First Time Buyer Mortgages

The modern dream of owning your own property may not be as far away as you think.

If you feel financially secure and have your heart set on purchasing your first home, then it will help if you understand as much as possible about the first time buyer mortgages available to you.

Alexandra Bonnar
Alexandra Bonnar
21/11/2023
Ivan is excellent! Very helpful, dedicated to his work and goes the extra mile.
The Mabbutts
The Mabbutts
04/09/2023
Ivan has provided us with outstanding service. He has gone above and beyond what we expected. He helped us with our mortgage when moving house. We will be returning every time our mortgage is up for renewal.
Daniel Fardell
Daniel Fardell
10/05/2023
All round great service & results from Ivan. Extremely knowledgeable, very approachable & always has his clients best interests at heart.
Antonio Banderes
Antonio Banderes
26/04/2023
Great to work with, felt like we were thier top priority. Communication and availability 5/5
Lee Wigglesworth
Lee Wigglesworth
19/04/2023
I highly recommend Ivan at Elementary Mortgage Solutions. He was very helpful, always talking me through things I was unsure about putting my mind at ease. He helped me through a time length of 18 months and was always easy to get hold of and quick to reply if ever I needed him.
Dean Warsop
Dean Warsop
10/03/2023
My mortgage application went as smoothly as it could with the help of Ivan who went above and beyond with his time and efforts to get it sorted as soon as possible. Everything he did was explained in terms I could understand and he was never more than a phone call away to answer any questions we had. I couldn’t recommend Ivan highly enough and have passed his details to numerous friends. All I can add is my gratitude to Ivan for his hard work and being available every step of the way. A fantastic man and very good at what he does. Many thanks again
Robyn Kirk
Robyn Kirk
04/01/2023
We didn't have the easiest circumstances however ivan was very honest with us from the beginning. He outlined a number of options for us and when the time came for us to apply for a mortgage the process was easy and stress free due to ivan's brilliant communication and transparency. We couldn't thank ivan enough because he made it possible for us to get our first home.
Andrew Littlewood
Andrew Littlewood
03/01/2023
Brilliant advice and products from Ivan as always I won’t go anywhere else .
Steph Lonergan
Steph Lonergan
22/12/2022
Would highly recommend using Elementary Mortgage Solutions. Done amazing at finding us the best mortgage for our new home. Very helpful and always available if need to ask any questions, worth every penny.
Will Shaw
Will Shaw
20/12/2022
Ivan was absolutely amazing from start to finish. We had a few set backs on our side of things due a global pandemic and then several houses falling trough but he never gave up, he kept going for us and kept us updated regularly and we have now finally got the keys to our very first home just intime for Christmas. He made the whole process a breeze sorted all our insurance's out for us so we had the right cover at the right budget. Honestly 5 stars doesn't even come close wouldn't hesitate to recommend him and Elementary Mortgage Solutions to anyone.

(Your home may be repossessed if you do not keep up repayments on your mortgage)

Book your FREE mortgage consultation, call 0115 7845780 or simply enter your details below

We Search thousands of mortgage deals so you don't have to! 

Virgin Money Mortgages
Birmingham Midshires Mortgages
Atom Bank Mortgages
Halifax Mortgages
HSBC Morgages
Kensington Mortgages
Skipton Building Society Mortgages
Natwest Mortgages
Post Office Mortgages
Santander Morgages
Mortgage Works
The Nottingham Mortgages

First Time Buyers - Where To Start

Firstly, review your credit file through one of the credit reporting agencies, such as Experian or Equifax. Start to address any problems and build up your credit score. First-time buyers often only have a small deposit, which means they need to borrow a larger percentage of the property’s purchase price. The greater the percentage that needs to be borrowed, the stricter a lender will be with the application.

Identify the kind of property you are interested in and the market value. Online mortgage calculator tools can help predict what your monthly repayments may be. You can use these calculator tool to experiment with different options.

Financial Planning

Before you even start viewing properties, it’s important to get a detailed grasp of your personal finances. Mortgage lenders focus on how much they can lend you based on affordability. Simply put, lenders want to see how much spare income you have once all your bills and expenses are paid each month. If you already pay rent and household bills this is a good starting point. You need to know about all your finances in detail. What are your outgoings and income? What debts do you already have?

What Deposits Are Required

The minimum deposit for a first time buyer mortgages is 5% of the amount you need to borrow. The larger the deposit, the better the interest rate on your mortgage. As a guide, you have a better choice of mortgages if you have saved 20% of the property value for a deposit. Don’t worry if you haven’t been able to reach this value. The team at Elementary can still help you find an affordable mortgage deal.

First Time Buyer Mortgages – Fees and Expenses

Fees vary depending on the lender and the solicitor that you use but can include;

  • Arrangement and booking Fees for the mortgage product payable to the lender
  • Valuation Fee
  • Solicitors Fee
  • Stamp Duty
  • Broker Fee

Don’t worry; our mortgage advisers will make you aware of all the costs involved before you start any application process.
First Time Buyers can often take advantage of offers from lenders, for example, free valuations and even cashback deals. If the property you are purchasing is less than £300,000, there will be no stamp duty to pay.

Who Can Apply for First Time Buyer Mortgages

The classification of a first time buyer can vary from lender to lender. Some lenders will only accept people who have never owned a property; others will allow buyers who have not owned a property in the last 12 months.

To apply for a mortgage the lender or your adviser will need to see certain documentation to prove your identity and income. As a guide the minimum requirements would be;

Proof of Income

Employed – Latest three months Wage Slips and Latest P60s.

Self Employed – Accounts or SA302s and tax year overviews going back between one and three years.

Proof of other income such as benefits or pension.

Bank Statements

Three months of bank statements showing wages coming in and bills going out.

Details of the account showing the deposit and how it has been built up.

Depending on your circumstances, there is likely be other documents needed as well as those listed above.

Find Out More

At Elementary Mortgage Solutions, we have a vast amount of experience in helping first time buyers secure the loan that is right for them. We can support you through the whole process from checking you know all about the costs involved to making sure you have all the right paperwork. As we aren’t tied to a specific lender, we can search thousands of available mortgages to ensure you get the best deal available.

To speak to a member of our team, please call us on 0115 7845780 or send your enquiry through our contact form.

For information on mortgages for first time buyers check out our blog post ‘5 Important Tips for First Time Buyers‘.