First-Time Buyers
First-time buyer mortgages with deposits from 5%
Buying your first home is a big deal. We search over 90 lenders, explain the options clearly and recommend the right route for your deposit, income and long-term plans.
- Deposits from 5%
- 90+ lenders searched
- Free initial consultation
- Government scheme guidance
Deposit calculator
How much deposit do you need?
The minimum deposit is usually 5%. Saving 10% or 15% gives you access to better rates and more lenders. Move the slider to see each deposit level in pounds.
First-time buyer stamp duty
£2,500
England and Northern Ireland rates.
- 25% deposit£87,500
- 20% deposit£70,000
- 15% deposit£52,500
- 10% deposit£35,000
- 5% deposit£17,500
The detail
What is a first-time buyer mortgage?
A first-time buyer mortgage is a home loan for someone who has never owned property before, in the UK or abroad, and is buying a home to live in as their main residence.
Being a first-time buyer opens the door to reduced stamp duty, government schemes and mortgage products built for buyers without a property to sell. Most work the same way as any other mortgage: you put down a deposit, borrow the rest and repay it over an agreed term with interest.
How much can you borrow?
Most lenders will lend between 4 and 4.5 times your gross annual income, and some go up to 5.5 times for the right case. On a joint application, both incomes count. Your credit history, existing debts and deposit size all affect the final figure.
For a quick estimate, try our affordability calculator.
Stamp duty for first-time buyers
As a first-time buyer in England you pay a reduced rate of stamp duty land tax.
| Purchase price | Stamp duty rate |
|---|---|
| Up to £300,000 | Nothing to pay |
| £300,001 to £500,000 | 5% on the portion above £300,000 only |
| Above £500,000 | Standard rates apply, no first-time buyer relief |
On a £280,000 first home you pay nothing. On a £450,000 purchase you pay £7,500, compared to £12,500 for someone who isn't a first-time buyer. Check your figure with our stamp duty calculator.
Government schemes
Shared Ownership
You buy a share of a property, typically 25% to 75%, and pay rent on the remainder, with the option to buy more shares over time.
First Homes Scheme
Eligible properties offered at a minimum 30% discount to first-time buyers, key workers and local people. Availability is limited and tied to specific new-build developments.
Mortgage Guarantee Scheme
Government-backed support for 5% deposit mortgages, making more lenders willing to offer 95% loan-to-value products. You don't apply directly, your lender does.
Help to Buy equity loans closed in October 2022. We'll confirm which schemes apply to your situation.
Not a straightforward case?
Many first-time buyers have circumstances that don't fit the standard template. A missed payment, a default or a CCJ doesn't automatically rule out a mortgage, and if you're a sole trader, contractor or company director we work with lenders who assess your income properly.
Why Home Me
How we help
Whole-of-market access
We're not tied to any lender. We search 90+ lenders, including exclusive rates only available through a broker.
Transparent fees
Your initial consultation and mortgage search are free. We explain any fee clearly before you commit.
Complex situations welcome
Self-employed, adverse credit, small deposit, tight affordability. We deal with these every week.
Your mortgage journey
From first call to completion.
Whether you're buying your first home, remortgaging or navigating a complex income, we find the right deal from 90+ lenders.
We manage lenders, solicitors and estate agents on your behalf so nothing falls through the cracks. You'll always speak to a named adviser, never a call centre.
Book a free consultation- 1
Free consultation
We go through your income, deposit, credit history and what you're looking for, then tell you exactly where you stand.
- 2
We search the market
We compare deals from 90+ lenders, including exclusive rates, and recommend the mortgage that genuinely fits your situation.
- 3
We handle everything
We manage the application, chase solicitors and keep everything on track through to exchange and completion.
- 4
You complete with confidence
Your mortgage completes, you get your keys, and we stay in touch for when your deal is up for renewal.
FAQs
First-Time Buyers questions
What is a first time buyer mortgage?
A mortgage for someone who has never owned residential property in the UK or abroad, buying a home as their main residence. It gives you access to reduced stamp duty and certain government schemes.
Can I get a first time buyer mortgage with a 5% deposit?
Yes. 95% LTV mortgages are available from a range of lenders. You'll be in the highest LTV bracket so rates won't be the cheapest available, but it's a common and legitimate route onto the ladder.
How much can I borrow as a first time buyer?
Most lenders use 4 to 4.5 times your gross annual income, and some go up to 5.5 times for the right case. Your credit history, existing commitments, and deposit size also factor in. Use our affordability calculator or call us for an accurate figure.
What is the stamp duty threshold for first time buyers?
No stamp duty up to £300,000. 5% on the portion between £300,001 and £500,000. Standard rates above £500,000 with no first time buyer relief. Use our stamp duty calculator to see your exact figure.
What government schemes are currently available?
Shared Ownership, the First Homes Scheme, and the Mortgage Guarantee Scheme are all currently open. Help to Buy equity loans closed in October 2022. We'll confirm which schemes apply to your situation.
Should I use a mortgage broker or go direct to a bank?
A bank only shows you its own products. We search the whole market. For a first time buyer who doesn't know the landscape, the difference can easily be thousands of pounds over the mortgage term.
What credit score do I need?
There's no fixed minimum. Each lender runs its own checks. A clean history for the last two to three years gives you the widest choice. Older adverse credit doesn't automatically rule you out, we'll tell you what your options are.
How long does it take?
Consultation to mortgage offer: typically two to four weeks. Offer to completion: four to six weeks. Budget eight to ten weeks from your first call to getting your keys, though it can move faster.
What are all the upfront costs?
Deposit, stamp duty, solicitor fees (£1,000 to £2,000), a property survey (£250 to £750), and our arrangement fee (£499, charged on completion). Many mortgage deals are fee-free or allow the lender fee to be added to the loan. We give you a full cost breakdown before you commit.
Ready to find your perfect mortgage?
Ready to start, or just weighing it up? A named adviser will talk it through. No pressure, no jargon, no obligation.
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