Home Services Mortgages for First Time Buyers

Explore Mortgages for First Time Buyers

We’re here to help you navigate the mortgage process as a first-time buyer. As an experienced broker, we work with a wide range of lenders to find the right options, including mortgages with up to 95% loan-to-value. Let us guide you every step of the way to owning your first home.

Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

6x Affordability Boost

6x – Advance affordability up to 6x household income.

Self-Employed

1 year – 1 years self-employed

Minimum Deposit

£5,000 minimum deposit for first-time buyers

Dreaming of owning your first home? For most, getting on the property ladder means securing a mortgage—a process that can feel overwhelming. You’re making big decisions about where and how to live, while navigating the mortgage market and its complexities. Choosing the wrong deal can impact your finances, so expert advice is absolutely crucial.

At Mortgaged, we guide first-time buyers through every step of the journey. From your first enquiry to completion, we explain the process clearly, keep you updated, and ensure you feel confident throughout. If High Street lenders don’t offer the right deal, we’ll search specialist lenders to find the right solution for your needs.

What is a First Time Buyer

A first-time buyer is someone who’s never owned a property before. Buying your first home is a huge milestone, and it can feel a bit overwhelming at times—that’s where I come in. As your mortgage advisor, I’ll be with you every step of the way, from understanding how much you can borrow to finding the right mortgage deal for your unique situation.

I’ll help you navigate the various options, break down any confusing terms, and ensure you feel informed and confident throughout the entire process. Together, we’ll find the perfect mortgage to get you into your first home as smoothly and stress-free as possible.

The 4 Steps To Home Ownership

Initial Consultation

We’ll get to know your goals and financial situation to help find the right mortgage options for you.

Custom Fit Mortgage Plans

Tailored solutions to fit your needs, whether you’re buying your first home or remortgaging.

Personalised Guideance

We’ll guide you through the process, handling paperwork and offering clear advice.

A New Beginning

With your mortgage approved, you’re ready to start your journey to home ownership!

Income

When applying for a mortgage, you’ll need to provide details of your income, including any government benefits, overtime, bonuses, holiday pay, investment income, or pension payments. To back this up, your lender will ask for wage slips and bank statements.

If you’re self-employed, you’ll likely need to provide at least 12 months of accounts and SA302 forms from your previous tax returns.

Your mortgage provider will then use your annual income to calculate how much you can afford to borrow. Most lenders multiply your income by 4 or 5, and some may even go up to 6. For example, if you earn £40,000 a year, a lender using a multiple of 4 could offer a mortgage of £160,000, while a lender using a multiple of 6 might allow you to borrow up to £240,000.

Why us

we have a solution for everyone

For First Time Buyers

Buy-To-Let Mortgages

Moving Home Mortgages

We help you through the process and to secure you the right deal.

Re-mortgage Advice

Find the rate for your next mortgage application.

Shared Ownership Mortgages

If you are unable to purchase 100% of a home, get a shared ownership in Bristol.

Niche Mortgages

Our experienced mortgage advisors can help if you’re new to the industry.

Testimonals

What Our Clients Say About Us

Our clients’ testimonials reflect our commitment to providing exceptional service and personalised solutions.

FAQs

Frequently Asked Questions

A mortgage is simply a loan you take out to buy your home. As a first-time buyer, you’ll usually pay back both the amount you borrow (the capital) and the interest.

Here’s a quick breakdown of the key parts:

Borrower: That’s you, the person (or people) taking out the loan.

Lender: This could be a bank, building society, or another type of lender.

Capital: The amount of money you borrow to buy the property.

Interest: This is what the lender charges you for borrowing the money, shown as a percentage.

Term: The number of years you have to pay off the mortgage – usually 25 or 30 years.

Monthly Payments: These are the regular payments you’ll make, covering both the capital and interest over the life of the loan.

It’s all about making things manageable, one payment at a time, as you move closer to owning your home outright.

An Agreement in Principle (AIP) is a handy document from a lender that shows how much they might be willing to lend you, based on your financial situation. It’s really useful when you’re house hunting, as it shows sellers and estate agents that you’re a serious buyer who’s ready to move forward.

A mortgage broker acts as your personal guide, finding the right mortgage deal by comparing offers from a wide range of lenders. Here’s how they can assist you:

Access to Multiple Lenders: A broker searches through different lenders to source the rate that is most suited to your financial situation.

Personalised Advice: By understanding your income, credit score, and goals, a broker recommends mortgage options tailored to your needs.

Save Time and Money: They simplify the process by handling paperwork, negotiations, and communications, ensuring you get the most competitive deal.

Expert Guidance: With their in-depth knowledge, brokers help you navigate the complexities of mortgages, ensuring a smooth application process.

Ongoing Support: Even after your mortgage is approved, a broker remains a resource for remortgaging and future advice.

The amount you can borrow will depend on things like your income, credit history, and other financial commitments. Most lenders offer between 4 and 6 times your annual salary, but they’ll also look at your living expenses and any debts you have to make sure the mortgage is affordable for you.

Typically, you need at least a 5% deposit of the property’s purchase price. However, larger deposits (10-20%) can give you access to better mortgage deals with lower interest rates.

The process can take anywhere from 8 to 12 weeks, but this can vary depending on the property, your circumstances, and how quickly your mortgage application is processed.