First time buyers mortgage advice

Mortgages for first time home buyers

First time buyers mortgage advice
Best mortgage deals for first time buyers

Watch our video to discover what you need to get a mortgage

Arrange consultation

Mortgage advice first time buyers

To get a first time buyer mortgage, you will generally need to have saved at least 5% towards the cost of the home you are looking to buy. However, the more you can save, the better your mortgage options will be.

You will also need to have enough money saved to cover the additional costs of buying a home. But the exact amount you will need to pay is dependent on your lender and the property you are purchasing.

Read more

If you are serious about buying your first home, then seeking independent mortgage advice could be worthwhile. A whole of market mortgage broker like Fosters Financial, can tell you how much you can borrow and if there is a suitable mortgage product for your needs. They will also secure a mortgage agreement in principle, so you can make an offer on your new home.

When you are ready to apply for your new mortgage, your dedicated case handler will guide you throughout the process. They will handle all the necessary paperwork, liaise with your lender, solicitor, and estate agent, and answer any questions you have along the way.

We want you to enjoy your experience of buying your first home. So, if you are interested in discussing your mortgage options, get in touch or book a free consultation with one of our mortgage experts!

First time buyer government schemes

If you are struggling to save a large deposit, there are a range of government schemes which could help to get you onto the property ladder.

Mortgage advice first time buyers
  • Help to Buy ISAs

    If you are a first time buyer and save for your deposit in a Help to Buy ISA, the government will top up any contributions you make by 25%. The maximum amount you will receive from the government is £3,000 and your savings can be used to purchase a property up to £250,000 or less (£450,000 if it is in London).

    Help to Buy ISA accounts closed to new savers on 30th November 2019. However, a Lifetime ISA can also be used by first time buyers to purchase a home in the UK up to the value of £450,000. You can save up to £4,000 a year and the government will top up any contributions you make by 25%.

    If you have a Help to Buy ISA and a Lifetime ISA, you will only be able to use the government bonus from one of these accounts to purchase your new home.

  • Help to Buy first time buyer

    The Help to Buy equity loan enables first time buyers and existing homeowners to borrow 20% (40% if you are buying a home in London) of the cost of a new home. The loan is interest free for the first five years and will enable you to buy a home with just a 5% deposit and 75% mortgage. An equity loan can only be used for a newly built property and the purchase price cannot exceed £600,000.

  • Share to buy mortgage

    Under the shared ownership scheme, you can buy a share of a home and pay rent on the remaining part. You can purchase between 25% and 75% of the property’s value and buy additional shares when you can afford to.

    To qualify, you must be either a first time buyer or a previous homeowner struggling to get back onto the property ladder. Your household income must also be £80,000 or less per year or £90,000 a year if you live in London.

  • Right to buy

    The right to buy scheme enables council tenants to buy their home for less than its market rate. You must have lived in your council property for at least three years, and if you sell it within five years of purchasing it, you will need to pay either all or part of the discount your received back, plus a share of the profit you make.

  • Right to acquire

    The right to acquire scheme allows housing association tenants who do not qualify for the right to buy scheme, to purchase their home at a discounted price. To qualify, you must have been a tenant for three years and cannot have any large debts or be at threat of bankruptcy or eviction.

