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Compare 1000s of First time buyer rates & deals

Our best buy tables are a great starting point to give you an idea of what rates are available, but to find out which deals you actually qualify for use our Online Mortgage Finder or speak to one of our expert advisers. Whichever one you choose you’ll benefit from our expert help and support throughout the entire mortgage process.

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L&C annual cost

Comparing mortgages isn’t easy. Sometimes deals look attractive because they have a low initial rate, but you also need to take into account any fees that come with the mortgage deal. We recommend annual cost as the best way to see which mortgage deal offers the best value for the size of mortgage you’re looking to take.

This is how we calculate the annual cost:

  • We add up all the fees associated with the mortgage deal and deduct any cash back to find total fees
  • We then divide the total fees by the number of months the initial mortgage rate lasts to find the total fees per month
  • We add the total fees per month to your monthly mortgage payment and multiply by 12 to calculate the annual cost

By comparing mortgage deals looking at annual cost you can see which one would be cheapest for you taking into account fees as well as the interest rate. The annual cost only applies to the initial deal as its always best to consider switching once the initial deal is over to see if you could save money.


Who is lending the money and what sort of mortgage is it.


About your borrowing ability

Calculating exactly how much you can borrow depends on a number of things, such as:

  • How much you spend each month on regular commitments
  • Whether you're paid a basic salary, a basic salary plus bonus, commission or overtimeIf you're self employed
  • The amount of deposit you have
  • Your age and whether you are looking to borrow beyond your retirement date

One of the most important factors in determining how much you can borrow is the lender. Each lender has different criteria and as brokers who, last year successfully placed mortgages with 59 different lenders, we are perfectly placed to match the right lender to your borrowing requirements.

What if I need to borrow more?

Sometimes it can be possible to borrow more than the calculator on our website shows you and that's where our expertise comes in. We are sometimes able to arrange higher borrowing by taking your own individual circumstances into account.

* All potential borrowing is subject to affordability checks and credit status

Initial rate

The rate you will pay at the start of your mortgage.

Monthly repayments

Your monthly payment when your mortgage starts, based on the loan amount you entered.

Scheme fees

The total of the lender's booking, arrangement and valuation fees.

Annual cost

The annualised cost of this mortgage.

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APRC stands for Annual Percentage Rate of Charge. It shows you the total cost of a mortgage, including fees, over the entire term of the loan.

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Our first time buyer best buys

When compiling our first time buyer best buy tables we compare the best first time buyer mortgage rates from across the UK market, including deals that are exclusive to us. It's important to remember that the best first time buyer mortgage deals are not necessarily about getting the lowest mortgage rate possible, you also need to take into account all the fees and charges associated in setting up your new mortgage deal.

By choosing L&C to find your next first time buyer mortgage deal our advisers will research the market for you, looking at criteria, set up fees and the rate to help you compare the best first time buyer mortgage deal for your circumstances, saving you time and effort. Our best buy tables above show you the first time buyer mortgage deals currently available, both fixed rates and variable rates, whether you are looking to purchase or remortgage to a better deal.

After taking out a first time buyer mortgage or another financial product, 93% of L&C customers would recommend us based on 1465 respondents. Read our reviews

Finding the right mortgage as a first time buyer

Getting onto the property ladder can seem daunting unless you have the right advice and guidance.

You’ll need to work out if you’re eligible for a mortgage and how much you can borrow, as well as which type of mortgage to go for and how much it’s going to cost you.

The good news is that it’s easy to get started with your first mortgage with L&C’s online Mortgage Finder. All you need to do is enter your details, including how much you want to borrow and how big a deposit you’ve got to put down and the Mortgage Finder will show you all the deals you are likely to qualify for.

Why apply for your first mortgage with L&C?

Applying for your first mortgage with L&C can help save you time, money and hassle.

