First-Time Buyer Mortgages – Your Complete Guide
Buying Your First Home? Get Expert Mortgage Advice
Buying your first home is an exciting milestone, but it can also feel overwhelming. With so many mortgage options, costs, and lender requirements, it is important to understand the process and what to expect.
At Mather & Murray Financial, our independent mortgage advisers provide expert guidance to help first-time buyers navigate the mortgage market with confidence. We search the whole market to find the best mortgage deal suited to your financial circumstances, making the home-buying journey as smooth as possible.
What First-Time Buyers Need to Consider
1. How Much Can You Borrow?
Before looking at properties, you need to understand how much you can borrow and what lenders will assess:
- Your income, including salary, bonuses, or freelance earnings.
- Your monthly expenses, such as credit cards, loans, and bills.
- Your deposit amount, typically at least 5–10% of the property value.
A larger deposit can often secure a better mortgage rate, meaning lower monthly repayments.
Speak to one of our mortgage advisers to find out what deals you qualify for.
2. Understanding First-Time Buyer Costs
Buying a home involves more than just a deposit. There are additional costs to consider, including:
- Mortgage arrangement fee – Some lenders charge a fee when setting up the mortgage.
- Solicitor’s fees – The legal costs of handling your property purchase.
- Survey fees – A professional inspection of the property’s condition.
- Stamp Duty Land Tax (SDLT) – First-time buyers pay no stamp duty on properties up to £425,000. This is reducing to £300,000 on 6th April 2025.
- Furniture and decorating costs – Making your new house a home.
- Moving costs – Hiring movers or renting a van.
We provide clear cost breakdowns, so you know exactly what to expect before committing.
3. Choosing the Right Mortgage
First-time buyers have access to different types of mortgages, each with its own benefits.
Some of the most common mortgage types include:
- Fixed-Rate Mortgages – The interest rate remains the same for a set period, making monthly payments predictable.
- Tracker Mortgages – The interest rate follows the Bank of England base rate, meaning payments can fluctuate.
- Discount Mortgages – Offers a lower interest rate for an initial period before switching to the lender’s standard rate.
- Government Schemes – Options such as Shared Ownership and First Homes Scheme help buyers with smaller deposits.
Not sure which mortgage is right for you? We explain everything clearly and help you choose the best option for your needs.
How Mather & Murray Financial Helps First-Time Buyers
- Whole-of-Market Access – We compare thousands of mortgage deals to find the best one for you.
- Expert Guidance – We provide step-by-step support, ensuring you understand every stage of the process.
- Exclusive Mortgage Deals – We access first-time buyer offers that may not be available on the high street.
- Transparent Advice – We make sure you understand all costs upfront, avoiding any hidden surprises.
- Local & Nationwide Appointments – Visit us at our Swindon office or book an online consultation.
Contact us today to start your journey to homeownership.
Step-by-Step First-Time Buyer Mortgage Process
Step 1: Free Initial Consultation
Book a consultation with one of our independent mortgage advisers, where we will:
- Assess how much you can borrow.
- Discuss your deposit amount and monthly budget.
- Explain the different mortgage options available.
Step 2: Agreement in Principle (AIP)
Once we have assessed your situation, we will help you secure an Agreement in Principle (AIP) from a lender. This document shows sellers and estate agents that you are a serious buyer and gives an estimate of how much you can borrow.
Step 3: Mortgage Application
We handle the entire mortgage application process, liaising with lenders, solicitors, and surveyors to ensure a smooth transaction.
Step 4: Mortgage Offer & Completion
Once approved, you will receive a formal mortgage offer, allowing you to complete your purchase and move into your new home.
Common First-Time Buyer Questions
How much deposit do I need for my first mortgage?
Most lenders require at least 5% of the property price, but a 10% deposit or higher can secure better mortgage rates.
Can I get a mortgage with a low credit score?
Yes, some specialist lenders offer mortgages for those with limited credit history. We can help find the best options for you.
Do first-time buyers pay Stamp Duty?
First-time buyers pay no Stamp Duty on properties up to £425,000 in England. Although, this is reducing to £300,000 on 6th April 2025.
How long does the mortgage process take?
The mortgage application to completion process usually takes 8 to 12 weeks, depending on individual circumstances.
Get Expert First-Time Buyer Mortgage Advice
Buying your first home is a big step, but with the right advice, it does not have to be stressful.
At Mather & Murray Financial, we provide independent, whole-of-market mortgage advice, helping first-time buyers find the best mortgage deal and guiding them through every step of the process.
Call us today or book a call back to get started.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up the mortgage payments.
Some types of buy to let mortgages are not regulated by the Financial Conduct Authority.
