First Time Buyers

In the UK, you are usually classed as a first-time buyer if you have never owned a residential property anywhere in the world. This includes properties bought outright or with a mortgage. Some lenders and schemes apply their own definitions, so it’s important to check eligibility before applying.

Most first-time buyers need a deposit of at least 5% of the property price. However, a larger deposit of 10–15% can improve mortgage rates and lender choice. The amount required depends on lender criteria, affordability, and credit profile.

Yes. First-time buyers may be eligible for schemes such as Shared Ownership, First Homes, Right to Buy, or Lifetime ISAs. Each scheme has its own eligibility rules, price caps, and application criteria.

Lenders usually base borrowing on income and affordability. Many will lend up to around four to four-and-a-half times your annual income, although this can vary depending on financial commitments, credit history, and lender policy.

It may be possible. Some lenders will consider first-time buyers with historic missed payments or defaults, depending on how recent and severe they were. Mortgage options may be more limited, and a larger deposit may be required.

In addition to the deposit, first-time buyers should budget for legal fees, surveys, mortgage arrangement fees (where applicable), and moving costs. Stamp Duty may also apply depending on the property price and current government thresholds.

From offer acceptance to completion, the mortgage process typically takes between six and ten weeks. Timescales can vary depending on the lender, the property, and how quickly legal work is completed.

Many first-time buyers benefit from Stamp Duty relief, meaning no Stamp Duty is payable up to a certain purchase price. Relief thresholds and eligibility are set by the government and may change over time.

Lenders usually request proof of identity, proof of address, recent payslips or accounts, bank statements, and evidence of where the deposit is coming from. Exact requirements vary between lenders.

Using a mortgage broker can help first-time buyers understand their options, assess affordability, and identify lenders whose criteria best match their circumstances. This can be particularly helpful where income or credit history is non-standard.