First Time Buyer Mortgages
First-Time Buyer Mortgages
Helping You Take Your First Step onto the Property Ladder
Buying your first home is an exciting milestone — but understanding deposits, affordability, credit checks, and the full mortgage process can feel overwhelming. At NexGen Finance, we make the journey clear, structured, and stress-free, supporting first-time buyers right from the initial enquiry through to getting the keys.
We help you understand how much you can borrow, compare suitable mortgage options, prepare your documents, and move through the process with confidence.
Read Our 5 Star Reviews
First Time Buyer Mortgages
First-Time Buyer Mortgages
Helping You Take Your First Step onto the Property Ladder
Buying your first home is an exciting milestone — but understanding deposits, affordability, credit checks, and the full mortgage process can feel overwhelming. At NexGen Finance, we make the journey clear, structured, and stress-free, supporting first-time buyers right from the initial enquiry through to getting the keys.
We help you understand how much you can borrow, compare suitable mortgage options, prepare your documents, and move through the process with confidence.
Read Our 5 Star Reviews
How We Help First-Time Buyers
- Calculate how much you could borrow based on income, commitments and deposit
- Compare mortgage deals across high street and specialist lenders
- Guide you through documentation and lender requirements
- Arrange fast Agreements in Principle (AIPs)
- Explain available schemes such as Shared Ownership and First Homes
Types of Mortgages Available
- Fixed-rate mortgages – predictable monthly payments
- Tracker mortgages – rates that follow the Bank of England base rate
- Low-deposit mortgages – including 5% deposit options
- Family-assisted mortgages – boosting affordability with parental support
- Shared Ownership & First Homes – ideal for eligible buyers
Why Choose NexGen Finance?
- Clear, structured guidance at every stage
- Access to a wide panel of lenders
- Fast turnaround for AIPs
- Straightforward explanations with no jargon
- Flexible communication, including evenings
- Tailored support based on your goals and financial position
How Much Can You Borrow?
Most lenders offer around 4 to 4.5 times your annual income, depending on your deposit, commitments, and credit profile. Some applicants may access higher income multiples depending on the lender and overall affordability.
We help you estimate what you can realistically afford and what your repayments may look like before you start viewing properties.
FAQs About First Time Buyer Mortgages
1. How much deposit do I need as a first-time buyer?
Typically, you need at least 5% to 10% of the property’s purchase price as a deposit. For example, on a £250,000 home, a 5% deposit would be £12,500. Having a larger deposit often grants you access to lower interest rates and more lender options.
2. How much can I realistically borrow?
Most lenders offer between 4 to 4.5 times your gross annual income. However, this depends on your monthly outgoings, debt commitments, and credit score. We can provide a more accurate calculation based on your specific financial situation.
3. What is an Agreement in Principle (AIP)?
An AIP is a document from a lender stating how much they are prepared to lend you “in principle.” Having this ready makes you a more serious buyer in the eyes of estate agents and sellers when you start viewing properties.
4. Can I get a mortgage if I am self-employed?
Yes, you can. You generally need at least one to two years of certified accounts or tax returns (SA302s). We specialise in helping self-employed individuals present their income correctly to secure the best possible rates.
5. Are there any government schemes available to help me?
Yes, there are several options such as Shared Ownership, where you buy a share of a property and pay rent on the rest, and the First Homes scheme, which offers discounted homes to local first-time buyers and key workers.
6. Do I have to pay Stamp Duty as a first-time buyer?
In many cases, first-time buyers are eligible for Stamp Duty relief, meaning you may pay significantly less or no tax at all on properties up to a certain value. We can check the current thresholds to see if you qualify for an exemption.
7. How long does the mortgage application process take?
Once your application is submitted, it usually takes 2 to 4 weeks to receive a formal mortgage offer. The entire legal process, from offer to getting your keys, typically takes between 8 to 12 weeks on average.
8. What additional costs should I budget for?
Beyond your deposit, you should set aside funds for:
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Solicitor/Legal fees for the paperwork.
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Survey fees to check the property’s condition.
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Mortgage arrangement fees (if applicable).
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Buildings Insurance, which is a mandatory requirement by lenders.
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Common Challenges for First-Time Buyers
Low Deposits
1
We help you explore lenders that accept 5–10% deposits and explain how deposit size affects your rate options.
Credit Concerns
2
Even with limited or imperfect credit history, suitable lenders may still be available depending on overall affordability.
Self-Employed or Contractor Income
3
We help present your income clearly and correctly to lenders who specialise in non-standard employment types.
Understanding Schemes
4
We make Shared Ownership, First Homes and other initiatives straightforward so you can decide if they fit your plans.
Step by Step The Mortgage Process
1. Initial Consultation
An AIP confirms your borrowing capacity and strengthens your position when making offers.
2. Agreement in Principle (AIP)
An AIP confirms your borrowing capacity and strengthens your position when making offers.
3. Mortgage Application
Once you’ve found a property, we assist with documentation, valuations and lender requirements.
4. Offer & Conveyancing
After your mortgage offer is issued, your solicitor completes the legal work, searches and contracts.
5. Completion
Once everything is finalised, funds are released and you collect your keys — officially becoming a homeowner.
We Search 1000s of First Time Buyer Mortgages in Uk
10 Step Guide for First Time Buyers in Uk
1. Master Your Budget
Before looking at houses, look at your bank account. You’ll typically need a 5% to 10% deposit. Beyond the deposit, remember to budget for “hidden” costs like solicitor fees, surveys, and moving costs.
2. Check Your Credit Health
Lenders want to see that you’re a reliable borrower. Use apps like Experian or Equifax to check your score. Pro tip: Ensure you are on the electoral roll and avoid taking out new credit cards or loans 6 months before your application.
3. Get an Agreement in Principle (AIP)
This is your “golden ticket.” An AIP from NexGen Finance tells estate agents and sellers that a lender has pre-approved you for a certain amount. It makes your offers much more serious.
4. Explore Government Schemes
Don’t miss out on help! We can guide you through the Lifetime ISA (LISA) bonus, Shared Ownership, or the First Homes scheme to see if you can get on the ladder sooner with a smaller deposit.
5. The Property Search
Now for the fun part! Once you know your budget, start viewing properties. Look beyond the décor—check for signs of damp, the age of the boiler, and the “vibe” of the local neighbourhood at different times of the day.
6. Make an Offer
Found “the one”? It’s time to negotiate. We suggest starting slightly below the asking price. Mention that you are a first-time buyer with no chain and an AIP—this makes you a very attractive buyer.
7. Instruct a Solicitor
You’ll need a legal expert (a conveyancer) to handle the paperwork, local searches, and the transfer of funds. We can recommend trusted professionals to ensure your legal journey is as smooth as your mortgage one.
8. Formally Apply for Your Mortgage
Once your offer is accepted, NexGen Finance will submit your full application. The lender will then perform a valuation to ensure the property is worth the price you’re paying.
9. Survey and Searches
While the lender checks the value, you should check the condition. A HomeBuyer Report or Building Survey will flag any structural issues. Your solicitor will simultaneously run searches to check for things like local planning permissions.
10. Exchange and Complete
Once the legal work is done and your mortgage offer is formalised, you’ll Exchange Contracts. At this point, the deal is legally binding. Shortly after comes Completion Day—the keys are yours!