First-time buyer mortgages – couple receiving the keys to their new home

FIRST-TIME BUYERS

Buying your first home
doesn’t have to feel
overwhelming.

From understanding deposits and affordability to securing your mortgage
offer and collecting the keys, we’ll guide you through every stage of
your first home journey with clear, straightforward advice.

✔ Whole of Market Mortgage Advice
✔ Free Consultation
✔ Support from enquiry to completion

Book Your Free Consultation

First-Time Buyer Mortgage Essentials

First-time buyer mortgages can sometimes feel complicated, but they don’t have to be. From understanding deposits and affordability to securing your mortgage offer and collecting the keys, we’ll guide you through every stage of your first home journey with clear, straightforward advice.

🏡 How much deposit do I need?

Most first-time buyers will need a deposit of at least 5% of the property purchase price, although the amount required will depend on the lender, the property and your individual circumstances. A larger deposit can sometimes give you access to a wider choice of mortgage products and potentially better rates.

💷 How much can I borrow?

This varies from lender to lender. Your income is important, but lenders will also consider your regular commitments, credit history, deposit and other household expenditure. We can assess your circumstances and compare how different lenders are likely to calculate your affordability. The amount available on first-time buyer mortgages can therefore differ significantly between lenders.

📋 What documents will I need?

Typically, you’ll need to provide proof of identity and address, evidence of your income and bank statements. If you’re self-employed, lenders may require additional information such as tax calculations, tax year overviews or company accounts. We’ll let you know exactly what’s needed for the lender we recommend.

🔑 What costs should I budget for?

Your deposit is only one of the costs to consider. Depending on your purchase, you may also need to budget for solicitor or conveyancing fees, a survey, mortgage or valuation fees, moving costs and any applicable Stamp Duty Land Tax. We’ll explain the mortgage-related costs before you proceed so you know what to expect.

First-time buyer mortgages can vary considerably between lenders, so understanding your options early can help you plan your purchase with confidence.

Why Choose Liberty Money for Your Remortgage?

Independent mortgage advice

Clear comparison of your options

Support from review to completion

Advice tailored to your plans

First-time buyer mortgage journey from consultation to completion

Budgeting for Your First Home

Buying your first home involves more than just saving a deposit. From legal fees to surveys and Stamp Duty (where applicable), we’ll help you understand every cost involved so you can budget with confidence.

Deposit

Your deposit is usually the largest upfront cost. We’ll explain how much you’ll need and which lenders are available based on your deposit size.

Survey & Valuation

A lender may require a valuation, and you may also choose a HomeBuyer or Building Survey for additional peace of mind.

Solicitor Fees

Your solicitor or conveyancer will handle the legal work involved in buying your home. We’ll explain the typical costs before you proceed.

Mortgage Product Fees

Some mortgage products include arrangement fees, while others don’t. We’ll compare the overall cost—not just the interest rate—to find the right option.

Adviser Fees

We’ll explain any adviser fees before you proceed, so you’ll always know exactly what to expect.

Stamp Duty

Many first-time buyers pay reduced or no Stamp Duty, depending on the purchase price and current government rules. We’ll explain whether it applies to your purchase and include it when helping you budget.

Frequently Asked Questions

The minimum deposit depends on the lender and mortgage product, but many first-time buyers purchase with a deposit of 5% or more. A larger deposit may give you access to a wider range of mortgage options and potentially lower interest rates.

The amount you can borrow depends on your income, regular commitments, credit history and the lender’s affordability assessment. We’ll provide an indication of your borrowing capacity before you begin your property search.

An Agreement in Principle (AIP), sometimes called a Decision in Principle (DIP), is an indication from a lender of how much they may be willing to lend. It can strengthen your position when making an offer on a property.

Typically you’ll need proof of identity, proof of address, recent payslips or accounts if you’re self-employed, bank statements and evidence of your deposit. We’ll provide a personalised checklist before you apply.

Yes. A solicitor or licensed conveyancer is responsible for carrying out the legal work involved in purchasing your home, including property searches, contracts and transferring ownership.

Your lender will usually arrange a valuation for mortgage purposes, but this isn’t a detailed inspection of the property’s condition. Depending on the property, you may wish to arrange your own survey for added reassurance.

Every purchase is different, but most first-time buyer transactions complete within 8 to 16 weeks after an offer has been accepted. We’ll support you throughout the process and keep everything moving where possible.

Yes. Many lenders offer mortgages to self-employed applicants. The criteria vary, but we’ll help identify lenders that best suit your circumstances.

There are various government-backed and lender-specific schemes that may be available depending on your circumstances. We’ll explain any options that could help you purchase your first home.

A mortgage broker compares products from multiple lenders, explains the options available and manages the application process on your behalf. We provide clear, straightforward advice and support you from your first enquiry through to collecting your keys.

Whether you’ll pay Stamp Duty depends on the purchase price of the property and the government rules in place at the time you buy. Many first-time buyers benefit from reduced rates or exemptions. We’ll explain exactly what applies to your purchase so there are no surprises.

Ready to Buy Your First Home?

Let’s find out whether your current deal is still the right one for you.

Buying your first home doesn’t have to be complicated. Whether you’re just starting to save, ready to make an offer or simply have questions about the process, we’re here to help you take the first step with confidence.