First Time Buyer Mortgages
What makes me a First Time Buyer?
- From a mortgage lender’s perspective, if you currently don’t own a property, or if you’re on a joint application and both of you don’t currently own a property, most lenders will recognise you as a first-time buyer.
- From a stamp duty perspective, if you have never owned a property, or if you’re on a joint application and both you have never owned a property, then you will be classed as a first-time buyer.
- From September 22nd 2022, first time buyers buying a home up to £425,000 in England and Northern Ireland do not have to pay any stamp duty. If your new home is worth £425,001 to £625,000 you’ll pay 5% stamp duty, but only on the value above £425,000.
First Time Buyer FAQs
Can I get an agreement in principle with Bennison Brown?
Yes, you can. Competition can be tough for first-time buyers, but an agreement in principle can help you make a confident offer by reassuring sellers that you can afford the property. Once we’ve had a look at your situation, we can arrange an agreement in principle with a suitable lender to confirm how much they would be willing to lend to you.
Are there any special mortgage deals for first-time buyers?
Some mortgage products are tailored to first-time buyers, offering features like smaller deposit options or cashback on completion for those with limited savings. We’ll help you understand what each deal could realistically look like for your monthly payments and long-term costs, so you feel more confident about the mortgage you choose.
How important is my annual income for a first time buyer mortgage?
Your annual income is very important for a first-time buyer’s mortgage, as it largely determines how much you can borrow. Mortgage lenders use your income, along with your outgoings and credit history, to assess affordability and set your borrowing limit. Generally, the higher your income and the lower your debts, the more you’ll be able to borrow for your first home.
How do I get a first-time buyer mortgage?
Getting your first mortgage is easy with mortgage brokers at Bennison Brown. Starting with a simple conversation, we’ll check how much you can borrow and what deposit you’ll need (this is usually at least 5-10% of the property’s value). Then we’ll ask you to gather key documents, like proof of income, bank statements, ID, and your credit score, so we can compare deals and match you up with the perfect lender. Once you’re happy with the deal, we’ll handle the application and support you right through to completion.
How much can a first-time buyer borrow?
As a first-time buyer, how much you can borrow depends mainly on your income, outgoings, and credit history. Most lenders offer between 4 – 4.5 times your annual income (which includes joint income if you’re buying with someone else), though this can vary from one mortgage lender to the next, with some lenders even willing to lend up to 7 times in certain circumstances. Some lenders may offer more if your finances are strong. For the most accurate estimate, it helps to work with a broker like us, who can assess your income and compare lenders.
Are mortgage rates different for first-time buyers?
In most cases, mortgage rates for first-time buyers are similar to those for buyers moving home. The interest rates available to you will normally depend more on your deposit size, credit score, income, and loan-to-value rather than whether this is your first mortgage. But some lenders may offer incentives for first-time buyers that can make getting onto the property ladder easier.
How we’ll work with you through your first mortgage application
Buying your first property can feel like a lot to take in, especially when you’re balancing estate agents, house surveys, legal paperwork, paying Stamp Duty, and trying to understand mortgage rates all at the same time.
At Bennison Brown, we guide you through each stage so you always know what’s happening next.
- Initial consultation: We’ll start with a relaxed conversation about your plans, budget, deposit, and the type of property you’re hoping to buy (or possibly have your eyes on). This is also your opportunity to ask questions and get a rough idea of how much you could borrow before applying for a mortgage.
- Full fact find: Next, we’ll carry out a detailed affordability assessment. We’ll review your income, household bills, credit rating, spending habits, and any financial commitments you already have. This helps us identify which lenders and mortgage products are most likely to suit your circumstances.
- Mortgage market search and recommendation: Once we understand your situation, we’ll search the market high and low and compare rates from a wide range of lenders. We’ll talk you through the different options available and recommend the mortgage we believe is the best fit, along with exactly why it works for you.
