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first time buyer
Mortgages

COMPARE 1000S OF first time buyer MORTGAGE RATES

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Matching mortgages
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Furness
Max LTV 80%:
4.35% discount for 2 years
Initial rate
1.29%
then 5.64% (variable)
Monthly repayments
£488
Scheme fees
£749
Annual cost
£6,227
Fees and charges
Booking fee £0
Arrangement fee £999
Valuation fee £0
Other fees £0
Cashback £250
Flexibility
Overpayments allowed? 10% p/a
Early Repayment Charge:
3% reducing to 2% for 2 years
Other info
Exit fee £0
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 1.29% and then on a variable rate of 5.64% for the remaining 23 years would require 24 payments of £487 and 276 payments of £753. The total amount payable would be £220,265 made up of the loan amount plus interest (£94,516) and fees (£749). The overall cost for comparison is 5.0% APRC representative.
Max LTV 80% Early Repayment Charges apply
Overall cost for comparison 5.0% APRC
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Beverley BS
Max LTV 65%:
3.47% discount for 2 years
Initial rate
1.52%
then 4.99% (variable)
Monthly repayments
£501
Scheme fees
£2,230
Annual cost
£7,128
Fees and charges
Booking fee £0
Arrangement fee £1,895
Valuation fee £335
Other fees £0
Cashback £0
Flexibility
Overpayments allowed? 10% p/a
Early Repayment Charge:
2% for 2 years
Other info
Exit fee £175
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 1.52% and then on a variable rate of 4.99% for the remaining 23 years would require 24 payments of £501 and 276 payments of £711. The total amount payable would be £210,490 made up of the loan amount plus interest (£83,260) and fees (£2,230). The overall cost for comparison is 4.4% APRC representative.
Max LTV 65% Early Repayment Charges apply
Overall cost for comparison 4.4% APRC
?
Beverley BS
Max LTV 65%:
3.47% discount for 2 years
Initial rate
1.52%
then 4.99% (variable)
Monthly repayments
£501
Scheme fees
£2,230
Annual cost
£7,128
Fees and charges
Booking fee £0
Arrangement fee £1,895
Valuation fee £335
Other fees £0
Cashback £0
Flexibility
Overpayments allowed? 10% p/a
Early Repayment Charge:
2% for 2 years
Other info
Exit fee £175
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 1.52% and then on a variable rate of 4.99% for the remaining 23 years would require 24 payments of £501 and 276 payments of £711. The total amount payable would be £210,490 made up of the loan amount plus interest (£83,260) and fees (£2,230). The overall cost for comparison is 4.4% APRC representative.
Max LTV 65% Early Repayment Charges apply
Overall cost for comparison 4.4% APRC
?
Monmouthshire BS
Max LTV 80%:
3.35% discount for 2 years
Initial rate
1.64%
then 4.99% (variable)
Monthly repayments
£508
Scheme fees
£1,409
Annual cost
£6,803
Fees and charges
Booking fee £150
Arrangement fee £999
Valuation fee £260
Other fees £0
Cashback £0
Flexibility
Overpayments allowed? 10% p/a
Early Repayment Charge:
1% for 2 years
Other info
Exit fee £125
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 1.64% and then on a variable rate of 4.99% for the remaining 23 years would require 24 payments of £508 and 276 payments of £712. The total amount payable would be £210,113 made up of the loan amount plus interest (£83,704) and fees (£1,409). The overall cost for comparison is 4.5% APRC representative.
Max LTV 80% Early Repayment Charges apply
Overall cost for comparison 4.5% APRC
?
Yorkshire BS
Max LTV 75%:
Base +0.74% to 31/07/24
Initial rate
1.74%
then 4.74% (variable)
Monthly repayments
£514
Scheme fees
£995
Annual cost
£6,667
Fees and charges
Booking fee £0
Arrangement fee £995
Valuation fee £0
Other fees £0
Cashback £0
Flexibility
Overpayments allowed? 10% p/a
Early Repayment Charge:
1% until 31/07/24
Other info
Exit fee £90
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 1.74% and then on a variable rate of 4.74% for the remaining 23 years would require 24 payments of £514 and 276 payments of £696. The total amount payable would be £205,427 made up of the loan amount plus interest (£79,432) and fees (£995). The overall cost for comparison is 3.9% APRC representative.
Max LTV 75% Early Repayment Charges apply
Overall cost for comparison 3.9% APRC
?
Barclays
Max LTV 60%:
Base +0.75% for 2 years
Initial rate
1.75%
then 4.49% (variable)
Monthly repayments
£515
Scheme fees
£999
Annual cost
£6,676
Fees and charges
Booking fee £0
Arrangement fee £999
Valuation fee £0
Other fees £0
Cashback £0
Flexibility
Overpayments allowed?
