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First Time Buyer Mortgage Advisor

Expert Advice for First Time Buyers

Let Bespoke Home Finance be a key part of your home-buying journey. While your estate agent finds the perfect property, we handle the financial side as your expert first-time buyer mortgage advisor. 

We assess how much you can borrow based on the purchase price and help you secure first-time buyer mortgage deals tailored to your needs. Our role goes beyond finding a mortgage — we guide you through the entire home-buying process, from managing your mortgage application to understanding the various mortgage costs involved.     

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Who Qualifies as a First Time Buyer?

While this may be your first time looking at buying a home, this might not mean you qualify as a first-time buyer. 

You will be classified as a first-time buyer if you are purchasing your first residential property. If you currently own or have owned a commercial property in the past with no living space attached to it, you’re also qualified as a first-time home buyer.

If you owned a residential property in the past on your own or as a joint tenant, you’re unlikely to be eligible for many of the schemes specific for first-time buyer mortgages.

You’re probably also not a first-time buyer if:

– You’ve inherited a home (even if you’ve never lived in it).
– You’re having a property bought for you by someone who already owns residential property (e.g. a parent or guardian).

If you’re still unsure whether you qualify as a first-time buyer, I will be able to offer advice based on your unique situation.

I am just a phone call away for any queries or advice.

Contact us today on 0330 111 2477 

How Can You Get a First Time Buyer Mortgage?

Early preparation is the key. Before applying for your first-time home buyer mortgage, you should: 

  • Check your credit history: Be clear on where you stand regarding your rating. Ensure all the information held about you in your credit file is correct. Find out more about how you can boost your credit score so you’re in the perfect possible position to be granted a first-time buyer mortgage.

  • Save up a cash deposit: The more cash savings you can put down, the less you will need to borrow through a first-time buyer mortgage. As a minimum, most lenders require you to have at least a 5% cash deposit towards your property payment.

  • Talk to one of the experienced members of our mortgage broker team: We can offer an estimate of how much you can afford to borrow for your first-time buyer mortgage. Following this interaction, you can identify what property prices you can afford before beginning to house hunt.

You will need a steady income to apply for a first-time buyer mortgage. The monthly repayments on your home loan are effective immediately, and you will need to demonstrate that you can make these mortgage payments comfortably.

When Should You Apply for a First Time Buyers Mortgage?

When you feel ready to start viewing properties, you should get a mortgage Agreement in Principle (AIP). It is a vital part of the house-buying process. This means receiving a written estimate from a bank or building society that tells you how much you can borrow. 

You can show this Agreement in Principle to estate agents and vendors to prove you’re serious about purchasing your first domestic property.

An Agreement in Principle is valid between 30 and 90 days and is an estimate, not a guaranteed offer. Once you receive your Agreement in Principle, you can be more serious about house hunting and start making some offers with more confidence. When you’ve found a property you’re interested in buying, you can agree to the finer details and get an official first-time home buyer mortgage offer.

At Bespoke Home Finance, I am constantly looking at the market to ensure that I get the perfect rates for you. As a highly trained and experienced first-time buyer mortgage broker, I can provide you with professional, affordable and reliable mortgage advice every step of the way.

Arrange a mortgage appointment with Bespoke Home Finance – on the house!
Our first-time buyer mortgage brokers will help you find the right deal for buying your first home.
Reach us by filling out our contact form.   

The Types of Mortgages for First-Time Buyers 

In the United Kingdom, the choice of a mortgage is one of the most important decisions for first-time buyers.
It determines their level of affordability and financial stability going forward.

By getting professional first-time buyers’ mortgage advice, you’ll make these choices from a more informed standing. 

Here’s an overview of the different mortgage options available to first-time home buyers:  

Variable-Rate Mortgages

First-time purchasers should note that with variable-rate mortgages, the interest rate is subject to change. With this, the repayments are also subject to fluctuations. There are two types of variable-rate mortgage options: 

  • Tracker mortgages follow changes in the base rate set by the Bank of England.

  • Discounted mortgages offer a lower rate than the lender’s standard variable rate for a set period, but payments may increase when the discount ends and the rate reverts to the standard rate.   

Buy-to-Let Mortgages

If a beginner home buyer wants to buy a property that will be used to generate rental income, then buy-to-let mortgages are another option. This mortgage attracts a higher deposit and is tendered according to the income-generating capacity of the rental income. They are suitable for those who would like to have rental income and also have an opportunity to benefit from house appreciation.     

Guarantor Mortgages

A guarantor mortgage can prove useful to those who have a minimal deposit, limited credit history, or are first-time buyers. This type of mortgage involves a promise to pay by another party, often a relative, in case you default to making the payment. This can help in getting a mortgage more easily. However, this poses more financial risk for both parties.

95% Mortgages

For first-time home buyers, a 5% deposit mortgage allows you to secure a property with only a 5% down payment, meaning you borrow 95% of the property’s value. This type of mortgage makes homeownership more accessible for those with limited savings. However, higher loan-to-value ratios may result in higher interest rates and stricter borrowing criteria.

Relief Schemes for First Time Buyers

A major benefit of being a first-time home purchaser in the UK is the government programs designed to aid your entry into the property market. Here’s a look at some of the key options: 

Help to Buy Scheme

The Help-to-Buy scheme assists first-time buyers by providing an equity loan from the government. You can purchase a new-build property with just a 5% deposit, and the government will provide a loan covering up to 20% of the property’s value (40% in London). This reduces the amount you need to borrow and can help you secure a better mortgage rate.