- Decision in principle: A decision in principle gives you, the estate agents, and the sellers confidence that a lender is willing to offer you a mortgage. When you’ve found a home you love, we’ll help you get this set up so you can make a strong offer.
- Full application management: When your offer is accepted, we’ll begin the full mortgage application on your behalf. This means we’ll deal with all the paperwork, communicate with lenders and solicitors, and keep things moving smoothly so all you have to focus on is getting ready to move in.
- Completion: Once everything’s been approved and the legal work is complete, you’ll get the keys to your new home. We’ll continue supporting you right through to completion day and after. Many of our first-time buyer clients come back to us when it’s time to remortgage.
Our Services
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First Time Buyers
Helping first time buyers get onto the property ladder
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Remortgage
Find your next mortgage deal with our expert advice
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Healthcare Professionals
Tailored mortgages for healthcare professionals
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Self-Employed
Self-employed mortgages, designed for individuals who work for themselves
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Contractor Mortgages
Helping contractors secure the best mortgage deal
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Professional Mortgages
Designed for individuals in certain careers such as doctors, accountants & architects
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Buy To Let Mortgages
achieve your financial goals and provide greater security for your future
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Buy To Let Remortgages
Helping buy to let landlords find the best remortgage deal
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Portfolio Landlord
Tailored solutions to help landlords grow, manage, and optimise their portfolio
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New Build Mortgages
Mortgages for purchasing a newly built or extensively renovated property
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Shared Ownership
Make homeownership accessible with shared ownership mortgages
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Protection
Financially protect those you care about most
Organise a free consultation with our mortgage advisers
Leave us your details or give us a call on 0207 427 6067
Or email enquiries@bennisonbrown.co.uk
We look forward to speaking to you soon. We don’t use your details for marketing, only to get in touch and speak to you about your requirements.
Why Bennison Brown?
Buying your first home is likely to be the biggest financial commitment you’ll ever make. And while it’s exciting, it can quickly get overwhelming when you’re trying to understand deposits, mortgage rates, legal fees, and how much you can realistically borrow. That’s why we focus on helping you feel supported and confident from your first conversation all the way through to completion day.
At Bennison Brown, we make applying for a mortgage feel realistic. Whatever your situation, whether it’s a low budget, complicated income, poor credit, or you just need advice because you’ve never done it before, we’ll guide you through your entire mortgage journey with advice tailored to your situation.
Many of our clients come to us through family or friends, while others, like you, find us online through our helpful guides and specialist services. We help couples, young families, professionals, and even first-time buy-to-let investors, so if you need advice for your first property purchase, we’ve dealt with it all.
Access to a wide range of lenders
Finding the best mortgage isn’t just about comparing rates online. Different lenders assess first-time buyers in different ways, especially when it comes to your income, credit score, loan-to-value, or the type of mortgage you’re applying for.
As a whole-of-market mortgage broker, Bennison Brown has access to many lenders and mortgage products, including deals that you can’t always find on the high street.
Rather than trying to squeeze you into a mortgage product that almost works, we focus on finding the right mortgage for your situation as well as your future plans. We’ll explain all the costs involved, from Stamp Duty and legal fees to product fees and monthly repayments, so you face no surprises later on.
This means we can help first-time buyers with a variety of circumstances, including:
- Buyers with a small deposit
- Self-employed applicants
- Joint mortgage applications
- Buyers using gifted deposits from a family member
- Applicants with variable income
- Buyers exploring government schemes
- Buyers looking for fixed-rate mortgages or tracker mortgages
- First-time buy-to-let investors
Tailored first-time buyer advice specific to you
Buying your first home is a huge milestone, and having the right support around you makes all the difference. We are known for assisting new buyers with many unique scenarios, whether it’s buying with complex income, navigating government schemes, or receiving a gifted deposit from a close family member. Our reviews reflect the personal, hands-on service Bennison Brown is known for.
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About Us
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