Early Repayment Charge:
None
Other info
Exit fee £80
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 1.75% and then on a variable rate of 4.49% for the remaining 23 years would require 24 payments of £514 and 276 payments of £679. The total amount payable would be £200,739 made up of the loan amount plus interest (£74,740) and fees (£999). The overall cost for comparison is 3.2% APRC representative.
Max LTV 60% No Early Repayment Charges
Overall cost for comparison 3.2% APRC
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Skipton
Max LTV 60%:
Base +0.79% for 2 years
Initial rate
1.79%
then 4.89% (variable)
Monthly repayments
£517
Scheme fees
£995
Annual cost
£6,703
Fees and charges
Booking fee £0
Arrangement fee £995
Valuation fee £0
Other fees £0
Cashback £0
Flexibility
Overpayments allowed?
Early Repayment Charge:
None
Other info
Exit fee £95
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 1.79% and then on a variable rate of 4.89% for the remaining 23 years would require 24 payments of £517 and 276 payments of £706. The total amount payable would be £208,259 made up of the loan amount plus interest (£82,264) and fees (£995). The overall cost for comparison is 4.1% APRC representative.
Max LTV 60% No Early Repayment Charges
Overall cost for comparison 4.1% APRC
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HSBC
Max LTV 60%:
Base +0.79% for 2 years
Initial rate
1.79%
then 4.04% (variable)
Monthly repayments
£517
Scheme fees
£999
Annual cost
£6,705
Fees and charges
Booking fee £0
Arrangement fee £999
Valuation fee £0
Other fees £0
Cashback £0
Flexibility
Overpayments allowed?
Early Repayment Charge:
None
Other info
Exit fee £0
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 1.79% and then on a variable rate of 4.04% for the remaining 23 years would require 24 payments of £517 and 276 payments of £651. The total amount payable would be £193,083 made up of the loan amount plus interest (£67,084) and fees (£999). The overall cost for comparison is 3.8% APRC representative.
Max LTV 60% No Early Repayment Charges
Overall cost for comparison 3.8% APRC
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Newcastle
Max LTV 90%:
2.16% discount to 31/08/24
Initial rate
1.80%
then 3.96% (variable)
Monthly repayments
£518
Scheme fees
£1,289
Annual cost
£6,857
Fees and charges
Booking fee £0
Arrangement fee £999
Valuation fee £290
Other fees £0
Cashback £0
Flexibility
Overpayments allowed?
Early Repayment Charge:
None
Other info
Exit fee £130
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 1.80% and then on a variable rate of 3.96% for the remaining 23 years would require 24 payments of £517 and 276 payments of £646. The total amount payable would be £191,993 made up of the loan amount plus interest (£65,704) and fees (£1,289). The overall cost for comparison is 3.7% APRC representative.
Max LTV 90% No Early Repayment Charges
Overall cost for comparison 3.7% APRC
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Beverley BS
Max LTV 80%:
3.17% discount for 2 years
Initial rate
1.82%
then 4.99% (variable)
Monthly repayments
£519
Scheme fees
£1,330
Annual cost
£6,892
Fees and charges
Booking fee £0
Arrangement fee £995
Valuation fee £335
Other fees £0
Cashback £0
Flexibility
Overpayments allowed? 10% p/a
Early Repayment Charge:
2% for 2 years
Other info
Exit fee £175
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 1.82% and then on a variable rate of 4.99% for the remaining 23 years would require 24 payments of £518 and 276 payments of £713. The total amount payable would be £210,550 made up of the loan amount plus interest (£84,220) and fees (£1,330). The overall cost for comparison is 4.6% APRC representative.
Max LTV 80% Early Repayment Charges apply
Overall cost for comparison 4.6% APRC
?
Beverley BS
Max LTV 80%:
3.17% discount for 2 years
Initial rate
1.82%
then 4.99% (variable)
Monthly repayments
£519
Scheme fees
£1,330
Annual cost
£6,892
Fees and charges
Booking fee £0
Arrangement fee £995
Valuation fee £335
Other fees £0
Cashback £0
Flexibility
Overpayments allowed? 10% p/a
Early Repayment Charge:
2% for 2 years
Other info
Exit fee £175
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 1.82% and then on a variable rate of 4.99% for the remaining 23 years would require 24 payments of £518 and 276 payments of £713. The total amount payable would be £210,550 made up of the loan amount plus interest (£84,220) and fees (£1,330). The overall cost for comparison is 4.6% APRC representative.
Max LTV 80% Early Repayment Charges apply
Overall cost for comparison 4.6% APRC
?
