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What is a first time buyer mortgage?
First time buyer mortgages are aimed at people looking to buy their first home. They are designed to make it easier to get on the housing ladder for people who might otherwise be put off by the need to save a large deposit (amongst other things).
Many lenders offer mortgages specifically for first time buyers which can allow you to get a mortgage with a deposit of as little as 5% of the property’s value. Many normal mortgages require you to have a deposit of at least 10% or more, so this can make life much easier.
How to get a first time buyer mortgage
To qualify for a first time buyer mortgage you should not have previously owned your own home. If you are buying with a partner and one of you has owned a property before, but the other hasn’t, you may still be able to qualify.
Most mortgage lenders now make their decisions based on affordability, rather than the traditional method of offering a multiple of your salary. This means they will look at both your income and your regular outgoings.
The UK government offers various options to help people get on the property ladder, including the Help to Buy: ISA which can boost your savings towards a deposit by 25%.
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