The Complete First Time Buyer Mortgage Guide
Buying your first home is one of the biggest financial decisions you will ever make. Understanding the mortgage process from the outset can save you time, money, and stress. This guide walks you through every stage — from working out what you can borrow to collecting the keys on completion day.
How Much Can You Borrow?
Most lenders will offer between 4 and 4.5 times your annual income, though some specialist lenders go higher for certain professions. Your deposit size also plays a key role — a larger deposit typically unlocks better interest rates and lower monthly payments. Use our Payment Calculator to get an idea of what your monthly repayments might look like.
Getting a Mortgage in Principle
A Mortgage in Principle (MIP), also called an Agreement in Principle, is a written estimate from a lender confirming how much they are likely to lend you. Estate agents often ask for one before accepting an offer. It is not a formal offer, but it shows sellers you are a serious buyer. Your mortgage broker can arrange this quickly, usually within 24 hours.
Choosing the Right Mortgage Type
Fixed-rate mortgages lock your interest rate for a set period — typically 2, 3, or 5 years — giving you certainty over your monthly payments. Tracker mortgages follow the Bank of England base rate, which means payments can go up or down. For most first time buyers, a fixed rate offers the peace of mind needed when budgeting for a new home.
The Costs Beyond the Deposit
Budget for Stamp Duty Land Tax (first time buyers are exempt on properties up to £425,000), solicitor fees (typically £1,000–£2,000), survey costs, and mortgage arrangement fees. Your broker will give you a full breakdown so there are no surprises.
Why Use a Mortgage Broker?
A whole-of-market broker has access to hundreds of mortgage products, including exclusive deals not available directly from lenders. We do the research, handle the paperwork, and liaise with lenders on your behalf — saving you time and often securing a better rate than going direct.
Ready to take your first step onto the property ladder? Get in touch with our team today for a free, no-obligation consultation.