Newbury
Max LTV 75%:
2.26% discount for 3 years
Initial rate
1.84%
then 4.10% (variable)
Monthly repayments
£520
Scheme fees
£600
Annual cost
£6,442
Fees and charges
Booking fee £0
Arrangement fee £600
Valuation fee £0
Other fees £0
Cashback £0
Flexibility
Overpayments allowed? 20% p/a
Early Repayment Charge:
3% reducing to 1% for 3 years
Other info
Exit fee £115
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 3 years at 1.84% and then on a variable rate of 4.10% for the remaining 22 years would require 36 payments of £520 and 264 payments of £649. The total amount payable would be £190,656 made up of the loan amount plus interest (£65,056) and fees (£600). The overall cost for comparison is 3.2% APRC representative.
Max LTV 75% Early Repayment Charges apply
Overall cost for comparison 3.2% APRC
?
Newbury
Max LTV 75%:
2.26% discount for 5 years
Initial rate
1.84%
then 4.10% (variable)
Monthly repayments
£520
Scheme fees
£600
Annual cost
£6,362
Fees and charges
Booking fee £0
Arrangement fee £600
Valuation fee £0
Other fees £0
Cashback £0
Flexibility
Overpayments allowed? 20% p/a
Early Repayment Charge:
3% reducing to 1% for 3 years
Other info
Exit fee £115
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 5 years at 1.84% and then on a variable rate of 4.10% for the remaining 20 years would require 60 payments of £520 and 240 payments of £637. The total amount payable would be £184,680 made up of the loan amount plus interest (£59,080) and fees (£600). The overall cost for comparison is 2.9% APRC representative.
Max LTV 75% Early Repayment Charges apply
Overall cost for comparison 2.9% APRC
?
Yorkshire BS
Max LTV 80%:
Base +0.84% to 31/07/24
Initial rate
1.84%
then 4.74% (variable)
Monthly repayments
£520
Scheme fees
£995
Annual cost
£6,739
Fees and charges
Booking fee £0
Arrangement fee £995
Valuation fee £0
Other fees £0
Cashback £0
Flexibility
Overpayments allowed? 10% p/a
Early Repayment Charge:
1% until 31/07/24
Other info
Exit fee £90
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 1.84% and then on a variable rate of 4.74% for the remaining 23 years would require 24 payments of £520 and 276 payments of £696. The total amount payable would be £205,571 made up of the loan amount plus interest (£79,576) and fees (£995). The overall cost for comparison is 3.9% APRC representative.
Max LTV 80% Early Repayment Charges apply
Overall cost for comparison 3.9% APRC
?
Vernon
Max LTV 75%:
3.51% discount for 2 years
Initial rate
1.84%
then 5.35% (variable)
Monthly repayments
£520
Scheme fees
£0
Annual cost
£6,242
Fees and charges
Booking fee £0
Arrangement fee £0
Valuation fee £0
Other fees £0
Cashback £0
Flexibility
Overpayments allowed? 10% p/a
Early Repayment Charge:
2% for 2 years
Other info
Exit fee £130
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 1.84% and then on a variable rate of 5.35% for the remaining 23 years would require 24 payments of £520 and 276 payments of £737. The total amount payable would be £215,892 made up of the loan amount plus interest (£90,892) and fees (£0). The overall cost for comparison is 4.8% APRC representative.
Max LTV 75% Early Repayment Charges apply
Overall cost for comparison 4.8% APRC
?
Principality
Max LTV 65%:
2.80% discount to 30/09/24
Initial rate
1.85%
then 4.65% (variable)
Monthly repayments
£521
Scheme fees
£0
Annual cost
£6,249
Fees and charges
Booking fee £0
Arrangement fee £0
Valuation fee £0
Other fees £0
Cashback £0
Flexibility
Overpayments allowed? 10% p/a
Early Repayment Charge:
1% until 30/09/24
Other info
Exit fee £65
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 1.85% and then on a variable rate of 4.65% for the remaining 23 years would require 24 payments of £520 and 276 payments of £690. The total amount payable would be £202,920 made up of the loan amount plus interest (£77,920) and fees (£0). The overall cost for comparison is 4.1% APRC representative.
Max LTV 65% Early Repayment Charges apply
Overall cost for comparison 4.1% APRC
?
Yorkshire BS
Max LTV 85%:
Base +0.89% to 31/07/24
Initial rate
1.89%
then 4.74% (variable)
Monthly repayments
£523
Scheme fees
£995
Annual cost
£6,775
Fees and charges
Booking fee £0
Arrangement fee £995
Valuation fee £0
Other fees £0
Cashback £0
Flexibility
Overpayments allowed? 10% p/a
Early Repayment Charge:
1% until 31/07/24
Other info
Exit fee £90
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 1.89% and then on a variable rate of 4.74% for the remaining 23 years would require 24 payments of £523 and 276 payments of £697. The total amount payable would be £205,919 made up of the loan amount plus interest (£79,924) and fees (£995). The overall cost for comparison is 3.9% APRC representative.
