First Time Buyers
Who Is a First-Time Buyer?
A first-time buyer is someone purchasing their first home and who has never owned a residential property before, either in the UK or abroad. If you are planning to buy your very first property, you may qualify as a first-time buyer for a mortgage and could benefit from mortgage options designed specifically for first-time buyers.
At Ample Mortgages, we help first-time buyers in the UK understand their mortgage options, affordability, deposit requirements, and the home-buying process — making your journey to owning your first home simpler and stress-free.
Mortgage Process for First-Time Buyers
Your First-Time Buyer Journey in 6 Steps
Buying your first home is an exciting milestone. From understanding your budget and securing a mortgage to completing the legal process and collecting your keys, these six simple steps outline the journey to homeownership and help you know what to expect at each stage.
Affordability Check
Understand how much you may be able to borrow based on your income and circumstances.
Decision in Principle (DIP)
Get an indication of how much a lender may be willing to lend.
Home Viewing & Negotiation
Find your ideal home and negotiate the purchase price.
Mortgage Offer
Once approved, your lender issues a formal mortgage offer.
Solicitor Work
Legal checks, contracts, and property searches are completed.
Get the Keys
Complete your purchase, collect your keys, and move into your new home.
Understanding the Extra Costs of Buying Your First Home
When buying your first home, it’s important to budget for additional costs beyond your deposit, such as legal fees, valuation charges, lender fees, and Stamp Duty.
Solicitor Fees
A solicitor handles the legal work involved in purchasing your property, including contracts, searches, and conveyancing. Costs will typically range between £1,000 and £1,600, depending on your location and transaction requirements.
Stamp Duty
Eligible first-time buyers generally do not pay Stamp Duty on properties below £300,000. If the purchase price exceeds this threshold, the amount payable will depend on the property value and current government regulations.
Valuation Fee
A valuation fee may apply when your lender assesses the property value as part of your mortgage application. This is usually shown in your mortgage quote or summary, with approximate costs ranging from £150 to £500, depending on the property value and type of survey chosen.
Lender Fees
Some mortgage products may include lender or arrangement fees, which are usually detailed within your mortgage quote or offer summary. These fees can range from £0 to £995 (and occasionally more) and may either be paid upfront or added to your mortgage.
Broker Fee
At Ample Mortgages, we do not charge a broker fee for mortgage advice and arrangement services. However, some mortgage brokers may charge a fee for their services, payable either upfront, upon mortgage offer, or on completion. These fees can typically range from £295 to £695, depending on the level of service provided.
What sort of help is available for our First Time Buyers?
The government’s Mortgage Guarantee Scheme helps first-time buyers by making 95% mortgages more accessible. With this support, you only need a 5% deposit, just like a standard mortgage, while the remaining amount is backed by the government. This gives buyers easier access to higher loan options and a smoother path into homeownership.
What Deposit Is Needed for a First-Time Buyer?
As a first-time buyer, you will usually need an initial deposit to purchase your home. Many mortgage options start from a £5,000 deposit, while putting down 5% or more may help you access a wider choice of lenders and potentially better mortgage rates. The right mortgage and deposit amount will depend on your financial circumstances, affordability, and property goals.
The Mortgage Process in 13 Easy Steps
Understanding the mortgage journey can make the home-buying process feel far less overwhelming. From your initial mortgage enquiry through to receiving your keys, each stage plays an important role in helping you secure the right mortgage and complete your property purchase with confidence.
Understand each stage of the mortgage journey with clarity and confidence
Learn what to expect from application through to completion
Make the home-buying process simpler, smoother, and less stressful
Discuss your income, affordability, deposit, and borrowing options with your mortgage adviser.
Review suitable mortgage deals, costs, and monthly repayments based on your circumstances.
Receive a lender’s initial indication of how much they may be willing to lend, subject to checks.
Begin viewing properties and shortlist homes within your budget.
Once you find the right property, make an offer through the estate agent.
Your broker confirms the most suitable mortgage available at that time.
Choose a solicitor to manage contracts, searches, and legal work.
Provide ID, payslips, bank statements, proof of deposit, and supporting documents.
The lender processes your application and arranges a property valuation.
Once approved, the lender issues a formal mortgage offer.
Coordinate moving dates with the seller and property chain.
Legal contracts are exchanged, making the purchase legally binding.
Funds are released, the purchase completes, and you move into your new home.
