First Time Buyer Mortgage Calculator
Our process for new first time buyer mortgage applications is simple. You can find out more about our advisory process below:
We’ll arrange a time to speak to you about your current circumstances. This is usually done over the phone and takes no longer than 30 minutes and is completely free. From there we’ll run an affordability calculator based on your current financial commitments to gauge how much you could potentially borrow.
We can then make recommendations on potential mortgage lenders based on your affordability and look to get an ‘Agreement in Principle’ together – this provides confidence for all parties going forward that you as a buyer meet the purchasing requirements.
You’ll then go away and start looking at potential properties that fall within your budget and look to make an offer. Once the offer has been agreed, our team will then be able to make more specific recommendations on first time buyer products and lenders before creating, submitting and managing your mortgage application on your behalf.
We have a number of useful guides and resources available for first time buyers designed to help you understand the home buying process.
Best Mortgages for First Time Buyers - Compare Rates & Deals
Use the table below to find the best mortgages for first time buyers and compare today’s rates and best buys. You can speak to a member of our mortgages team for free advice and support.
Speak To Our Experts
If you’re looking for a first time buyer mortgage, contact us today to speak to a member of our award winning team who will be happy to help and answer any questions you might have.
First Time Buyer FAQs
What is a first time buyer?
A first time buyer is someone that is looking to purchase a property for the first time and has not previously owned property either in the UK or anywhere else in the world. A first time buyer is typically someone that doesn’t have a property to sell, isn’t an investor or someone looking to remortgage an existing property.
How much stamp duty for first time buyers?
The amount of stamp duty a first time buyer will pay will vary depending on the value of the property or the share or property being purchased. Stamp duty fees will also vary depending on changes within HMRC and government guidelines. You can use our stamp duty calculator to see how much you will need to pay.
How much deposit for first time buyers?
The amount of deposit required for first time buyers is typically at least 5% of the purchase price. So for example, if you were purchasing a property valued at £100,000 you would need a deposit of £5000. However, as a general rule, the larger the deposit you can afford, then naturally the more options you’ll have open to you.
What is an Agreement in Principle?
An Agreement in Principle (AIP), also referred to as a Decision in Principle (DIP), is a document that provides confidence to all parties that you meet the minimum purchasing requirements of a property. This involves a credit check and an affordability check.
What fees are involved with buying a house?
Typical fees involved will include Lender Fees such as valuation costs, surveys and any arrangement fees. You’ll also need to pay Solicitor Fees for any disbursements or searches as well as the required Stamp Duty and any removal costs should you need it.