First-Time Buyer Mortgage Guide: What You Need to Know

Getting your first mortgage is a major milestone. It can also feel overwhelming. This guide breaks down everything you need to know.

How Much Can You Borrow?

Most lenders will offer between 4 and 4.5 times your annual income. If you're buying jointly, they typically use a combined income calculation. Your credit score, existing debts and the property type will all affect the exact amount.

Types of Mortgage

Fixed Rate — Your interest rate is fixed for 2, 3, or 5 years. You'll know exactly what you're paying each month. If rates fall, you won't benefit, but you're protected if they rise.

Tracker Rate — Your rate moves in line with the Bank of England base rate. Good when rates are falling, risky when they rise.

Discount Rate — A discount off the lender's standard variable rate for a period. Similar flexibility and risk to a tracker.

The Mortgage Process

1. Get a mortgage in principle before viewing seriously 2. Once your offer is accepted, submit a full mortgage application 3. The lender arranges a valuation 4. Mortgage offer is issued (usually within 3–4 weeks) 5. Your solicitor reviews the offer conditions 6. Funds are released on completion

Government Schemes

Lifetime ISA — Save up to £4,000/year and receive a 25% government bonus toward your first home.

Shared Ownership — Buy a share of a property and pay rent on the remainder.

Our mortgage partner can advise on all available schemes and whether they're suitable for you.