First-Time Buyer Mortgages

Buying your first home is an exciting milestone, but it can also be a daunting process. We’re here to guide you through the entire process of securing a first-time buyer mortgage, from finding the right deal to getting the keys to your new home.

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FAQs - First-Time-Buyer Mortgages

To qualify as a first-time buyer, you or your co-buyer must have never owned a property before. There are various schemes designed to aid first-time buyers in achieving their dream of homeownership. However, it’s important to note that even if you inherit a property, you’re still classified as a first-time buyer until you buy your first property.

The size of your deposit for a first-time buyer mortgage will depend on whether you use a first-time buyer scheme. Generally, you will need a minimum of 5% of the property value. However, the larger your deposit, the lower the interest rates you may receive, as you are considered a lower-risk borrower. Family members can gift your deposit to you, and some lenders may accept a family member as a guarantor if they own their own property.

The amount you can borrow for a first-time buyer mortgage depends on various factors, including:

  • your deposit amount
  • desired loan amount
  • existing credit commitments
  • home improvement needs

To determine your affordability and borrowing capacity, it’s recommended to consult with a qualified mortgage advisor. Our expert advisors can assist you in finding the right mortgage and guide you through the process. Contact us today to get started.

This depends on the cost of the property, you will have to pay Stamp Duty Land Tax (SDLT) if your property is in certain brackets.

Quickly check out how much you could pay by visiting our stamp duty calculator here.

For more information on stamp duty thresholds you can visit the government website here.

We don't charge a broker fee!
Saving you up to £995*

At Prosperity Mortgages we do not believe in charging our clients a broker fee for our service. In the UK, mortgage advisers are typically paid a procuration fee (commission) from the lender you take your mortgage through, which means we still get paid but don’t charge you a fee for arranging your mortgage.

*Based on the maximum broker fee we could choose to charge being £995

£0 Broker Fee

Save up to £995 in broker fees by using Prosperity Mortgages.

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