a mortgage offer to you and your solicitor

7.     Complete: We will then work with you and your solicitor to finalise the purchase and get you moved in

8.     Don’t forget Insurance: we have dedicated Protection Specialists who can help you with this, find out more here.

We know buying your first home can be a daunting prospect. We are here and happy to help. Our award-winning advice is free, friendly, and unpressurised!

Take a look at our First Time Buyer blog here.