Whole market mortgage brokers

Get the best mortgage deals for first time buyers

Start today
We have helped hundreds of first time buyers just like you!
Verified
Excellent advice and service We received excellent advice and service from our broker Liz and from Zoë our case handler. Communication was brilliant from the get-go. Liz went above and beyond to get us the mortgage that suited us best. We feel very lucky to have had her in our corner. Zoë navigated us through the application process and within a super quick time we had the mortgage to buy our dream house. Thank you Fosters, we will use you again.
BPC, sudburyHC
BPC, sudburyHC
2021-06-18
Verified
Excellent service throughout my dealings with them , the adviser was very professional, and helpful and things were done in timely manner. Good company, I will definitely recommend them.
Mrs R
Mrs R
2021-06-15
Verified
Amazing support throughout the process Joanna has been amazing throughout. Really supported where others have failed and kept me fully upto to date throughout. Will definitely use again in 2 years time
Andy Corbett
Andy Corbett
2021-06-09
Verified
AMAZING TEAM OF PEOPLE As a first time buyer I had no idea where to start from so I spoke to a few brokers. Whilst those brokers were good, you guys at Forster's Financial are the best. Tara I cannot thank you enough for your patience and dedication. You understood my awkward working pattern and always accommodated me. I'm so grateful to you all for making the whole process of mortgage and insurance application as stress free as it could be. You took the time to research the market and found me the best deal which suited my needs. I couldn't have asked for a better service. Many thanks to you Tara, Gemma, Carrie and Travis...you are simply the BEST!!
Sheila Morton
Sheila Morton
2021-06-07
Verified
When we decide to move house we wanted to port our existing morgage, this was proving more difficult than we thought and we need some professional guidance. We got in touch with Fosters Financial where Jonathan and Connor took on our morgage port, I can't recommend these guy's enough, they have been professional, honest and determined from day 1. Jonathan also helped my 23 years son with his first morgage, which again is so difficult for our younger generation. If you are reading this I promise you don't need to look any further you have already found the best!
Maria
Maria
2021-06-06
Verified
EXCELLENT SERVICE Worked with Joanna and Zoe on 3 different transactions, a Buy to let, Let to buy and a residential purchase. The service we received was excellent, quick responses even on weekends and late in the evenings Joanna worked tirelessly to get us the best deals with really good interest rates that we did not expect. Joanna held our hands through the whole process, explaining all stages. Joanna is very organised and efficient which made the process much easy and quick. Joanna searched the market for competitive rates for us which saved us a lot of money and reduced our monthly mortgage payments. We would recommend Joanna to anyone looking for an excellent service and good rates.
A S Hewitt
A S Hewitt
2021-06-03
Verified
Great service, Joanna and Gemma for the win! I received a great service from Fosters Financials. Joanna especially was a great help from the get-go and managed to secure me a mortgage offer that no other broker even came near to. Really impressed throughout and would 100% recommend. Thanks again guys!
Seyi
Seyi
2021-06-02
Verified
Joanna went above and beyond her role and was exceptional Our experience with Fosters was an extremely positive one. Our broker was Joanna who went above and beyond her role. Joanna took us step by step through our illustration and all the costs involved, allowing us to ask questions without feeling like we were asking stupid questions. Joanna had an exceptionally clear and concise way of explaining complicated "jargon" making documents extremely easy to understand. We did have a couple of hiccups along the way not created by Joanna or Fosters. However, Joanna was fully on board to do everything she could to push things through for us and to listen to our frustrations and share them while reassuring us when we were concerned. Joanna realised how time senstive our case was and put this at the forefront when dealing with it. Keeping us informed every step of the way, updating us about how our case was progressing - giving us timescales of how long each process took. Now we have been offered a mortgage and I don't think we would have gotten to this stage without Joanna's expertise and efficiency. We really want to thank Joanna and also would like the higher team to know how valuable she is to your team and your organisation as a whole - I would love it if she was overseeing every part of the application process. Thanks very much Joanna!
Craig Maxwell
Craig Maxwell
2021-05-31
Verified
Tara and Gemma have been so helpful and informative throughout my whole process. Being a first time buyer I have obviously had loads of questions as I have no idea what I'm doing! Having also spoken to several advisors, I chose to stick with Tara as she explored every avenue and explained what may work for me before I had even had an offer accepted on a property and she kept in touch throughout my viewing process without making me feel too smothered. Thank you so much Tara and Gemma!!
Abigail Weightman
Abigail Weightman
2021-05-28
Verified
Jonathan has been been fantastic with the service he has provided. He was really helpful with my mortgage application and I am so grateful for all his help!
Clifford Ero
Clifford Ero
2021-05-27
First time mortgage calculator

See how much your monthly mortgage repayments are likely to be

Check now

First time buyer mortgages UK

Discover your options in just a few clicks

Get started
  • Whole of market
  • Free mortgage advice
  • 5-star rated service