Max LTV 85% Early Repayment Charges apply
Overall cost for comparison 3.9% APRC
?
Vernon
Max LTV 80%:
3.41% discount for 3 years
Initial rate
1.94%
then 5.35% (variable)
Monthly repayments
£526
Scheme fees
£0
Annual cost
£6,314
Fees and charges
Booking fee £0
Arrangement fee £0
Valuation fee £0
Other fees £0
Cashback £0
Flexibility
Overpayments allowed? 10% p/a
Early Repayment Charge:
3% reducing to 2% for 3 years
Other info
Exit fee £130
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 3 years at 1.94% and then on a variable rate of 5.35% for the remaining 22 years would require 36 payments of £526 and 264 payments of £729. The total amount payable would be £211,392 made up of the loan amount plus interest (£86,392) and fees (£0). The overall cost for comparison is 4.6% APRC representative.
Max LTV 80% Early Repayment Charges apply
Overall cost for comparison 4.6% APRC
?
Vernon
Max LTV 80%:
3.41% discount for 2 years
Initial rate
1.94%
then 5.35% (variable)
Monthly repayments
£526
Scheme fees
£0
Annual cost
£6,314
Fees and charges
Booking fee £0
Arrangement fee £0
Valuation fee £0
Other fees £0
Cashback £0
Flexibility
Overpayments allowed? 10% p/a
Early Repayment Charge:
2% for 2 years
Other info
Exit fee £130
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 1.94% and then on a variable rate of 5.35% for the remaining 23 years would require 24 payments of £526 and 276 payments of £738. The total amount payable would be £216,312 made up of the loan amount plus interest (£91,312) and fees (£0). The overall cost for comparison is 4.8% APRC representative.
Max LTV 80% Early Repayment Charges apply
Overall cost for comparison 4.8% APRC
?
Nationwide
Max LTV 60%:
Base +0.94% for 2 years
Initial rate
1.94%
then 3.99% (variable)
Monthly repayments
£526
Scheme fees
£999
Annual cost
£6,814
Fees and charges
Booking fee £0
Arrangement fee £999
Valuation fee £0
Other fees £0
Cashback £0
Flexibility
Overpayments allowed?
Early Repayment Charge:
None
Other info
Exit fee £65
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 1.94% and then on a variable rate of 3.99% for the remaining 23 years would require 24 payments of £526 and 276 payments of £648. The total amount payable would be £192,471 made up of the loan amount plus interest (£66,472) and fees (£999). The overall cost for comparison is 3.7% APRC representative.
Max LTV 60% No Early Repayment Charges
Overall cost for comparison 3.7% APRC
?
Barclays
Max LTV 75%:
Base +0.95% for 2 years
Initial rate
1.95%
then 4.49% (variable)
Monthly repayments
£527
Scheme fees
£999
Annual cost
£6,821
Fees and charges
Booking fee £0
Arrangement fee £999
Valuation fee £0
Other fees £0
Cashback £0
Flexibility
Overpayments allowed?
Early Repayment Charge:
None
Other info
Exit fee £80
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 1.95% and then on a variable rate of 4.49% for the remaining 23 years would require 24 payments of £526 and 276 payments of £681. The total amount payable would be £201,579 made up of the loan amount plus interest (£75,580) and fees (£999). The overall cost for comparison is 3.7% APRC representative.
Max LTV 75% No Early Repayment Charges
Overall cost for comparison 3.7% APRC
?
Principality
Max LTV 75%:
2.70% discount to 30/09/24
Initial rate
1.95%
then 4.65% (variable)
Monthly repayments
£527
Scheme fees
£0
Annual cost
£6,321
Fees and charges
Booking fee £0
Arrangement fee £0
Valuation fee £0
Other fees £0
Cashback £0
Flexibility
Overpayments allowed? 10% p/a
Early Repayment Charge:
1% until 30/09/24
Other info
Exit fee £65
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 1.95% and then on a variable rate of 4.65% for the remaining 23 years would require 24 payments of £526 and 276 payments of £691. The total amount payable would be £203,340 made up of the loan amount plus interest (£78,340) and fees (£0). The overall cost for comparison is 4.1% APRC representative.
Max LTV 75% Early Repayment Charges apply
Overall cost for comparison 4.1% APRC
?
Nationwide
Max LTV 75%:
Base +0.99% for 2 years
Initial rate
1.99%
then 3.99% (variable)
Monthly repayments
£529
Scheme fees
£999
Annual cost
£6,850
Fees and charges
Booking fee £0
Arrangement fee £999
Valuation fee £0
Other fees £0
Cashback £0
Flexibility
Overpayments allowed?
