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.
Use Our Monthly Payment Calculator →
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.
Use Our Affordability Calculator →
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 |
Example: On a £280,000 first home you pay nothing. On a £450,000 purchase you pay £7,500 — compared to £12,500 for a non-first-time buyer. A saving of £5,000.
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.
Help to Buy equity loans closed in October 2022. It’s no longer available. We’ll only tell you about schemes that are actually open.
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.
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.
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