Jason Bailey

Expertly compared by Jason Bailey

Products Updated May 5, 2018

First Time Buyer Mortgages

If you are a first time home buyer then you need to be confident that you’re getting the best advice and the cheapest mortgage deal. If you have a small deposit or need a 100% mortgage with the help of a family member they can help. They compare the market to ensure you get a great deal.

Free mortgage advice and brokerage service. Our experts can find you the perfect deal from thousands of products & exclusive deals:

Your home may be repossessed if you do not keep up repayments on your mortgage.

Results:1 providers expertly compared:

Lending Expert

Why?

This provider is our Expert’s Choice in its category as it won tops marks for the following.

  • TRUST
  • VALUE
  • EXPERTISE & KNOWLEDGE
  • CUSTOMER SERVICE

Learn more about how we review and assess the providers here on Lending Expert.

LTV
60% - 100%

Initial Rate
1.19% - 4.32%

Standard Rate (SVR)
3.94% - 4.79%

APRC
3.6%

Type
Variable & 3 ,5 & 10 Fixed Rate

Rated 4.9/ 5

All credit types

The mortgage experts at First Choice Finance can quickly assess your requirements and search the market place to find you the perfect mortgage deal. Click get a quote to make an enquiry today.

Read our customer and visitor reviews for this product:

Rating: 4 / 5 with 2 votes

Simple application process

by K Wheeler

Simple application process - broker was kind and offered advice.

Quick search

by James Hilton

This is a quick mortgage search facility and shows many lenders across the market. Impressed with the level of detail on each product.

What first time buyer mortgage options are available

Mortgages for first time buyers

Mortgage options for first time buyers

There are a number of reasons why first time buyers struggle to get a mortgage. The main one is that as a first time buyer you will probably have a smaller size of deposit to put towards buying your new property than those already on the housing ladder because of the high costs of renting. First time buyers will also generally be on lower incomes than those already on the ladder and so can find it difficult to meet the lending criteria that is stipulated by many lenders.

Why size matters

In this case it is the size of your deposit that is the thing that matters. If you are able to put together a deposit of anywhere between 30% and 40% of the value of the property that you wish to buy you will find that you will probably find it reasonably easy to get a mortgage as your loan to value ratio will be low and therefore you will present a lower risk to a lender. In addition to this you will also find that you will have access to mortgage deals offering lower interest rates.

If you only have a 5% deposit

There are 95% mortgages available for first time buyers, but in order to be able to qualify for these loans you will have to ensure that you have a good credit score and also demonstrate that you have sufficient income to be able to afford the repayments. One thing you will also need to be aware of is that your ability to make your repayments will be stress tested by looking at the affordability should the interest rates rise significantly. If a lender does not feel that you will be able to make these payments at the higher interest rate you will not be granted the mortgage.

Help to Buy schemes

If you are struggling to get a mortgage on your own you may find that you qualify for a help to buy scheme. These schemes are for people who only have a small deposit, and in some cases they are specifically for people buying new houses. These schemes can provide you with either a guarantee from the government for part of your mortgage, or an equity loan to act as part of your deposit, both of which provide you with additional backing, and therefore presenting a lower risk to a lender making it easier for you to get a mortgage.

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