First Time Buyer
Buying your first home is such a monumental milestone in your life. First-time buyer mortgages are meant to give first-time buyers the support and financial flexibility to take that first confident step onto the property ladder.
At SAM Mortgages, we specialise in helping first-time buyers make informed decisions, helping eliminate confusion in the process, and providing a mortgage that works with your situation.
Your home may be repossessed if you do not keep up with repayments on your mortgage. There may be a fee for mortgage advice. The actual fee varies according to your circumstances. The fee is up to 1%; however, the average fee varies between 0.3% of the amount borrowed.
What is a First-Time Buyer Mortgage?
A first-time buyer mortgage is essentially a home loan, specifically designed for individuals looking to buy a house that they have not purchased yet. There are special features designed to still appeal to the buyer, such as lower deposit amounts, lower interest rates, and a greater likelihood of affordability, designed to help first-time buyers get onto the property ladder.
Our advisers at SAM Mortgages are happy to explain the options available for first-time buyer mortgages, compare mortgage deals and provide you with a full picture.
How Much Deposit Do I Need?
For first-time buyers, one of the biggest areas of consideration is how much you will need for a deposit. Generally, lenders will expect a deposit equivalent to 5%-20% of the property’s value to be paid up front. Saving can feel overwhelming, but with the help of some options, we can help you achieve savings.
Government Schemes for First-Time Buyers
When it comes to the UK government, it has several schemes that are specifically designed to help first-time buyers, including:
Each of these schemes will be examined and explained to you by our advisers in greater detail, in addition to whether or not you qualify.
Building Up Your Credit Rating
Your credit history is generally a crucial aspect for you to get a good mortgage offer. Lenders use your previous financial data to assess whether or not you are a safe borrower. Improving your credit rate increases your chance of getting an acceptance on a mortgage offer, so you may wish to consider:
At SAM Mortgages, we don’t just find the right deals – we help you to make your financial profile robust so that you are in the best possible position to apply.
Ready to get started on your home ownership journey?
Buying your first home can be daunting, but you don’t need to do this alone. At SAM Mortgages, we do everything we can to make the process simple for you, step by step, answering your questions and finding the right solution for you.
Book your free consultation with no obligation today.
Let us help you turn the dream of owning your first home into reality.
Important information
Your home may be repossessed if you do not keep up with repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend on your circumstances. The fee will be up to 1%, but the usual fee is 0.3% of the amount borrowed.
Frequently Asked Questions
Some frequently asked questions about the service that you may have questions about
1. What is a "first-time buyer mortgage"?
2. How much deposit do I need?
3. Can I get a mortgage if I earn a low income?
4. What government schemes are there for first-time buyers?
5. What government programs are available for first-time buyers?
6. How much can I borrow as a first-time buyer?
7. Do I need a good credit rating to get a first-time mortgage?
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Mortgage Calculator – How Much Could You Borrow?
Please use our mortgage calculator
Use our mortgage calculator to see what you could borrow and what deposit you may need to pay back. Remember, this is just an indication. For bespoke advice, you should always speak with an independent mortgage adviser directly.