Early Repayment Charge:
None
Other info
Exit fee £65
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 1.99% and then on a variable rate of 3.99% for the remaining 23 years would require 24 payments of £529 and 276 payments of £649. The total amount payable would be £192,819 made up of the loan amount plus interest (£66,820) and fees (£999). The overall cost for comparison is 3.0% APRC representative.
Max LTV 75% No Early Repayment Charges
Overall cost for comparison 3.0% APRC
?
Tipton & Coseley
Max LTV 75%:
3.35% discount for 2 years
Initial rate
1.99%
then 5.34% (variable)
Monthly repayments
£529
Scheme fees
£1,274
Annual cost
£6,988
Fees and charges
Booking fee £0
Arrangement fee £999
Valuation fee £275
Other fees £0
Cashback £0
Flexibility
Overpayments allowed? 10% p/a
Early Repayment Charge:
2% reducing to 1% for 2 years
Other info
Exit fee £90
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 1.99% and then on a variable rate of 5.34% for the remaining 23 years would require 24 payments of £529 and 276 payments of £737. The total amount payable would be £217,382 made up of the loan amount plus interest (£91,108) and fees (£1,274). The overall cost for comparison is 5.0% APRC representative.
Max LTV 75% Early Repayment Charges apply
Overall cost for comparison 5.0% APRC
?
Beverley BS
Max LTV 65%:
3.00% discount for 3 years
Initial rate
1.99%
then 4.99% (variable)
Monthly repayments
£529
Scheme fees
£1,330
Annual cost
£6,794
Fees and charges
Booking fee £0
Arrangement fee £995
Valuation fee £335
Other fees £0
Cashback £0
Flexibility
Overpayments allowed? 10% p/a
Early Repayment Charge:
2% for 3 years
Other info
Exit fee £175
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 3 years at 1.99% and then on a variable rate of 4.99% for the remaining 22 years would require 36 payments of £529 and 264 payments of £706. The total amount payable would be £206,758 made up of the loan amount plus interest (£80,428) and fees (£1,330). The overall cost for comparison is 4.4% APRC representative.
Max LTV 65% Early Repayment Charges apply
Overall cost for comparison 4.4% APRC
?
Beverley BS
Max LTV 65%:
3.00% discount for 3 years
Initial rate
1.99%
then 4.99% (variable)
Monthly repayments
£529
Scheme fees
£1,330
Annual cost
£6,794
Fees and charges
Booking fee £0
Arrangement fee £995
Valuation fee £335
Other fees £0
Cashback £0
Flexibility
Overpayments allowed? 10% p/a
Early Repayment Charge:
2% for 3 years
Other info
Exit fee £175
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 3 years at 1.99% and then on a variable rate of 4.99% for the remaining 22 years would require 36 payments of £529 and 264 payments of £706. The total amount payable would be £206,758 made up of the loan amount plus interest (£80,428) and fees (£1,330). The overall cost for comparison is 4.4% APRC representative.
Max LTV 65% Early Repayment Charges apply
Overall cost for comparison 4.4% APRC
?
HSBC
Max LTV 70%:
Base +0.99% for 2 years
Initial rate
1.99%
then 4.04% (variable)
Monthly repayments
£529
Scheme fees
£999
Annual cost
£6,850
Fees and charges
Booking fee £0
Arrangement fee £999
Valuation fee £0
Other fees £0
Cashback £0
Flexibility
Overpayments allowed?
Early Repayment Charge:
None
Other info
Exit fee £0
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 1.99% and then on a variable rate of 4.04% for the remaining 23 years would require 24 payments of £529 and 276 payments of £652. The total amount payable would be £193,647 made up of the loan amount plus interest (£67,648) and fees (£999). The overall cost for comparison is 3.8% APRC representative.
Max LTV 70% No Early Repayment Charges
Overall cost for comparison 3.8% APRC
?
HSBC
Max LTV 75%:
Base +0.99% for 2 years
Initial rate
1.99%
then 4.04% (variable)
Monthly repayments
£529
Scheme fees
£999
Annual cost
£6,850
Fees and charges
Booking fee £0
Arrangement fee £999
Valuation fee £0
Other fees £0
Cashback £0
Flexibility
Overpayments allowed?
Early Repayment Charge:
None
Other info
Exit fee £0
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 1.99% and then on a variable rate of 4.04% for the remaining 23 years would require 24 payments of £529 and 276 payments of £652. The total amount payable would be £193,647 made up of the loan amount plus interest (£67,648) and fees (£999). The overall cost for comparison is 3.8% APRC representative.
Max LTV 75% No Early Repayment Charges
Overall cost for comparison 3.8% APRC
?
