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Compare first time buyer mortgages

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You have a 57% loan-to-value (LTV). We found 3629 results for you
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Platform 2 year fixed cashback mortgage

Initial rate
0.79% until 31 Dec 2023
Fees
£1499
APRC
3.8% overall cost
Monthly cost
£587.91 for 27 months
Representative example:

Repayment mortgage of £160,000 over 25 years, representative APRC 3.8%. Repayments: 27 months of £587.91 at 0.79% (fixed), then 273 months of £847.42 at 4.34% (variable). Total amount payable £248,718.23 which includes interest of £87,219.23. Product Fee (£1,499) with an option to add to the loan. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.

Eligibility

You must meet the following criteria in order to get this loan:

Are resident of England

Are resident of Scotland

Are resident of Wales

Are older than 18 years

Max age at term end: 75 years

Minimum income £15,000

Available via brokers only.

Additional criteria may apply.

Platform 2 year fixed cashback mortgage

Initial rate
0.84% until 31 Dec 2023
Fees
£999
APRC
3.8% overall cost
Monthly cost
£591.48 for 27 months
Representative example:

Repayment mortgage of £160,000 over 25 years, representative APRC 3.8%. Repayments: 27 months of £591.48 at 0.84% (fixed), then 273 months of £847.86 at 4.34% (variable). Total amount payable £248,434.74 which includes interest of £87,435.74. Product Fee (£999) with an option to add to the loan. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.

Eligibility

You must meet the following criteria in order to get this loan:

Are resident of England

Are resident of Scotland

Are resident of Wales

Are older than 18 years

Max age at term end: 75 years

Minimum income £15,000

Available via brokers only.

Additional criteria may apply.

Barclays 2 year BBR tracker

Initial rate
0.85% for 2 years
Fees
£999
APRC
3.2% overall cost
Monthly cost
£592.19 for 24 months
Representative example:

Repayment mortgage of £160,000 over 25 years, representative APRC 3.2%. Repayments: 24 months of £592.19 at 0.85% (bbr tracker), then 276 months of £790.70 at 3.59% (variable). Total amount payable £233,444.76 which includes interest of £72,445.76. Product Fee (£999) with an option to add to the loan. Fees are assumed to be paid upfront. Other fees may apply.

Eligibility

You must meet the following criteria in order to get this loan:

Are resident of England

Are resident of Scotland

Are resident of Northern Ireland

Are resident of Wales

Are older than 18 years

Available Direct.

Max age at term end: 70 years

Additional criteria may apply.

Barclays 2 year fixed

Initial rate
0.86% until 30 Nov 2023
Fees
£999
APRC
3.2% overall cost
Monthly cost
£592.91 for 26 months
Representative example:

Repayment mortgage of £160,000 over 25 years, representative APRC 3.2%. Repayments: 26 months of £592.91 at 0.86% (fixed), then 274 months of £789.28 at 3.59% (variable). Total amount payable £232,677.38 which includes interest of £71,678.38. Product Fee (£999) with an option to add to the loan. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.

Eligibility

You must meet the following criteria in order to get this loan:

Are resident of England

Are resident of Scotland

Are resident of Northern Ireland

Are resident of Wales

Are older than 18 years

Available Direct.

Max age at term end: 70 years

Additional criteria may apply.

Santander 2 year fixed cashback mortgage

Initial rate
0.89% until 02 Dec 2023
Fees
£999
APRC
3% overall cost
Monthly cost
£595.06 for 26 months
Representative example:

Repayment mortgage of £160,000 over 25 years, representative APRC 3%. Repayments: 26 months of £595.06 at 0.89% (fixed), then 274 months of £770.91 at 3.35% (variable). Total amount payable £227,699.90 which includes interest of £66,700.90. Product Fee (£999) with an option to add to the loan. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.

Eligibility

You must meet the following criteria in order to get this loan:

Are resident of England

Are resident of Scotland

Are resident of Northern Ireland

Are resident of Wales

Are older than 18 years

Available Direct.

Max age at term end: 75 years

Additional criteria may apply.

HSBC 2 year fixed for first time buyers

Initial rate
0.89% until 30 Nov 2023
Fees
£999
APRC
3.1% overall cost
Monthly cost
£595.06 for 26 months
Representative example:

Repayment mortgage of £160,000 over 25 years, representative APRC 3.1%. Repayments: 26 months of £595.06 at 0.89% (fixed), then 274 months of £785.62 at 3.54% (variable). Total amount payable £231,730.44 which includes interest of £70,731.44. Booking Fee (£999) with an option to add to the loan. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.

Eligibility

You must meet the following criteria in order to get this loan:

Are resident of England

Are resident of Scotland

Are resident of Northern Ireland

Are resident of Wales

Are older than 18 years

Available Direct.

