Everything you need to know about first-time buyer mortgages — deposits, schemes, borrowing power, and how we find you the best deal.
Getting onto the property ladder for the first time can feel overwhelming — there's a lot of terminology, a lot of decisions, and a lot of money involved. This page breaks down everything you need to know about first-time buyer mortgages, including how much you can borrow, what deposit you need, and which government schemes could help you.
As LGBTQ+ specialists, we understand that first-time buyers in our community sometimes face additional considerations — whether buying solo, with a partner of the same sex, or combining income with a friend. We're here to help with all of it.
Your deposit is the single biggest factor in what mortgage deals are available to you. The more you put down, the lower your loan-to-value (LTV), and the better the interest rates lenders will offer.
The minimum accepted by most lenders. Opens up the Mortgage Guarantee Scheme. Rates are higher but can work well for buyers in strong income positions.
Noticeably better rates than 5% and a wider choice of lenders. The sweet spot for many first-time buyers.
Significantly improved deals available. Fewer restrictions and more lender flexibility.
Access to the most competitive rates on the market and the full range of lenders.
If you're using a Lifetime ISA (LISA), the government adds a 25% bonus on top of your savings (up to £1,000 per year) which you can use toward your deposit on a first property. We can help you factor this into your planning.
Lenders assess how much they'll lend you based on your income and outgoings. Most lenders will offer between 4 and 4.5 times your annual income, though some specialist lenders go higher depending on your profession and credit profile.
If you earn £35,000 a year, most lenders would offer between £140,000 and £157,500. With a 10% deposit of £17,500, that means buying a property up to around £175,000. We run these numbers for your specific situation in your free consultation.
Lenders will also look at:
The government offers several schemes specifically designed to help first-time buyers. We'll assess which ones you're eligible for as part of your free consultation.
As a first-time buyer, choosing between a fixed and variable rate mortgage is one of the most important decisions you'll make. Here's what each means in practice:
| Type | How it works | Best for |
|---|---|---|
| Fixed Rate (2yr) | Your rate stays the same for 2 years regardless of Bank of England changes. Predictable monthly payments. | Buyers who want certainty and plan to review their mortgage in 2 years. |
| Fixed Rate (5yr) | Locked in for 5 years. Slightly higher rates than a 2-year fix but more long-term stability. | Buyers who want to set and forget and aren't planning to move soon. |
| Tracker Rate | Moves in line with the Bank of England base rate. Payments go up or down with rate changes. | Buyers who believe rates will fall and want to benefit from drops. |
| Discount Rate | Tracks below the lender's standard variable rate (SVR). Less predictable than a tracker. | Less common for first-time buyers — we'll explain if this applies to you. |
We help first-time buyers in every configuration. Here's what matters most for each:
Lenders assess your income solo. We know which lenders are most generous with single-income borrowing and can often access higher multiples for strong earners.
Both incomes are combined. Even if one partner has a lower income or shorter employment history, we know how to structure the application.
Treated the same as any couple by responsible lenders. We ensure you're not placed with lenders who make that anything less than seamless.
Possible as a joint mortgage. We'll discuss ownership structure (joint tenants vs tenants in common) and what that means if circumstances change.
A Mortgage in Principle (MIP) — also called an Agreement in Principle — is a document from a lender confirming they would lend you a specific amount, subject to full checks. Most estate agents require one before they'll take your offer seriously.
We can secure your MIP quickly, without impacting your credit score, so you're ready to move fast when you find the right property. We'll also tell you exactly what documentation to start gathering so there are no delays when you make an offer.
Most lenders accept a minimum 5% deposit, but a 10% or larger deposit unlocks lower rates and a wider choice of lenders. If you have a Lifetime ISA, the government adds a 25% bonus on your savings (up to £1,000 a year) toward a first property worth up to £450,000.
Most lenders offer between 4 and 4.5 times your annual income, though some specialist lenders lend more depending on your profession and credit profile. We run your specific numbers in your free review and tell you the realistic property price you can target.
Yes. Joint applications combine both incomes, which usually increases how much you can borrow. Responsible lenders treat same-sex couples exactly like any other couple, and we will explain ownership options such as joint tenants and tenants in common so both parties are fairly protected.