First-time buyer FAQs

Buying your first home is exciting, but it can also raise lots of questions—especially around deposits, mortgage options, affordability, and whether to work with an adviser.

This page brings together common first-time buyer mortgage FAQs with practical information to help you understand the process and plan ahead. For more detailed topics, you can also explore our first-time buyer guides and resources.

What is a first-time buyer mortgage?

A "first-time buyer mortgage" isn't usually a single product type. Instead, it's a label used to describe mortgages arranged for people who are buying a property for the first time.

In practice, the mortgage you choose will depend on factors such as:

• the size of your deposit
• the type and value of the property
• your income and regular outgoings
• your credit history
• whether you need flexibility (for example, a different repayment structure)

Many lenders offer standard residential mortgages that work well for first-time buyers, and some products or schemes are designed to support lower deposits or specific buyer circumstances.

Am I a first-time buyer for mortgage purposes?

Definitions can vary slightly between lenders and schemes, but you're commonly treated as a first-time buyer if you have not previously owned a residential property (including situations involving freehold or leasehold).

You may not be treated as a first-time buyer if, for example:

• you already own a property (or previously owned one)
• you are buying with someone who has owned a property before
• you have inherited a property (even if you never lived in it)
• a family member or another person is purchasing for you and they already own a home

If you're unsure, it's worth checking the specific lender or scheme rules that apply to your situation.

How much deposit do I need as a first-time buyer?

Many first-time buyers worry that they must save a large deposit before they can buy. While a bigger deposit can help, it isn't the only factor.

There isn't one fixed deposit amount for everyone, but many first-time buyers aim for a deposit in the 5% to 10% range.

A few practical points matter more than the headline percentage:

• Loan-to-value (LTV): the higher your deposit, the lower the LTV, which can improve your options.
• Deposit source: lenders typically want evidence that the funds are genuinely available and belong to you (or are permitted gifts/assistance, where applicable).
• Product availability: some mortgages are more widely available at certain LTV levels than others.

Your deposit size can influence:

• the mortgage options available to you
• the level of risk a lender may consider
• the interest rate and overall cost of borrowing (which can vary by lender and product)

If saving is difficult, it may be worth discussing whether there are schemes or mortgage structures that could suit your situation—particularly for certain new-build purchases or where additional support may apply.

How much can I borrow as a first-time buyer?

Your borrowing amount is not based on being a first-time buyer alone. Lenders generally focus on:

• Affordability: whether you can comfortably afford repayments based on your income and outgoings.
• Credit history: how you've managed credit commitments in the past.
• Deposit and LTV: how much you're contributing compared with the purchase price.
• The property: including the lender's valuation and any property-related restrictions.

Even with a deposit, the final decision depends on whether your overall application fits the lender's affordability and risk criteria.

What is "mortgage affordability" and how is it assessed?

Mortgage affordability is how much a lender believes you can borrow safely based on your financial circumstances.

Affordability assessments typically consider:

• your income (including how stable it is)
• your monthly outgoings
• existing financial commitments
• the amount you're borrowing and the repayment type

Because lenders can assess affordability differently, the same applicant may see different outcomes depending on the lender and product.

A deposit can help you access more options, but it doesn't automatically mean you'll be accepted. Lenders will assess whether your monthly commitments leave enough "headroom" for mortgage repayments. This includes existing debts, credit commitments, and how stable your income is.

If your income is variable, you have significant outgoings, or your financial commitments are higher than expected, your maximum borrowing may be reduced.

Can I get a mortgage with no deposit?

In most situations, buying with no deposit is difficult, because lenders generally require some level of deposit contribution.

A mortgage with no deposit is not common, but there may be low-deposit routes available depending on the scheme and your circumstances.

If you're aiming for a minimal deposit, it's important to consider how this can affect:

• The interest rate you may be offered
• The size of your monthly repayments
• Whether you'll need additional support (for example, from family)
• How lenders view the overall risk of the application

With a smaller deposit, it's especially important to consider:

• whether the repayments are comfortable if rates change at the end of any fixed period
• the total cost of the mortgage, including fees
• how the lender views the overall risk of the application

However, there may be routes that reduce the deposit burden depending on your circumstances (for example, support for certain new-build purchases or other structured approaches). The key is to understand what's realistic for your budget and the property you want to buy.