First Time Buyer's only.

Max age at term end: 80 years

Additional criteria may apply.

Available via lender only

Halifax 2 year fixed for first time buyers

Initial rate
0.89% until 30 Nov 2023
Fees
£1495
APRC
3.2% overall cost
Monthly cost
£595.06 for 26 months
Representative example:

Repayment mortgage of £160,000 over 25 years, representative APRC 3.2%. Repayments: 26 months of £595.06 at 0.89% (fixed), then 274 months of £789.52 at 3.59% (variable). Total amount payable £233,295.04 which includes interest of £71,800.04. Product Fee (£1,495) with an option to add to the loan. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.

Eligibility

You must meet the following criteria in order to get this loan:

Are resident of England

Are resident of Scotland

Are resident of Northern Ireland

Are resident of Wales

Are older than 18 years

Available Direct.

First Time Buyer's only.

Max age at term end: 80 years

Additional criteria may apply.

Available via lender only

Halifax 2 year fixed cashback mortgage for first time buyers

Initial rate
0.89% until 30 Nov 2023
Fees
£1495
APRC
3.2% overall cost
Monthly cost
£595.06 for 26 months
Representative example:

Repayment mortgage of £160,000 over 25 years, representative APRC 3.2%. Repayments: 26 months of £595.06 at 0.89% (fixed), then 274 months of £789.52 at 3.59% (variable). Total amount payable £233,295.04 which includes interest of £71,800.04. Product Fee (£1,495) with an option to add to the loan. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.

Eligibility

You must meet the following criteria in order to get this loan:

Are resident of England

Are resident of Scotland

Are resident of Northern Ireland

Are resident of Wales

Are older than 18 years

Available Direct.

First Time Buyer's only.

Max age at term end: 80 years

Additional criteria may apply.

Available in branch only

Progressive Building Society 2 year fixed for properties in Northern Ireland

Initial rate
0.89% for 2 years
Fees
£995
APRC
3.9% overall cost
Monthly cost
£595.06 for 24 months
Representative example:

Repayment mortgage of £160,000 over 25 years, representative APRC 3.9%. Repayments: 24 months of £595.06 at 0.89% (fixed), then 276 months of £852.07 at 4.35% (variable). Total amount payable £250,447.76 which includes interest of £89,452.76. Arrangement Fee (£995) with an option to add to the loan. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.

Eligibility

You must meet the following criteria in order to get this loan:

Are resident of Northern Ireland

Are older than 18 years

Available Direct.

Available in branch only.

Additional criteria may apply.

Halifax 2 year fixed for first time buyers

Initial rate
0.89% until 31 Dec 2023
Fees
£1499
APRC
3.2% overall cost
Monthly cost
£595.06 for 27 months
Representative example:

Repayment mortgage of £160,000 over 25 years, representative APRC 3.2%. Repayments: 27 months of £595.06 at 0.89% (fixed), then 273 months of £788.78 at 3.59% (variable). Total amount payable £232,902.56 which includes interest of £71,403.56. Product Fee (£1,499) with an option to add to the loan. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.

Eligibility

You must meet the following criteria in order to get this loan:

Are resident of England

Are resident of Scotland

Are resident of Northern Ireland

Are resident of Wales

Are older than 18 years

First Time Buyer's only.

Max age at term end: 80 years

Available via brokers only.

Additional criteria may apply.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

First time buyer mortgage guide

Last updated: 16 August 2021

As a first time buyer, there are lots of questions you may have about getting a mortgage for your first property, so we’ve put together a handy guide to help you work out how to find a first time buyer mortgage that suits your needs.

How to get a mortgage as a first time buyer

If getting on the property ladder for the first time is on the horizon, along with your deposit you’ll need to have an idea of how much you can borrow from a mortgage lender. The lender will carry out a number of different checks, as well as looking at your current income and expenses, to determine your affordability. The lender will use all of the information you provide to decide how much they are willing to lend you as a first time buyer, as well as deciding on the maximum loan to value (LTV) that you will be offered.

What is LTV or loan to value?

LTV refers to the proportion of the property price you borrow. So a 90% LTV mortgage on a property costing £200,000 is £180,000 – the remaining £20,000 is your deposit.

There are up to 95% LTV mortgages on the market, but the bigger the deposit you have, the better. Mortgages with a lower LTV usually come with a lower interest rate, so your monthly repayments will be more affordable and you will save money in the long run over the length of the mortgage term.

