A Clear Guide to Getting on the Property Ladder
Buying your first home is exciting — and a little overwhelming. From saving a deposit to understanding mortgage jargon, first-time buyers often have lots of questions. This guide explains how first-time buyer mortgages work in the UK, what support is available, and how to prepare for a successful application.
What Is a First-Time Buyer Mortgage?
A first-time buyer mortgage is designed for people who have never owned a property before (in the UK or abroad). While the mortgage itself may be similar to other residential mortgages, first-time buyers can benefit from:
- Lower deposit options
- Access to government schemes
- Tailored advice from specialist mortgage brokers
- Stamp Duty relief (where applicable)
Lenders recognise that first-time buyers need extra flexibility and guidance — which is where good advice really matters.
How Much Deposit Do You Need?
Most lenders require a minimum deposit of 5% of the property value, though having a larger deposit can unlock better interest rates.
Typical deposit options:
- 5% deposit – higher interest rates, fewer lenders
- 10% deposit – more choice, improved rates
- 15%+ deposit – best rates and widest lender access
If you’re struggling to save, there are schemes and lender options that may help — a broker like Mortgage Pro Sussex can guide you through what’s realistic for your circumstances.
Mortgage Types Explained (In Plain English)
Choosing the right mortgage can feel confusing. Here are the most common options for first-time buyers:
Fixed-Rate Mortgages
Your interest rate stays the same for a set period (usually 2, 3, or 5 years).
✔ Predictable monthly payments
✔ Popular with first-time buyers
Variable / Tracker Mortgages
The rate can change, usually in line with the Bank of England base rate.
✔ Can be cheaper initially
✖ Payments may rise
Repayment Mortgages
You repay both the loan and interest each month.
✔ The mortgage is fully paid off by the end of the term
✔ Most common choice for first-time buyers
What Can You Borrow?
As a general rule, lenders may offer around 4 to 4.5 times your annual income, though this depends on:
- Income (single or joint)
- Credit history
- Monthly commitments (loans, car finance, childcare)
- Property type
An agreement in principle (AIP) is a great first step — it shows estate agents and sellers that you’re serious and gives you a realistic budget.
Additional Costs to Budget For
It’s not just the deposit you need to plan for. Other costs include:
- Mortgage arrangement fees
- Valuation and survey fees
- Solicitor / conveyancing costs
- Stamp Duty (if applicable)
- Moving costs
Planning ahead helps avoid last-minute stress.
Why Use a Mortgage Broker as a First-Time Buyer?
A whole-of-market mortgage broker:
- Explains everything clearly (no jargon)
- Searches many lenders, not just one bank
- Finds deals you may not see online
- Helps with paperwork and lender criteria
- Supports you from offer through to completion
At Mortgage Pro Sussex, we specialise in helping first-time buyers feel confident and informed — every step of the way.
Ready to Take the First Step?
Whether you’re just starting to save or already viewing properties, getting the right advice early can make all the difference.
Speak to Mortgage Pro Sussex today for friendly, no-pressure guidance on first-time buyer mortgages.
We’ll help you understand your options, secure a competitive deal, and move forward with confidence.
📞 01903 951 200 Get in touch today to book your free initial consultation