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.

First Time Buyer Mortgages

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 properties 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. On our website, we have a simple mortgage calculator tool that helps predict what your monthly repayments may be. To use the calculator tool, you’ll need to plan how long you’d want the mortgage for and what deposit you can pay upfront. You can use the 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‘.


Customer Testimonials

Client Testimonials

"Careful, considered, advice fully tailored to our situation, and always available by phone and email to answer any follow-up questions now matter how innocuous.""

- Mr B - Gunthorpe

"Quality control excellent throughout the process. Did not want us to over stretch when raising funds. Thank you"

- Mr G - Gedling

" Ivan was very professional and was very knowledgeable which belayed any fears I had with the entire process. I particularly appreciated he was readily contactable any time of the day and evenings."

- Mr W - Daybrook

"I can highly recommend Ivan. He has made the process of re-mortgaging my house straight forward and kept me updated all the way through the process. Great customer service and always at the end of a phone. Thanks for your help!"

- Mr W - Mapperley

"Absolutely amazing service from this company. I’m now settled in my new home, paying significantly less on my mortgage compared to the previous 13 years. To top it off I received a hamper of goodies off them today ❤️ Ivan Whitelocks Thankyou for everything and making it so easy for me and my family to find our forever home x"

- Mrs M - Top Valley

"I would highly recommend Ivan with any mortgage advice or life/home insurance Everything ran smoothly from start to finish very professional and worked around our commitments and family. Got us a great deal and was at the end of the phone whenever we needed. Definitely 5 stars plus"

- Mrs M - Bestwood

"Ivan was very professional from the start as well as being flexible with working around our busy schedules, I'm sure our application wasn't the most straight forward & there were more than a few obstacles but despite all this Ivan still got us a deal that we are more than happy with and would have no hesitation in using his services again or recommending him to friends / family."

- Mr F  - Sherwood

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