First Time Buyer Mortgage Advice
First Time Buyer
Mortgage Advice
With UKMC support, digital tools, and expert advice, first-time buyers can access mortgage deals and take this step with confidence.
Getting a mortgage as a first-time buyer
We recommend starting with a free 20-minute call with one of our friendly UKMC advisors. Together, we’ll explore your deposit options, discuss available schemes, and map out the next steps in your journey.
We’ll also secure an Agreement in Principle (AIP). Once your offer is accepted, we’ll manage your formal mortgage application and guide you through property surveys, legal checks, and contract exchanges, keeping the process simple and stress-free.
Whether you’re concerned about your affordability or have had to reduce your deposit, our advice is designed to help you overcome obstacles and get closer to owning your first home.
First time buyer guide
How To Buy Your First Home
We recommend starting with a free 20-minute call with one of our friendly UKMC advisors.
1. Affordability
We’ll help you understand how much you can afford, taking into account salary, other income, and any deductions like student loans. With this information and your deposit, we can identify properties that fit your budget.
2. Finding Your Home
Decide on your must-haves, number of bedrooms, parking, location and start your search online or through local agents. Top tip: Take photos and videos during viewings to revisit later.
3.Securing Your AIP
An AIP confirms how much a lender is likely to lend and strengthens your position when making an offer. Also called a Mortgage in Principle (MIP) or Decision in Principle (DIP), it’s an essential step for first-time buyers.
4. Choosing Mortgage
Interest rates, deposit, term, and fees all matter. We’ll guide you to a mortgage that works with your lifestyle and circumstances.
5. Offer Accepted
Once your offer is accepted, appoint a solicitor for conveyancing. They’ll guide you through legal costs, searches, and contracts. Your UKMC advisor can recommend trusted local solicitors.
Whether you’re concerned about your affordability or have had to reduce your deposit, our advice is designed to help you overcome obstacles and get closer to owning your first home.
We search 1000’s of products to find the best deal for you
Why UKMC is the mortgage broker for first-time buyers
Simple, Straightforward Approach
Simple, Straightforward ApproachWe make the mortgage process easy to understand. From start to finish, we’ll guide you through every step of buying your first home, leaving you free to think about the fun parts, like choosing furniture, décor, or working out where the TV goes.
Thousands of Products
Thousands of Products We search the whole market, comparing thousands of mortgage deals. Whether your income has changed or your deposit is smaller than expected, we’ll find a solution that fits your situation.
Dedicated Case Manager
Dedicated Case Manager From your first call, you’ll have a dedicated mortgage advisor and case manager. They’ll liaise with lenders, surveyors, and solicitors on your behalf, making the process smoother and saving you time.
Flexible Appointment Options
Flexible Appointment Options Life can be hectic, and we get it, especially if you’re juggling a 9–5. That’s why we offer late-night appointments five days a week. We’ll work around your schedule, so getting advice is easy and stress-free.
Free Property Insights and Reports
Free Property Insights and Reports With our online portal, you can quickly access detailed reports about your chosen property, making it easier to make informed decisions. Reports include:
- Broadband speeds – Check connectivity before moving in.
- Energy efficiency rating – Know how much your bills might be.
- Local property trends – See prices in your postcode and compare similar homes.
- Area insights – Find out about crime rates, common professions, and property types nearby.
- Environmental info – Flood risk, geology, radon, and nearby infrastructure projects.
Plus, our handy home-buying checklist keeps you organised at every step.
Mortgage Schemes for first-time buyers
First Home Scheme
Buy your first home at a 30–50% discount on new-build properties, helping you afford your dream home sooner.
Guarantee Scheme
Secure a property with just a 5% deposit, making home ownership more accessible.
Shared Ownership
Buy a share of a property and pay rent on the rest, with the option to increase your ownership over time.
Frequently asked questions
Got questions? Let’s answer them
Can I apply for a first-time buyer mortgage?
You’re eligible if you and anyone you’re applying with haven’t owned a property before and meet the lender’s criteria, including age requirements.
What if I am a first-time buyer but the person I am buying with isn’t?
To qualify for first-time buyer benefits, such as stamp duty relief, all applicants must be first-time buyers.
How much can a first-time buyer borrow?
Typically, 4–4.5 times your salary, or combined if buying with someone else. Many first-time buyer schemes can also boost your borrowing power. Some lenders may let you borrow up to 7x your salary. This is subject to meeting their criteria.
How do I get a mortgage as a first-time buyer?
Lenders will check your ability to make monthly payments and review your credit history. Our advisors help you understand what lenders look for and suggest ways to improve your application.
What mortgage term should I choose?
Most mortgages are around 25 years. Longer terms lower monthly payments but increase total interest; shorter terms raise monthly payments but reduce interest over the life of the mortgage. We’ll help you find the right balance.
How much deposit do I need?
Most lenders ask for 5–10% of the purchase price. Some products, such as 100% mortgages, allow first-time buyers to get on the ladder with no deposit, subject to affordability and credit checks.
What documents do I need for my mortgage application?
Lenders typically require:
- Last three months’ bank statements and payslips
- Proof of bonuses or commission
- Latest P60
- Accounts or tax returns if self-employed
- Proof of deposit
- ID and proof of address
- Gifted Deposit letter (if applicable)
Do I pay stamp duty as a first-time buyer?
Properties up to £300,000 are exempt. For £300,001–£500,000, a 5% rate applies.
What is the difference between leasehold and freehold?
Freehold means you own the property and the land. Leasehold means you own the property for the length of the lease, with the freeholder retaining ownership of the land.
Blogs And Articles
Still have questions?
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