  • Our online Mortgage Finder allows you to start your mortgage journey on your desktop or mobile device, either at home or on the go.
  • You’ll need to provide information such as the purchase price of the property you’re considering buying, how much you want to borrow, and how long you want to repay your mortgage over.
  • The Mortgage Finder will give you a list of personalised results in real time, which will show you all the deals you might be eligible for.
  • Once you’ve sent us your completed Mortgage Finder, you’ll get your ‘Decision in Principle’ by email. If we need to check anything, one of our expert advisers will give you a call to confirm your details and fill in any blanks, before sending you a Decision in Principle certificate. This will give you an indication of how much you might be able to borrow before you submit a mortgage application and receive a formal mortgage offer.
  • Our advice won’t cost you a penny. Like all other brokers, we receive a payment from the lender when the mortgage completes, but we choose not to charge our customers a fee on top of this. You’ll pay no more applying through us than you would going directly to the lender on the same deal.

Lending criteria & eligibility

You must be aged at least 18 to apply for a mortgage as a first time buyer.

When you submit your application, lenders will look closely at how much you earn. They will also want to know about all your outgoings, such as any loan or credit card repayments, and the amount you spend on things like travel, food and utilities. If you can reduce unnecessary outgoings before you make an application, it could boost your chances of being accepted.

They will check your credit history too, which shows how you’ve managed debts in the past. If you’ve been late with or have missed any payments this might have affected your credit score and may mean your mortgage application is refused. You can find out about this in our guide How does your credit score affect your ability to get a mortgage?

We offer the best mortgage options for first time buyers

There are lots of different mortgage options to choose from, so it’s worth weighing up the pros and cons of each before deciding which one to go for.

  • Fixed rate mortgages. As the name suggests, with a fixed rate mortgage your interest rate won’t change for the term of the deal. You can typically lock into a fixed rate mortgage for anything between two and ten years, although sometimes even longer deals are available. Fixed rate mortgages usually appeal to first time buyers who want peace of mind that their monthly payments won’t change, whatever happens to interest rates.
  • Tracker mortgages. Tracker mortgages are variable rate mortgages and usually track the Bank of England base rate, plus a set percentage. The main advantage of a tracker deal is that when rates are falling you will benefit. However, when rates start to rise, so will the cost of your payments.
  • Discounted mortgages: Discounted mortgages are also variable rate deals, typically offering a discount from the lender’s Standard Variable Rate (SVR). This rate can change over time if the SVR goes up or down.
  • Capped rate mortgages. Capped deals are again variable rate mortgages, so the rate and your payments can move up or down over time, but there is a cap or ceiling which the rate cannot exceed. This can provide peace of mind that your monthly payments won’t increase beyond a certain point during the term of the deal, even if rates keep rising.
  • Parental support mortgages. Several lenders offer first time buyer mortgages which enable parents to use their savings to help their children get onto the property ladder. Parents usually commit to putting a percentage of the first time buyer’s property value into a savings account held with the lender for a few years. Other lenders may allow parents to borrow extra on their mortgage to gift to children as a deposit.

Find out more about the various kinds of mortgage you can choose from in our guide Different types of mortgage explained.

Choosing your first mortgage

Before you choose your first mortgage, there are a few initial steps you need to take.

  1. Find out how much you can borrow. The amount you’ll be able to borrow will depend on your income and outgoings, and how much deposit you have to put down. Our How much can I borrow? calculator can give you a quick idea of the likely mortgage amount you can borrow.
  2. Work out how big a deposit you can afford to put down. You’ll usually need to save a deposit of at least 5% of the property value. However, if you’re able to save more than this, you’ll have access to a wider range of mortgages at more competitive rates, as lenders will consider you a lower risk.
  3. Factor in other costs. Remember that as well as saving a deposit, you’ll also need to save up for the other costs of buying a home, such as legal fees and moving costs. Fortunately, when it comes to Stamp Duty, there is help available for most first time buyers in England, Northern Ireland and Scotland in the form of first time buyer relief. You can read more about this here.
  4. Understand the key differences between the different mortgage types. It’s worth getting to grips with how different types of mortgage work so that you can pick the right deal to suit your needs. For example, if budgeting certainty is a top priority, you might decide a fixed rate mortgage is best for you, but if you don’t mind your monthly payments moving up or down over time, you might prefer a variable rate deal.
  5. Calculate how much your repayments will be each month. Your mortgage needs to be affordable, so you’ll need to make sure your monthly payments aren’t going to be too much of a financial stretch. The longer your mortgage term, the less your monthly payments will cost, but the more interest you’ll end up paying back overall, and vice versa. Use our How much will my mortgage cost? calculator to help you find out the cost of your mortgage.