West Brom
Max LTV 75%:
2.60% discount to 31/08/24
Initial rate
1.99%
then 4.59% (variable)
Monthly repayments
£529
Scheme fees
£999
Annual cost
£6,850
Fees and charges
Booking fee £0
Arrangement fee £999
Valuation fee £0
Other fees £0
Cashback £0
Flexibility
Overpayments allowed?
Early Repayment Charge:
None
Other info
Exit fee £195
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 1.99% and then on a variable rate of 4.59% for the remaining 23 years would require 24 payments of £529 and 276 payments of £687. The total amount payable would be £203,307 made up of the loan amount plus interest (£77,308) and fees (£999). The overall cost for comparison is 4.3% APRC representative.
Max LTV 75% No Early Repayment Charges
Overall cost for comparison 4.3% APRC
?
West Brom
Max LTV 60%:
2.60% discount to 31/08/24
Initial rate
1.99%
then 4.59% (variable)
Monthly repayments
£529
Scheme fees
£999
Annual cost
£6,850
Fees and charges
Booking fee £0
Arrangement fee £999
Valuation fee £0
Other fees £0
Cashback £0
Flexibility
Overpayments allowed?
Early Repayment Charge:
None
Other info
Exit fee £195
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 1.99% and then on a variable rate of 4.59% for the remaining 23 years would require 24 payments of £529 and 276 payments of £687. The total amount payable would be £203,307 made up of the loan amount plus interest (£77,308) and fees (£999). The overall cost for comparison is 4.3% APRC representative.
Max LTV 60% No Early Repayment Charges
Overall cost for comparison 4.3% APRC
?
Furness
Max LTV 90%:
3.65% discount for 2 years
Initial rate
1.99%
then 5.64% (variable)
Monthly repayments
£529
Scheme fees
-£250
Annual cost
£6,226
Fees and charges
Booking fee £0
Arrangement fee £0
Valuation fee £0
Other fees £0
Cashback £250
Flexibility
Overpayments allowed? 10% p/a
Early Repayment Charge:
3% reducing to 2% for 2 years
Other info
Exit fee £0
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 1.99% and then on a variable rate of 5.64% for the remaining 23 years would require 24 payments of £529 and 276 payments of £758. The total amount payable would be £221,654 made up of the loan amount plus interest (£96,904) and fees (-£250). The overall cost for comparison is 5.1% APRC representative.
Max LTV 90% Early Repayment Charges apply
Overall cost for comparison 5.1% APRC
?
Suffolk BS
Max LTV 80%:
3.54% discount for 2 years
Initial rate
2.00%
then 5.54% (variable)
Monthly repayments
£530
Scheme fees
£879
Annual cost
£6,797
Fees and charges
Booking fee £199
Arrangement fee £500
Valuation fee £180
Other fees £0
Cashback £0
Flexibility
Overpayments allowed? 50%
Early Repayment Charge:
1% for 1 year
Other info
Exit fee £0
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 2.00% and then on a variable rate of 5.54% for the remaining 23 years would require 24 payments of £529 and 276 payments of £751. The total amount payable would be £220,851 made up of the loan amount plus interest (£94,972) and fees (£879). The overall cost for comparison is 4.7% APRC representative.
Max LTV 80% Early Repayment Charges apply
Overall cost for comparison 4.7% APRC
?
Vernon
Max LTV 80%:
3.31% discount for 5 years
Initial rate
2.04%
then 5.35% (variable)
Monthly repayments
£532
Scheme fees
£0
Annual cost
£6,387
Fees and charges
Booking fee £0
Arrangement fee £0
Valuation fee £0
Other fees £0
Cashback £0
Flexibility
Overpayments allowed? 10% p/a
Early Repayment Charge:
5% reducing to 2% for 5 years
Other info
Exit fee £130
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 5 years at 2.04% and then on a variable rate of 5.35% for the remaining 20 years would require 60 payments of £532 and 240 payments of £712. The total amount payable would be £202,800 made up of the loan amount plus interest (£77,800) and fees (£0). The overall cost for comparison is 4.1% APRC representative.
Max LTV 80% Early Repayment Charges apply
Overall cost for comparison 4.1% APRC
?
Nationwide
Max LTV 60%:
Base +1.04% for 2 years
Initial rate
2.04%
then 3.99% (variable)
Monthly repayments
£532
Scheme fees
£999
Annual cost
£6,887
Fees and charges
Booking fee £0
Arrangement fee £999
Valuation fee £0
Other fees £0
Cashback £0
Flexibility
Overpayments allowed?
Early Repayment Charge:
None
Other info
Exit fee £65
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 2.04% and then on a variable rate of 3.99% for the remaining 23 years would require 24 payments of £532 and 276 payments of £649. The total amount payable would be £192,891 made up of the loan amount plus interest (£66,892) and fees (£999). The overall cost for comparison is 3.7% APRC representative.
