First-Time Buyer Mortgages Whole-of-Market Advice with Deposits from 5%
Buying your first home is a big deal. The mortgage market is full of jargon, schemes, and competing rates, and the wrong decision can cost you money for years.
We search over 90 lenders, explain the options clearly, and recommend the right route based on your deposit, income, and long-term plans. No pressure. No hard sell. No old-style generic lead form.
Understanding Your Options
What Is a First Time Buyer Mortgage?
A first time buyer mortgage is a home loan for someone who has never owned property before — in the UK or abroad — and is buying a home to live in as their main residence.
Being a first time buyer matters because it opens the door to reduced stamp duty, government schemes, and mortgage products specifically structured for buyers without an existing property to sell.
Most first time buyer mortgages work the same way as any other — you put down a deposit, borrow the rest, and repay it over an agreed term with interest. What changes is what you're eligible for.
Current Market
First Time Buyer Mortgage Rates in 2026
The rate you get depends primarily on your deposit size and which lender you go with. The bigger your deposit relative to the property value, the better the rate you can access.
Most first time buyers choose a fixed rate — your monthly payment stays the same for 2, 5, or 10 years regardless of what happens to the base rate. Tracker mortgages are cheaper when rates fall but your payment can rise. For first time buyers stretching their budget, fixed gives you certainty.
We'll show you exactly what rate your deposit gets you across the lenders we work with — including deals not available on the high street.
Deposit Size
How Much Deposit Do You Need?
The minimum deposit for most first time buyer mortgages is 5% of the purchase price. On a £350,000 home, that's £17,500.
A 5% deposit gets you on the ladder. Saving to 10% or 15% gives you access to noticeably better rates and a wider choice of lenders. Whether it's worth waiting to save more depends on your local market and your rental costs — it's a call we can help you make with real numbers.
Affordability
How Much Can You Borrow?
Most lenders will lend between 4x and 5x your gross annual income. On a joint application, both incomes count. Your credit history, existing debts, and the size of your deposit all affect the final figure.
Use our calculator for a quick estimate — or call us for an accurate number based on your actual situation.
Tax Relief
Stamp Duty for First Time Buyers — What You'll Actually Pay
As a first time buyer in England, you pay a reduced rate of stamp duty land tax. The key thresholds are:
| Purchase Price | Stamp Duty Rate |
|---|---|
| Up to £300,000 | Nothing to pay |
| £300,001 to £500,000 | 5% on the portion above £300,000 only |
| Above £500,000 | Standard rates apply, no FTB relief |
Use our stamp duty calculator to see exactly what your purchase will cost.
Available Now
Government Schemes for First Time Buyers
Three schemes are currently open to first time buyers in England:
Shared Ownership
You buy a share of a property (typically 25%–75%) and pay rent on the remainder, with the option to buy more shares over time.
First Homes Scheme
Eligible properties offered at a minimum 30% discount to first time buyers, key workers, and local people. Limited availability, tied to specific new-build developments.
Mortgage Guarantee Scheme
Government-backed support for 5% deposit mortgages, making more lenders willing to offer 95% LTV products. You don't apply directly — your lender does.
Complex Cases Welcome
It's Not Just for Straightforward Cases
Many first time buyers have circumstances that don't fit the standard template. We work in these areas every week.
Bad Credit
A missed payment, a default, or a CCJ doesn't automatically rule out a mortgage. Specialist lenders look at the full picture — how long ago, how much, and whether your finances have recovered. We know which lenders work in this space.
Bad Credit Mortgages →Self-Employed
If you're a sole trader, contractor, or company director, standard affordability calculations often undercount your income. We work with lenders who assess self-employed income properly — SA302s, company accounts, day rates.
Self-Employed Mortgages →Based in Marlow
Local Knowledge — Berkshire, Buckinghamshire and Beyond
We're based in Marlow and most of our first time buyer clients are buying across Berkshire and Buckinghamshire — Marlow, Maidenhead, Windsor, Reading, High Wycombe, Ascot, Bray, and the surrounding towns.