Remember too that if you’re struggling to get onto the property ladder, there are Government schemes available that may help.

Hopefully you’ll now have a clearer idea of which type of mortgage you want and the sort of information lenders will want to see when you apply for a mortgage.

Whether you want a fixed or variable deal, our online Mortgage Finder searches over 90 lenders’ deals on your behalf, which means finding and applying for your first time buyer mortgage needn’t involve filling out lots of mortgage enquiries for different mortgage providers.

Our experts will advise you on the best deal for you, and once you’ve applied for your mortgage, you can then track your application online 24/7 so you know exactly how it’s progressing.

Begin your online mortgage journey using our Mortgage Finder.

First time buyer FAQs

What is a first time buyer mortgage?

First time buyer mortgages are designed to help those who are trying to get onto the property ladder. They might be available to people with only a small deposit (typically 5% of the property value) to put down, or they might offer cashback to help cover costs.

Find out more about first time buyer mortgages

What is a loan to value ratio (LTV)?

The loan to value ratio is a term used by lenders to express how big a mortgage they are prepared to offer you in relation to the value of the property you are buying, subject to other criteria. For example, if a lender offers a first time buyer mortgage with a 95% LTV, this means they will lend you up to 95% of the property value.

Can you get 100% mortgages for first time buyers?

100% mortgages used to be more widely available to first time buyers, but today most lenders usually require a minimum deposit of at least 5%.

There are deals available which don’t require first time buyers to have a deposit, but parents or other family members must usually agree to put down a percentage of the purchase price of the property into a savings account, or provide other security for the mortgage.

What is a 95% mortgage?

A 95% mortgage allows you to borrow 95% of the property value.

You therefore need to save a 5% deposit to qualify. For example, if you’re buying a property costing £200,000, you’ll have to put down a deposit of at least £10,000.

What costs are involved in getting my first mortgage?

The most common costs associated with getting a first mortgage are:

  • Mortgage arrangement fees (sometimes charged by lenders )
  • Legal fees
  • Valuation fees

However, sometimes lenders offer to cover some of these costs, so depending on which deal you choose, you may not have to pay all of these. Read our guide to the costs of buying a house to find out more.

Which schemes are available to help first time buyers?

There are several Government schemes available to help first time buyers get onto the property ladder, such as shared ownership.

There are also schemes to help first time buyers save up a deposit, such as the Lifetime ISA, with the Government topping up contributions made into these accounts by 25%. Find out more about how these schemes work in our Guide to government schemes for first time buyers.

How much deposit do I need to buy my first house?

A minimum 5% deposit is usually needed to buy your first home. However, if you can save more than this, you’ll have access to a wider range of mortgages at more competitive rates. Find out more about deposits in our guide How much deposit do I need to buy a house?

What’s the difference between repayment & interest only mortgages?

With a repayment mortgage, you pay back some of the capital you owe as well as interest each month. An interest only mortgage, as the name suggests, involves only paying back the interest. The capital must be repaid at the end of the mortgage term, so it’s essential to have a clear plan as to how you’ll save up enough to do this.

Why use a mortgage broker for my first mortgage?

Finding the right mortgage for you can be challenging, especially with so many different deals to choose from. A mortgage broker can advise you on the available options and help you find the best deal based on your individual circumstances. They’ll also help you through the application process, ensuring everything runs smoothly. Learn more in our guide What does a mortgage broker do?