Can I get a mortgage if I have bad credit?

Some first-time buyers worry that past credit issues automatically rule them out. While a poor credit history can make borrowing more challenging, it doesn't always mean you can't get a mortgage.

What matters is the detail—such as the type of issue, how long ago it occurred, and how your finances look now.

"Bad credit" can mean different things to different lenders—such as missed payments, defaults, county court judgments, or other adverse markers—and the impact can depend on:

• how recent the issues are
• whether they've been resolved
• your current financial situation and affordability
• the strength of the overall application

Specialist lenders may consider applicants differently, and the right mortgage product may depend on your overall circumstances. Rather than relying on general assumptions, it's usually best to consider the specific circumstances and how a lender is likely to assess them.

What credit score is needed to buy a house?

There isn't a single "required" credit score that applies to every lender. Lenders generally look at credit history and how you manage credit, but they may use their own scoring models and underwriting approach.

Even if your credit score isn't perfect, you may still be able to apply—particularly if your wider financial picture is strong (income, affordability, deposit, and conduct on existing accounts).

Lenders use credit information to help assess risk. They may consider:

• whether you've made payments on time in the past
• how much credit you currently use
• any missed payments or defaults

A credit report doesn't always tell the full story, but it can influence what lenders are comfortable offering.

Will leasing a car affect buying a house?

It can. Leasing payments are usually treated as a regular monthly commitment, which can reduce the amount of disposable income available for mortgage repayments.

If you're leasing (or planning to lease), it's worth factoring those payments into your affordability planning early, so you can understand how they may influence borrowing.

How do I choose between fixed and variable mortgage rates?

Mortgage rates and structures can affect your monthly payments and long-term cost.

Most mortgages differ by how the interest rate behaves over time. Common options include:

• Fixed-rate mortgages: the interest rate remains the same for a set period, which can help with budgeting.
• Variable-rate mortgages: the rate can change over time. Repayments may go up or down depending on lender pricing and wider market conditions.
• Tracker mortgages: the rate follows a reference rate (often linked to a base rate) plus a margin. When the reference rate moves, the mortgage rate can move too.
• Discounted mortgages: offered at a discount to a lender's standard variable rate (SVR). The discount may end after a period, and thereafter the mortgage may revert to the lender's SVR.

When deciding between fixed and variable options, consider:

• how long you want payment certainty
• whether you expect your income or outgoings to change
• your comfort level with potential rate changes over time
• the overall repayment term

The "best" option depends on your priorities—such as payment stability, how long you expect to stay in the property, and how comfortable you are with potential rate changes.

A mortgage adviser can help you compare options in a way that reflects your priorities, not just the headline rate.

What is an Agreement in Principle (AIP) and is it the same as a mortgage offer?

An Agreement in Principle (sometimes called a mortgage in principle) is an early indication of how much you might be able to borrow.

It's not the same as a full mortgage offer. A formal offer usually comes after a more detailed application, checks, and underwriting.

A Mortgage in Principle (also known as a Decision in Principle) is an early indication from a lender of how much they may be willing to lend based on information you provide. It is not the same as a full mortgage offer. A final decision depends on further checks, including affordability verification and the property valuation.

An AIP can still be useful when you're shopping for a property, as it helps you understand your budget and can strengthen your position with sellers.

What documents will I need for a mortgage application?

Mortgage applications usually require evidence of identity and financial circumstances.

While requirements vary by lender and your circumstances, lenders commonly request evidence relating to:

• income (and how it's earned)
• employment status or contracts
• outgoings and existing financial commitments
• identity
• deposit source (where applicable)
• details of the property and purchase

Commonly requested documents include:

• Proof of identity (for example, passport or driving licence)
• Proof of address (for example, a recent utility bill or council tax statement)
• Proof of income (such as payslips or accounts)
• Bank statements
• Details of your deposit and savings
• Information about your existing financial commitments

Having your paperwork ready can help reduce delays once you move from early checks to a formal application.

A mortgage adviser can help you understand what's likely to be needed for your specific circumstances so you can gather everything early.

Does being self-employed or a contractor affect my mortgage?

