Mortgage Help For First-Time Buyers

Buying your first home shouldn’t be frightening, which is why we offer free mortgage advice for first-time buyers.

From the moment you start looking into mortgages for your first home, you’ll have a lot of complicated mortgage jargon thrown at you: fixed rate, variable rate, repayment mortgage, interest-only, mortgage term, deposit, loan-to-value, and much more. It’s easy to see why people quickly become overwhelmed which is why we’re committed to providing free initial consultations to help you understand your mortgage options. We’re also on hand to guide you through the whole application process and will gladly take care of all the arrangements should you wish to go ahead.

First-Time Buyer Mortgage Advice

Your deposit

Securing a mortgage requires a deposit to be paid to the mortgage lender. Most lenders now offer mortgages with a 5% deposit upfront, this means that 5% of the property price must be paid upfront to secure the mortgage and proceed with the purchase.

Other costs

In addition to the purchase price, you will need to consider solicitor fees, licensed conveyancer, stamp duty, as well as other additional costs like council tax, building and contents insurance and life insurance. See below for further information on stamp duty.

Shared Ownership

Shared ownership schemes are run by housing associations across the UK. These provide affordable housing to first-time buyers by allowing you to purchase anywhere from 25% to 100% of the property, and then paying rent on the remaining share. You are free to purchase more shares at any point. This is called staircasing.

Help to Buy

Equity loans are provided by the government for up to 20% of the purchase price (up to 40% in London Boroughs) if the first-time buyer purchases a new-build property. As a buyer, you will need to provide 5% deposit, then you’ll receive 20% as an equity loan, and then you can secure a mortgage for the remaining 75%.

Schedule your free initial consultation here

First Time Buyer Stamp Duty Information

First time buyers in England and Northern Ireland will not be liable for stamp duty on properties purchased up to £300,000. Stamp duty will be charged at 5% for properties purchased up to £500,000 with the first £300,000 at 0%. If the property being purchased is more than £500,00, then first time buyer stamp duty relief will not apply and will revert to standard stamp duty rates.

Property value: Current Standard Rates Rate for first time buyers
Up to £125,000 0% 0%
The next £125,000 (the portion from £125,001 to £250,000) 2% 0%
The next £50,000 (the portion from £250,001 to 300,000) 5% 0%
The next £200,000 (the portion from £300,001 to £500,000) 5% 5%

Standard Stamp Duty Information

First time buyers in England and Northern Ireland will not be liable for stamp duty on properties purchased up to £300,000. Stamp duty will be charged at 5% for properties purchased up to £500,000 with the first £300,000 at 0%. If the property being purchased is more than £500,00, then first time buyer stamp duty relief will not apply and will revert to standard stamp duty rates.

Property value: Rate:
Up to £125,000 0
The next £125,000 (the portion from £125,001 to £250,000) 2%
The next £675,000 (the portion from £250,001 to £925,000) 5%
The next £575,000 (the portion from £925,001 to £1.5m) 10%
The remaining amount (the portion above £1.5m) 12%