Max LTV 60% No Early Repayment Charges
Overall cost for comparison 3.7% APRC
?
Principality
Max LTV 80%:
2.60% discount to 30/09/24
Initial rate
2.05%
then 4.65% (variable)
Monthly repayments
£533
Scheme fees
£0
Annual cost
£6,394
Fees and charges
Booking fee £0
Arrangement fee £0
Valuation fee £0
Other fees £0
Cashback £0
Flexibility
Overpayments allowed? 10% p/a
Early Repayment Charge:
1% until 30/09/24
Other info
Exit fee £65
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 2.05% and then on a variable rate of 4.65% for the remaining 23 years would require 24 payments of £532 and 276 payments of £692. The total amount payable would be £203,760 made up of the loan amount plus interest (£78,760) and fees (£0). The overall cost for comparison is 4.1% APRC representative.
Max LTV 80% Early Repayment Charges apply
Overall cost for comparison 4.1% APRC
?
Nationwide
Max LTV 75%:
Base +1.09% for 2 years
Initial rate
2.09%
then 3.99% (variable)
Monthly repayments
£535
Scheme fees
£999
Annual cost
£6,923
Fees and charges
Booking fee £0
Arrangement fee £999
Valuation fee £0
Other fees £0
Cashback £0
Flexibility
Overpayments allowed?
Early Repayment Charge:
None
Other info
Exit fee £65
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 2.09% and then on a variable rate of 3.99% for the remaining 23 years would require 24 payments of £535 and 276 payments of £649. The total amount payable would be £192,963 made up of the loan amount plus interest (£66,964) and fees (£999). The overall cost for comparison is 3.7% APRC representative.
Max LTV 75% No Early Repayment Charges
Overall cost for comparison 3.7% APRC
?
Mansfield
Max LTV 80%:
3.46% discount for 2 years
Initial rate
2.14%
then 5.60% (variable)
Monthly repayments
£538
Scheme fees
£499
Annual cost
£6,710
Fees and charges
Booking fee £199
Arrangement fee £300
Valuation fee £0
Other fees £0
Cashback £0
Flexibility
Overpayments allowed? 10% p/a
Early Repayment Charge:
2% for 2 years
Other info
Exit fee £125
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 2.14% and then on a variable rate of 5.60% for the remaining 23 years would require 24 payments of £538 and 276 payments of £756. The total amount payable would be £222,067 made up of the loan amount plus interest (£96,568) and fees (£499). The overall cost for comparison is 4.9% APRC representative.
Max LTV 80% Early Repayment Charges apply
Overall cost for comparison 4.9% APRC
?
Newbury
Max LTV 85%:
1.96% discount for 5 years
Initial rate
2.14%
then 4.10% (variable)
Monthly repayments
£538
Scheme fees
£600
Annual cost
£6,581
Fees and charges
Booking fee £0
Arrangement fee £600
Valuation fee £0
Other fees £0
Cashback £0
Flexibility
Overpayments allowed? 20% p/a
Early Repayment Charge:
3% reducing to 1% for 3 years
Other info
Exit fee £115
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 5 years at 2.14% and then on a variable rate of 4.10% for the remaining 20 years would require 60 payments of £538 and 240 payments of £642. The total amount payable would be £186,960 made up of the loan amount plus interest (£61,360) and fees (£600). The overall cost for comparison is 3.2% APRC representative.
Max LTV 85% Early Repayment Charges apply
Overall cost for comparison 3.2% APRC
?
West Brom
Max LTV 80%:
2.45% discount to 31/08/24
Initial rate
2.14%
then 4.59% (variable)
Monthly repayments
£538
Scheme fees
£999
Annual cost
£6,960
Fees and charges
Booking fee £0
Arrangement fee £999
Valuation fee £0
Other fees £0
Cashback £0
Flexibility
Overpayments allowed?
Early Repayment Charge:
None
Other info
Exit fee £195
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 2.14% and then on a variable rate of 4.59% for the remaining 23 years would require 24 payments of £538 and 276 payments of £688. The total amount payable would be £203,799 made up of the loan amount plus interest (£77,800) and fees (£999). The overall cost for comparison is 4.3% APRC representative.
Max LTV 80% No Early Repayment Charges
Overall cost for comparison 4.3% APRC
?
Beverley BS
Max LTV 80%:
2.84% discount for 3 years
Initial rate
2.15%
then 4.99% (variable)
Monthly repayments
£539
Scheme fees
£1,330
Annual cost
£6,911
Fees and charges
Booking fee £0
Arrangement fee £995
Valuation fee £335
Other fees £0
Cashback £0
Flexibility
Overpayments allowed? 10% p/a
Early Repayment Charge:
2% for 3 years
Other info
Exit fee £175
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 3 years at 2.15% and then on a variable rate of 4.99% for the remaining 22 years would require 36 payments of £538 and 264 payments of £707. The total amount payable would be £207,346 made up of the loan amount plus interest (£81,016) and fees (£1,330). The overall cost for comparison is 4.4% APRC representative.
