Mortgages for First-Time Buyers

Buying your first home is an exciting time, but finding a mortgage can sometimes feel a bit daunting. You’ll want to make sure you are able to get the most for your money and afford the monthly payments.

  • 1. Work out your finances
    Once you have an idea of the amount you can put down as a deposit, use our mortgage calculator to work out how much you could borrow.
  • 2. Understand your options
    If you’re new to mortgages, it’s worth getting to grips with the various options. Speak to our mortgage advisers to find out which product could suit your circumstances. We offer appointments over the phone or at a local branch at a time that suits you.

    • Repayment mortgages – with this type of agreement, you pay the mortgage balance and interest charged in full over a certain period of time. You can buy most types of properties, including existing and new build. Mortgage rates can be fixed or variable.
    • Help to Buy – if you’re a first-time buyer with a 5% deposit, you might be eligible for the government’s equity loan scheme. You might be able to borrow an additional 20% (40% in Greater London) of the purchase price of your home. Only available on new build properties from registered Help to Buy builders.
    • Shared ownership – with this product, you buy a share of a home (25% to 75% of its value) and pay rent on the remaining share. You will own part of the property and the housing association will also own a stake. This mortgage is applicable for new build or existing properties.
    • Right to Buy – if you’ve been a council or housing association tenant for 3-5 years, you might be eligible for Right to Buy. The scheme helps tenants in England to buy their own home.
  • 3. ​Agreement in Principle
    An Agreement in Principle (AIP) helps you to understand how much you could borrow and the kind of property you can afford. An AIP shows you’re a serious buyer, so most estate agents will ask to see one.  An AIP should only take 15 minutes and it won’t affect your credit rating.
  • 4. Find your perfect property
    We work with Nick Dunning Associates, a rapidly expanding property group, who have access to a huge range of properties available to buy now. Whether you’re looking for a new build apartment or large family home, they offer a wider range of beautiful properties just waiting for a new owner.

  • 5. Put in your offer and accept
    When buying your first property, there are a lot of factors to remember. We will help you liaise with your mortgage provider and solicitors to streamline to whole process, bringing you even closer to owning your first home.
  • 6. Complete and move in
    Once you’ve exchanged contracts, you’re free to move into your new home!
  • 7. Protecting your future
    Our service doesn’t stop there. Once you’ve moved in, our protection plans provide you with the peace of mind that you’ll be able to keep up your mortgage payments should your circumstances ever change.
    Contact us to arrange an appointment with one of our local mortgage advisers, or if you would prefer, we can arrange a telephone appointment at your convenience.
    *For insurance business we offer products from a choice of insurers.

Want to know more? Read our blog which answers common fears and concerns of first-time buyers here