We know what properties are going for in these areas, how competitive the market is right now, and how local prices affect what deposit amounts and LTV tiers are realistic for buyers here. That local context matters when we're working out what's achievable for you.
We also work with clients across the UK. If you're not local, everything can be done over the phone or by video.
If you want advice grounded in the local market, see our Marlow mortgage broker page for more on the areas we support and how we help buyers based in and around SL7.
"Home Me made buying our first home far less stressful than we expected. They found us a great rate with a 5% deposit, handled everything with the lender, and saved us £3,200 in fees."
— Sarah & James, Maidenhead
Why Choose Us
Why First Time Buyers Choose Home Me Mortgages
Whole-of-market access
We're not tied to any lender. We search 90+ lenders, including exclusive rates only available through a broker.
Transparent fees
Initial consultation and mortgage search are free. Our fees are transparent and only charged once we've submitted your application. Get in touch to find out more.
FCA regulated advice
Authorised and regulated by the Financial Conduct Authority. Every recommendation is based on your circumstances.
Experience with complex situations
Self-employed, adverse credit, small deposit, tight affordability — we deal with these every week.
25+ years. £220M+ secured. 2,800+ clients helped.
The Process
How It Works
Step 01
Free Consultation (30 minutes)
We go through your income, deposit, credit history, and what you're looking for. By the end you know exactly how much you can borrow and which lenders and schemes suit your situation.
Step 02
We Search and Recommend (1–2 weeks)
We search the whole market and recommend the mortgage that fits — not the one with the best commission. We walk you through the recommendation before you commit to anything.
Step 03
We See It Through to Completion (6–8 weeks)
We handle the application, deal with the lender, and keep you updated. You focus on the move.
FAQs
First Time Buyer Questions — Answered Directly
What is a first time buyer mortgage?
A mortgage for someone who has never owned residential property in the UK or abroad, buying a home as their main residence. It gives you access to reduced stamp duty and certain government schemes.
Can I get a first time buyer mortgage with a 5% deposit?
Yes. 95% LTV mortgages are available from a range of lenders. You'll be in the highest LTV bracket so rates won't be the cheapest available — but it's a common and legitimate route onto the ladder.
How much can I borrow as a first time buyer?
Most lenders use 4x to 5x your gross annual income. Your credit history, existing commitments, and deposit size also factor in. Use our affordability calculator or call us for an accurate figure.
What is the stamp duty threshold for first time buyers?
No stamp duty up to £300,000. 5% on the portion between £300,001 and £500,000. Standard rates above £500,000 with no first time buyer relief. Use our stamp duty calculator to see your exact figure.
What government schemes are currently available?
Shared Ownership, the First Homes Scheme, and the Mortgage Guarantee Scheme are all currently open. Help to Buy equity loans closed in October 2022. We'll confirm which schemes apply to your situation.
Should I use a mortgage broker or go direct to a bank?
A bank only shows you its own products. We search the whole market. For a first time buyer who doesn't know the landscape, the difference can easily be thousands of pounds over the mortgage term.
What credit score do I need?
There's no fixed minimum. Each lender runs its own checks. A clean history for the last two to three years gives you the widest choice. Older adverse credit doesn't automatically rule you out — we'll tell you what your options are.
How long does it take?
Consultation to mortgage offer: typically two to four weeks. Offer to completion: four to six weeks. Budget eight to ten weeks from your first call to getting your keys, though it can move faster.
What are all the upfront costs?
Deposit, stamp duty, solicitor fees (£1,000–£2,000), a property survey (£250–£750), and our arrangement fee (£499, charged on completion). Many mortgage deals are fee-free or allow the lender fee to be added to the loan. We give you a full cost breakdown before you commit.
Find Out What You Can Get —
No Commitment, No Upfront Cost
A free 30-minute consultation is all it takes to know your borrowing limit, the rates you can access, and what your monthly payments would look like.
Or call us on 01628 884 693