When to apply for a first time buyer mortgage

The prospect of buying your first home can be exciting, however it’s useful to wait until you have an idea of how much you are able to borrow from a lender before you start viewing properties. Otherwise, you can risk disappointment and waste time looking at property that is outside of your budget. Find out how much you could afford to borrow by getting an Agreement in Principle from one or more lenders. Although it isn’t a guarantee, having an agreement in principle can help to speed up the process of getting a formal first time buyer mortgage offer once you have found a property you wish to purchase.

What is an agreement in principle?

Getting an agreement in principle from a lender or two can be helpful before you start seriously looking for a property. It lets estate agents and sellers know you're a serious buyer.

An agreement in principle doesn’t commit a lender to giving you a mortgage but it provides you with an indication of whether you’ll be accepted, and for what amount. This can be reassuring early on in the process. If you struggle to get an agreement in principle, you’ve got time to address any problems rather than coming unstuck later on.

How do I find the best mortgages for first time buyers?

To find the best mortgage for first time buyers, don’t look at mortgage rates from just one or two lenders. You should compare mortgages from a range of different providers to make sure you find the best deal for you.

There are a range of special offers that you may find, such as no-arrangement fee or a set number of years with a lower rate. If you do see an attractive fixed rate special offer available, do your research on the economy to find out if the Bank of England is likely to lower or raise the bank rate anytime during that period.

If the rate is low, then it’s likely you’ll have got a good deal, but bear it mind it could drop, meaning your deal could depreciate in value.

Can I get a Help to Buy mortgage for first time buyers?

An increasing number of people are opting to buy with friends, and there are also plenty of shared equity schemes, in which you buy a percentage of property and a commercial partner such as a housing association owns the rest.

There are also government schemes to help people get on the property ladder. You could consider a Help to Buy Shared Ownership or Help to Buy Equity Loan mortgage. A shared ownership mortgage lets you own between 25% and 75% of the property and pay rent on the remaining share you don’t own. You can gradually increase your ownership to 100%. This is known as staircasing.

A Help to Buy equity loan is a government loan to the bank to help you get a 75% LTV mortgage with only a 5% deposit. This means, in theory, you could get similar rates to someone with a 25% deposit.

It’s not just getting the biggest possible deposit that you need to think about, either – you also need to cover the cost of paying legal fees and, if applicable, stamp duty.

How can first time buyers save for a deposit?

Saving money can be difficult to track without a budget. Analyse your income and outgoings and identify areas where you could cut your spending. Cutting back on small things, such as buying lunch or a coffee at work every day, can make a big difference over time.

Make sure your savings are working hard for you, too – compare savings accounts to find the best rate, and set up a monthly direct debit from your current account to your savings account.

There are savings accounts specifically designed to help you buy your first home. A Lifetime ISA will reward you a government bonus of 25% on your yearly savings up to £4000, meaning you could get an additional £1000 from the bonus. But it's worth noting these savings can only be used to buy your first home or for retirement.

Finally, comparing prices and switching to a cheaper provider on things such as your gas and electricity or car insurance is a great way to save money without having to cut back or make any lifestyle changes.

Finding the best mortgage rates for first time buyers

Having a healthy credit history is essential when it comes to finding a first time buyer’s mortgage and securing the best first time buyer mortgage rates. Check your credit report to get a snapshot of your outstanding credit.

You can see your credit accounts and how much you owe in one place – your mobile phone, shopping catalogues and gas and electricity bills, as well as credit cards, loans and mortgages.

You’ll also be able to check that all the information it contains is correct. If you notice any errors, you can contact the relevant lender and ask for them to be corrected – but bear in mind that you will be expected to provide proof that a mistake has been made.

If you have a good reason (like a serious illness) for any credit problems, you can add a Notice of Correction to your account which potential lenders will be able to see – but, again, be prepared to provide proof.

If you aren’t on the electoral roll at your current address, get on it now – lenders will check that you’re on the electoral roll when deciding whether or not to lend to you as a precaution against fraud, so it’s vital that you’re registered.

When you are finally ready to apply for your mortgage, make sure you read the small print and avoid making multiple applications just to see what kind of offer you will get at all costs.

Every mortgage application you make leaves a record on your credit report that can be seen by other lenders, and this can harm your credit rating. Lots of applications in a short space of time may make it look like you are desperate for money or that fraud is being committed. This could result in giving you bad credit, so you may struggle to find a mortgage if you apply for everything without taking precautions.

Can a broker help to find a first-time buyer mortgage?

If you are struggling to see the wood for the trees, a broker can help you. You can compare first time buyer Uswitch mortgages and connect to a free online broker. The broker can steer you through the process of getting a mortgage. They will also have some experience of which lenders are particularly attractive to first time buyers.

Uswitch is authorised and regulated by the Financial Conduct Authority (FRN 312850) to provide this mortgage comparison service.

Uswitch services are provided at no cost to you, but we may receive a commission from the companies we refer you to.