 

Shared Ownership 

Shared Ownership allows you to buy a share of a property (between 25% and 75%) and pay rent on the remaining portion. This scheme requires a smaller deposit and mortgage compared to buying a property outright. Over time, you can buy additional shares, eventually owning the property fully.

Lifetime ISA (LISA)

The Lifetime ISA is a savings account for first-time buyers where you can save up to £4,000 annually. The government adds a 25% bonus to your savings, which can be used towards a deposit on your first home. This scheme helps you build up funds quicker and increase your power of borrowing.

First Homes Scheme

The First Homes Scheme relates to purchasing newly built homes where these homes are sold at not less than 30% below the market price for the respective property. This discount is for first-time buyers and those that are categorized as key workers to enhance homeownership. By purchasing at this price, you will be able to pay lesser interest and the principal balance on your mortgage.

Mortgage Guarantee Scheme

The Mortgage Guarantee Scheme is created to encourage higher loan-to-value mortgages from lenders. It allows first-time buyers to enter into a mortgage deal with a deposit of only 5%, offering lenders a guarantee from the government on higher loan-to-value lending. This can make it easier to borrow and possibly lead to better mortgage rates.

To learn more about these options and to obtain an individual consultation, it is recommended to consult a mortgage advisor for first-time buyers.  

Get in touch with Bespoke Home Finance to apply for a mortgage and assess your mortgage affordability.
As a trusted mortgage broker for first-time buyers, we’ll help you secure the right mortgage deals tailored to you. 

Frequently Asked Questions

We know that for most prospective homeowners it can feel like there are more questions than answers.
Here are a few answers and mortgage advice for first-time buyers.

Indeed, in the UK, the couple can be deemed as not being first-time buyers if one of the partners already owns a house. The first-time buyer status is applicable per person. So, if either of the partners has ever owned a property before, then the couple does not qualify collectively.

For first buyers in the UK, several additional expenses beyond the property costs and deposit need to be budgeted for. These include:   

  1. Stamp Duty: This is a tax you pay on properties over a certain value. First-time buyers may be eligible for relief or exemptions depending on the property’s price.

  2. Legal Fees: Hiring a solicitor or conveyancer to handle the legal aspects of buying a property, including searches, contracts and transfers, incurs fees.

  3. Survey Costs: A property survey assesses the condition of the home and can reveal issues that might need addressing. The cost varies depending on the type of survey conducted.

  4. Broker Fees: If you use a mortgage broker to find and arrange your mortgage, they may charge a fee for their services. 

  5. Mortgage Fees: A mortgage lender may charge fees for arranging your mortgage. 

  6. Removal Costs: The cost of moving your belongings from your current home to your new property can vary based on distance and the amount of items.

  7. Insurance: Building insurance is usually required by mortgage lenders, and contents insurance is also advisable to protect your belongings.  

  8. Maintenance and Repairs: You will need to budget for any immediate repairs or maintenance needed in your new home.

  9. Utility and Service Charges: Setting up utilities and paying for services like water, gas, and electricity may involve initial costs. 

There’s no place like your very own home! Bespoke Home Finance are expert mortgage advisors for first-time buyers.
We are here to help with all the details related to your mortgage application. Call us today at 0330 111 2477. 

Advice From Bespoke Home Finance

With Bespoke Home Finance, you can focus on the excitement of buying your first home, knowing that the mortgage process is in capable hands.  

If you’re looking for trustworthy and professional advice to guide you through buying your first home, Bespoke Home Finance is here to help. Based in Scotland, I offer mortgage services across Edinburgh, Glasgow, and the rest of the UK. 

In addition to providing expert first-time buyer mortgage advice, I can assist with the home remortgage process, ensuring you get the ideal interest rate based on your property value. 

There’s no obligation and no high-pressure tactics — just straightforward, helpful advice. I look forward to assisting you on your home-buying journey!

Your mortgage terms are home and dry with Bespoke Home Finance! As an expert first-time buyer mortgage advisor, I am here to help you find tailored mortgage solutions for your financial situation. Contact us today to get started.  

Contact us today on 0330 111 2477

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company note
  • Bespoke Home Finance Ltd is an Appointed Representative of Primis Mortgage Network, a trading name of Advance Mortgage Funding Limited which is authorised and regulated by the Financial Conduct Authority.
  • This firm usually charges a fee for mortgage advice. The amount of the fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity. YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
  • The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
  • The Financial Conduct Authority does not regulate all Buy to Let mortgages
  • AN EQUITY RELEASE PRODUCT WILL REDUCE THE VALUE OF YOUR ESTATE, WILL NOT BE SUITABLE FOR EVERYONE AND MAY AFFECT YOUR ENTITLEMENT TO STATE BENEFITS. TO UNDERSTAND THE FEATURES AND RISKS PLEASE ASK FOR A PERSONALISED ILLUSTRATION.
  • A LIFETIME MORTGAGE WILL REDUCE THE VALUE OF YOUR ESTATE, WILL NOT BE SUITABLE FOR EVEYONE AND MAY AFFECT YOUR ENTITLEMENT TO STATE BENEFIT
  • TO UNDERSTAND THE FEATURES AND RISKS, ASK FOR A PERSONALISED ILLUSTRATION.

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