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What is a first time buyer mortgage

What is a first time buyer mortgage?

If you’ve never bought a home before, you will be a first-time buyer! The homebuying process can look daunting but your specially assigned personal mortgage adviser can help you with your application right through to getting the keys to your property. You should think about how much deposit you will need and have money set aside for all the extra costs such as stamp duty and legal fees.

We will discuss the types of mortgage available to make it the most affordable possible. The Mortgage Brain is here to make your home owning dream a reality.

How much can you afford to borrow?

If you would like to know how much you could possibly afford to borrow, use our calculator below.

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Are you applying for a single or joint mortgage?

Based on your yearly income, you may be able to borrow:

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Most lenders will let you borrow 3.5 times your annual salary so, as long as you have a standard 10% deposit, you should be able to borrow this much.
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Depending on your personal circumstances, some lenders may let you borrow 4 – 4.5 times your salary.
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Lenders usually cap the amount they lend at 5 times your salary, so it’s unlikely you’ll be able to borrow more than this.
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This information does not contain all of the details you need to choose a mortgage. Make sure that you read the separate key facts illustration before you make a decision. The information provided by the calculator does not constitute a formal mortgage offer.

Frequently asked questions

  • Who qualifies for a first time buyer mortgage?

    A first-time buyers is someone who has never bought a property before.

    Also, you cannot be classed as a first time buyer if you are buying with another person who owns, or has owned a residential property.

    If you marry somebody who already owns a residential property then you will automatically lose your first-time buyer status.

    You are also not a first-time buyer if you inherit or are gifted a residential property.

    Some lenders have specific FTB products or you will have to be a FTB to qualify for the stamp duty exemption on the first £425,000 on homes purchased up to £625,000 available until 31 March 2025.

  • What is the average deposit for a first time buyer in the UK?

    Currently this is £34,500 on an average priced property of £240,000 equivalent to 15% of the purchase price. There are mortgage schemes such as Deposit Unlock and The Mortgage Guarantee Scheme which require a smaller deposit of 5% or greater.

  • How much can I borrow as a first time buyer?

    You will be able to borrow from 95% of the purchase price or some lenders will allow you to borrow 100% of the value if your income can support the repayments.

Some current top first time buyer mortgage deals

Here are some of today's best mortgage deals, based on a first time buyer mortgage, borrowing £250,000 at an LTV of 75% over 25 years.
£1,055.32
Initial monthly payment
2 year Fixed
Initial rate
1.93%
Total fees
£1,295.00
Follow on rate
9.49%
APRC
8.1%
Initial period cost
£27,488.32

Standard variable rate 9.49% | Lender arrangement fee £995.00 | Total fees £1,295.00 | Early repayment charge applies until 01-Aug-2026

Your rate of 1.93% will last for the first 26 months of your mortgage (the initial period). During that period you’ll be charged £1,055.32 a month. After that, you’ll switch to the Virgin Money’s standard variable rate (SVR) of 9.49%

£1,094.03
Initial monthly payment
2 year Fixed
Initial rate
2.25%
Total fees
£1,139.00
Follow on rate
8.69%
APRC
7.2%
Initial period cost
£26,126.72

Standard variable rate 8.69% | Lender arrangement fee £999.00 | Total fees £1,139.00 | Early repayment charge applies until

Your rate of 2.25% will last for the first 24 months of your mortgage (the initial period). During that period you’ll be charged £1,094.03 a month. After that, you’ll switch to the Furness BS’s standard variable rate (SVR) of 8.69%

£1,126.01
Initial monthly payment
2 year Fixed
Initial rate
2.5%
Total fees
£1,295.00
Follow on rate
9.49%
APRC
8.2%
Initial period cost
£29,326.26

Standard variable rate 9.49% | Lender arrangement fee £995.00 | Total fees £1,295.00 | Early repayment charge applies until 01-Aug-2026

Your rate of 2.5% will last for the first 26 months of your mortgage (the initial period). During that period you’ll be charged £1,126.01 a month. After that, you’ll switch to the Virgin Money’s standard variable rate (SVR) of 9.49%

Why choose The Mortgage Brain?

We have access to over 12,000 mortgage deals with hundreds of lenders

All our advisers are CeMAP qualified to find the most suitable mortgage for you and your circumstances

You can follow your mortgage application every step of the way via our online customer portal

We have thousands of happy customers and have a 5 star rating on Trustpilot and 4.9/5 on Google reviews

Your dedicated adviser will be with you every step of the way, from the initial consultation to the completion of your mortgage

What our customers have to say...

How our expert mortgage advice service works

We’ve made it easy for you to get in touch to start talking about your mortgage.

We know it can be a stressful experience so our expert mortgage advisers are a friendly team and will help you to find the best mortgage deal to suit your own personal situation, whether it’s your first mortgage or you are further up the property ladder. Based on your income and deposit, or equity in your current property, we will show you a range of mortgage options. Once you have decided which one you prefer, we will progress your application with the lender until your mortgage is approved.

It’s a simple and stress-free way to find a mortgage!

How our expert mortgage advice service works

Are you ready to secure your first time buyer mortgage deal?

Connect with one of our expert mortgage advisers to discuss the right first time buyer mortgage for you.  Click below to book a 30 minute, no obligation, appointment.

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