Self-employed and contractor applicants can face additional scrutiny because income may be structured differently.

Lenders may look at:

• the stability of your earnings
• how long you've been in your role or business
• how your income is evidenced

Specialist mortgage options may be available depending on your income pattern and supporting documentation.

How does the property valuation affect my mortgage?

Lenders typically require a valuation to confirm the property's value as security for the loan.

If the valuation comes in lower than the purchase price, it can affect the mortgage amount offered. Common outcomes include:

• adjusting the purchase price
• increasing your deposit to meet the lender's LTV requirements
• exploring alternative mortgage options

What if my parents or family can help with the purchase?

Some first-time buyers receive support from family, whether that's contributing to a deposit or offering a form of guarantee.

Family support can take several forms, and the impact depends on the structure of the support.

Common examples include:

• Helping with the deposit (for example, gifted funds)
• Contributing towards monthly costs
• In some cases, supporting the application in a way that may affect how the mortgage is assessed

Where family support is available, it can sometimes open up additional mortgage possibilities. Where family help is involved, it's important that the arrangement is clear and properly evidenced, as lenders will want to understand the source and nature of any funds. The best approach depends on how the support is structured and how it affects the mortgage application.

Are there mortgages designed for young professionals?

Some mortgage products may be more suitable for applicants with particular income profiles, such as early-career professionals.

The right mortgage still depends on affordability, deposit level, and the property you're buying—rather than age alone.

What first-time buyer schemes are available?

There are schemes that may help with deposit or affordability, depending on your circumstances and the property you're buying.

Help to Buy is a term many people associate with support for new-build purchases. Whether a scheme is available and what it can be used for can change over time.

Examples (where available) can include:

• Shared ownership (buying a share and paying rent on the remainder)
• Government-backed or low-deposit options (such as the Mortgage Guarantee Scheme)
• Other affordability-focused routes that may reduce the upfront deposit requirement

If you're considering a new-build property, it's important to check what support (if any) applies to your specific situation and the scheme rules at the time you're buying. Scheme rules can be specific, so it's important to check eligibility based on the latest guidance.

For general information, you can refer to:

• https://www.gov.uk/browse/housing-local-services/first-time-buyers

What is a house survey and do I need one?

A house survey helps identify potential issues with a property before you commit fully.

While lenders may have their own requirements, a survey is for your benefit—helping you understand the condition of the property and potential repair or maintenance needs.

The type of survey you choose can vary depending on the property and your preferences.

What costs should first-time buyers budget for?

Mortgage repayments are only one part of the overall cost of buying a home.

Do first-time buyer mortgages have fees?

Mortgage fees can vary depending on the mortgage type and the advice/support you choose. Some costs may be paid to the lender, while others relate to the mortgage arrangement and the advice process.

If you're comparing options, it's helpful to look at the full picture: any upfront fees, ongoing costs, and how these compare to the interest rate and overall cost of the mortgage over time.

Typical buying costs can include:

• deposit
• solicitor or conveyancing fees
• survey costs
• moving costs
• Stamp Duty Land Tax (where applicable)
• ongoing home running costs (utilities, insurance, maintenance)

Planning for these items early can help you avoid last-minute funding issues.

How long does the first-time buyer mortgage process take?

Timelines vary depending on factors such as:

• how quickly documents are provided
• the complexity of your application
• the lender's underwriting process
• the property and chain situation

In general, moving from early checks to a formal mortgage offer takes time, so it's helpful to prepare your paperwork and keep your process organised.

The process often includes:

• initial checks after application
• a mortgage offer (subject to conditions)
• property valuation
• final underwriting and completion steps

If paperwork is complete and information is consistent, decisions can be quicker. Delays are more likely where there are gaps in evidence, complex income details, or valuation issues.

Can I manage my mortgage application remotely?

Many parts of the mortgage process can be completed without visiting an office in person. Remote options may include document sharing, application discussions, and updates via video calls or other online methods.

How much can be done remotely can depend on the lender's requirements and the complexity of your application, but remote support is often available for first-time buyers who prefer convenience.

What happens after I get a mortgage offer?

Once you have a mortgage offer, the next steps typically involve:

• progressing the property purchase through conveyancing
• meeting any conditions attached to the mortgage offer
• preparing for exchange and completion

Your solicitor and lender will guide the process through the remaining stages.

