First Time Buyer Mortgage


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First Time Buyer

First time buyer mortgages are no different to normal residential mortgages. Sometimes however, a mortgage lender will issue special deals for first time buyers. It is good to have a basic understanding of the types and repayment options available to you. Especially as a first time buyer. The most common types of mortgage are:

Types of mortgage

  • Fixed mortgage rates
  • Discounted rate
  • Tracker rate
  • Offset mortgage


  • Repayment
  • Interest only

Who can apply for a mortgage?

You must be at least 18 years old to apply. You can apply for a mortgage on your own or for a joint mortgage.

As long as at least one person has never owned a property before, you can often apply for a first time buyer mortgage.

The main obstacle a first time buyer has faced in the last few years is the level of deposit. Historically first time buyers used to be able to put but down 5% deposit. Over the last 3 years with property values falling, mortgage lenders have either withdrawn their low deposit mortgages or increased the rate of interest. For example, a first time buyer with a 10% deposit could pay 2 - 3% more than someone buying with a 25% deposit. This doesn't mean that you wouldn't get a first time buyer mortgage with between 5 - 10% deposit but it does mean that you will certainly be paying more than someone with a higher deposit. Generally, a first time buyer(s) will need 10% deposit.

You then need to consider how much you can borrow.

About Us

Impartial Mortgage & Protection is an Independent Mortgage Broker and Insurance Brokerage.

Head Office

Enterprise House, Ocean Village,
Southampton, Hampshire,
SO14 3XB

02380 221700

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Wills & trusts, conveyancing services, and most forms of buy-to-let mortgages are not regulated by the Financial Conduct Authority.
As a mortgage broker, Impartial receives a fee from mortgage lenders, which is normally a small percentage of the loan we arrange. We do not charge a fee for mortgages over £100,000. For mortgages of under £100,000 there may be a fee for mortgage advice, the specific amount will depend upon your circumstances but our typical fee is £200

Impartial Mortgage & Protection Ltd is an Appointed Representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority. Impartial Mortgage & Protection Ltd. Registered office: Enterprise House, Ocean Village, Southampton, United Kingdom, SO14 3XB. This website and its content is copyright of Impartial - © Impartial 2016. All rights reserved. Company registration number 09648996

The guidance contained in this website is subject to the UK regulatory regime and is therefore targeted at consumers based within the UK.

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