Are You Eligible as a First-Time Buyer?
Understanding whether you qualify as a first-time buyer is an important first step. Review the criteria below to see if you may be eligible for first-time buyer mortgage options and support.
- You have never owned a residential property before, either in the UK or abroad, whether purchased outright or with a mortgage.
- You are buying a property to live in as your main residence rather than as an investment property or second home.
- You meet the lender’s affordability requirements and have a suitable deposit to support your mortgage application.
- Your name is not currently registered on the ownership deeds or mortgage of any residential property.
How Long Does the Buying Process Take?
The first-time buyer mortgage process typically takes around 3 to 12 weeks, although timelines can vary depending on your circumstances and the property purchase process. In some cases, a mortgage decision may be received within 24 hours, while a formal mortgage offer can take anywhere between 2 to 6 weeks. The overall timeline may depend on several factors, including:
- Solicitor Progress (Typically 2–4 Weeks) – The legal process, including property searches, contracts, and conveyancing, is usually handled by a solicitor and may take around 2 to 4 weeks, depending on complexity. Delays can occur if additional legal issues need to be resolved.
- Property Chain Delays – The seller and other buyers within the property chain may need to coordinate mortgages, completion dates, and moving arrangements. If any part of the chain is delayed or someone withdraws, the overall process may take longer.
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FAQ’s:
The amount a First-Time Buyer can borrow depends on a lender’s affordability assessment. This is typically based on factors such as your income, monthly expenses, existing credit commitments, and personal circumstances. Many lenders offer between four and four and a half times your annual income, while some may lend up to five times your income for eligible applicants.
An Agreement in Principle (AIP) is an initial indication from a lender of how much you may be able to borrow. It is based on factors such as your income, employment status, credit history, deposit amount, and other financial information.
Also known as a Decision in Principle (DIP) or Mortgage Promise, an AIP can strengthen your position when making an offer on a property by showing estate agents and sellers that you are a serious and financially prepared buyer.
You can check your credit score and credit report through credit reference agencies such as Experian or Equifax. These reports provide an overview of the information lenders may review when assessing your mortgage application. Many providers offer free trial periods, allowing you to access your report before deciding whether to subscribe.
If your credit score needs improvement, there are several steps you can take:
• Register on the electoral roll at your current address
• Build a consistent credit history
• Make all repayments on time
• Use a credit card responsibly for everyday spending
• Pay your credit card balance in full each month where possible
These actions can help demonstrate responsible financial behaviour to mortgage lenders.
A property chain is created when multiple buyers and sellers are connected through different property transactions, with each purchase depending on another to complete successfully.
For example, the person selling you a property may also be buying another home, while that seller may also be waiting for their own purchase to complete. Delays at any stage can affect everyone involved in the chain.
A broken chain occurs when one party in the property chain withdraws from the transaction, receives a better offer, experiences mortgage delays, or decides not to proceed.
This can cause delays or even prevent other linked property transactions from completing. First-Time Buyers purchasing a new-build property often benefit from having no chain, making the process simpler and less dependent on other parties.
It is generally advisable to arrange your mortgage and finances before beginning your property search. This helps you understand your budget, avoid disappointment, and look for homes with greater confidence.
A Shared Ownership mortgage allows you to purchase a share of a property, typically between 25% and 75%, while paying rent on the remaining share that you do not own.
This option can make homeownership more accessible for buyers who may find purchasing a property outright difficult due to deposit or affordability requirements.
Staircasing is the process of purchasing additional shares in a Shared Ownership property over time.
As your financial circumstances improve, you can gradually increase your ownership until you eventually own the property outright, depending on the scheme’s terms and conditions.
A Joint Borrower, Sole Proprietor (JBSO) mortgage allows a family member to help support your mortgage application by contributing towards affordability without becoming a legal owner of the property.
Some lenders may:
• Use the supporting family member’s income when assessing affordability
• Allow assistance with part of the deposit
• Accept deposit support through cash, savings, or a legal charge over another property
With a JBSO mortgage, you remain the sole legal owner while benefiting from additional financial support. Eligibility and criteria vary between lenders.
Yes. A guarantor mortgage allows another person to guarantee your mortgage repayments if you are unable to make them.
Most lenders require the guarantor to be a close family member rather than a friend. If you fail to meet your mortgage payments, the guarantor may become responsible for making those payments, so it is important that both parties fully understand the commitment involved.