Can I switch my mortgage later?

Many homeowners remortgage at some point, depending on their circumstances and the market.

If you're planning for the future, it can be helpful to consider how flexible your mortgage might be and what options could exist later—particularly if your income or property plans may change.

How do I avoid making the wrong decision?

The best way to reduce risk is to make sure your mortgage choice matches your real-life budget and plans. Consider:

• Whether the monthly repayments are comfortable now and in the future
• How changes to interest rates could affect affordability
• The impact of fees and charges on the overall cost
• Whether the mortgage term fits your expected timeline

A clear, well-informed decision often comes from comparing options and stress-testing your budget rather than focusing on a single headline figure.

Working with a Mortgage Adviser

What does a mortgage adviser do?

A mortgage adviser helps you understand your options and work through the mortgage process. For first-time buyers, that often means turning a complex set of lender requirements into a clear plan.

In practice, a mortgage adviser may:

• Discuss your income, outgoings, deposit and goals to understand what you could realistically afford
• Explain different mortgage types and how they may affect your monthly payments and risk
• Help you prepare for lender checks by highlighting what information is typically required
• Support you with the application process and help you avoid common mistakes that can delay decisions

It's also common for advisers to act as an intermediary between you and lenders, using their knowledge of the market to help you compare suitable options.

Do I need a mortgage adviser?

You don't have to use one, but many first-time buyers find an adviser helpful—especially if you're unsure where to start, comparing mortgage types, or trying to make sense of affordability and paperwork.

A mortgage adviser can be particularly useful when:

• You're buying for the first time and want guidance through the steps
• Your situation is more complex (for example, multiple income sources)
• You want help understanding how different mortgage structures could affect you
• You'd like support in preparing a strong application

Even if you already have a mortgage in mind, an adviser can still help you check that it fits your circumstances and timeline.

What questions should I ask a mortgage adviser?

Asking the right questions can help you feel confident about the process and understand how decisions are made. Useful questions include:

• How much could I borrow, based on my income and outgoings?
• What mortgage types are most suitable for my situation, and why?
• What are the key costs to consider (for example, fees and any ongoing charges)?
• What would my monthly repayments look like under different options?
• How could changes in interest rates affect my mortgage?
• What are the potential risks or downsides of each option I'm considering?
• What happens next, and what are the typical timeframes?

If you're unsure about any part of the process, it's reasonable to ask for it to be explained in plain English.

How does a mortgage adviser charge?

Mortgage adviser fees can vary. Some advisers may charge a fee for advice or for arranging a mortgage, while others may receive commission from lenders.

What matters most is clarity: you should expect to understand the fee structure upfront, including any costs that could apply if you proceed.

What should I expect from the first meeting?

A first meeting typically focuses on understanding your situation and goals. You can usually expect to cover:

• Your income, deposit and monthly commitments
• Your timeline for buying
• The type of property you're looking at
• The mortgage options that could be suitable

From there, an adviser can help you identify what information you'll need next and what steps are likely to follow.

Mortgage adviser vs doing it alone

For first-time buyers, the biggest difference is support and structure. Doing it alone can be workable, but it often requires you to research mortgage types, understand lender criteria, and manage the paperwork yourself.

Using a mortgage adviser can help you:

• Compare options in a more structured way
• Understand trade-offs between mortgage types
• Prepare for lender requirements earlier
• Reduce the risk of avoidable delays caused by missing information

Are mortgage advisers regulated?

Mortgage advice in the UK is subject to regulatory requirements. The level of authorisation and the type of advice provided can vary, so it's sensible to check the adviser's status and how they operate.

If you're considering advice, it's also helpful to understand what the adviser will and won't do, and how they will explain any recommendations.

Where can I find more first-time buyer guidance?

If you want to go deeper on specific topics, our first-time buyer guides and resources cover areas such as:

• mortgage types and how they work
• affordability and application documents
• Stamp Duty and other buying costs
• common myths and practical next steps

You can also explore our first-time buyer calculator to understand borrowing potential at an early stage.

Important notes

Mortgage availability and eligibility depend on individual circumstances and lender criteria. This page provides general information and does not replace advice tailored to your situation.