Max LTV 80% Early Repayment Charges apply
Overall cost for comparison 4.4% APRC
?
Beverley BS
Max LTV 80%:
2.84% discount for 3 years
Initial rate
2.15%
then 4.99% (variable)
Monthly repayments
£539
Scheme fees
£1,330
Annual cost
£6,911
Fees and charges
Booking fee £0
Arrangement fee £995
Valuation fee £335
Other fees £0
Cashback £0
Flexibility
Overpayments allowed? 10% p/a
Early Repayment Charge:
2% for 3 years
Other info
Exit fee £175
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 3 years at 2.15% and then on a variable rate of 4.99% for the remaining 22 years would require 36 payments of £538 and 264 payments of £707. The total amount payable would be £207,346 made up of the loan amount plus interest (£81,016) and fees (£1,330). The overall cost for comparison is 4.4% APRC representative.
Max LTV 80% Early Repayment Charges apply
Overall cost for comparison 4.4% APRC
?
Principality
Max LTV 85%:
2.48% discount to 30/09/24
Initial rate
2.17%
then 4.65% (variable)
Monthly repayments
£540
Scheme fees
£0
Annual cost
£6,483
Fees and charges
Booking fee £0
Arrangement fee £0
Valuation fee £0
Other fees £0
Cashback £0
Flexibility
Overpayments allowed? 10% p/a
Early Repayment Charge:
1% until 30/09/24
Other info
Exit fee £65
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 2.17% and then on a variable rate of 4.65% for the remaining 23 years would require 24 payments of £540 and 276 payments of £692. The total amount payable would be £203,952 made up of the loan amount plus interest (£78,952) and fees (£0). The overall cost for comparison is 4.1% APRC representative.
Max LTV 85% Early Repayment Charges apply
Overall cost for comparison 4.1% APRC
?
Loughborough
Max LTV 80%:
3.15% discount for 2 years
Initial rate
2.19%
then 5.34% (variable)
Monthly repayments
£541
Scheme fees
£0
Annual cost
£6,498
Fees and charges
Booking fee £0
Arrangement fee £0
Valuation fee £0
Other fees £0
Cashback £0
Flexibility
Overpayments allowed? 10% p/a
Early Repayment Charge:
2% for 2 years
Other info
Exit fee £120
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 2.19% and then on a variable rate of 5.34% for the remaining 23 years would require 24 payments of £541 and 276 payments of £739. The total amount payable would be £216,948 made up of the loan amount plus interest (£91,948) and fees (£0). The overall cost for comparison is 4.6% APRC representative.
Max LTV 80% Early Repayment Charges apply
Overall cost for comparison 4.6% APRC
?
Coventry
Max LTV 75%:
Base +1.20% to 31/10/24
Initial rate
2.20%
then 4.64% (variable)
Monthly repayments
£542
Scheme fees
£999
Annual cost
£7,004
Fees and charges
Booking fee £0
Arrangement fee £999
Valuation fee £0
Other fees £0
Cashback £0
Flexibility
Overpayments allowed?
Early Repayment Charge:
None
Other info
Exit fee £125
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 2.20% and then on a variable rate of 4.64% for the remaining 23 years would require 24 payments of £542 and 276 payments of £692. The total amount payable would be £204,999 made up of the loan amount plus interest (£79,000) and fees (£999). The overall cost for comparison is 4.3% APRC representative.
Max LTV 75% No Early Repayment Charges
Overall cost for comparison 4.3% APRC
?
Barclays
Max LTV 75%:
Base +1.22% for 2 years
Initial rate
2.22%
then 4.49% (variable)
Monthly repayments
£543
Scheme fees
£1,749
Annual cost
£7,394
Fees and charges
Booking fee £0
Arrangement fee £1,749
Valuation fee £0
Other fees £0
Cashback £0
Flexibility
Overpayments allowed? Unlimited
Early Repayment Charge:
1% for 2 years
Other info
Exit fee £80
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 2.22% and then on a variable rate of 4.49% for the remaining 23 years would require 24 payments of £543 and 276 payments of £682. The total amount payable would be £203,013 made up of the loan amount plus interest (£76,264) and fees (£1,749). The overall cost for comparison is 4.0% APRC representative.
Max LTV 75% Early Repayment Charges apply
Overall cost for comparison 4.0% APRC
?
Yorkshire BS
Max LTV 90%:
Base +1.24% to 31/07/24
Initial rate
2.24%
then 4.74% (variable)
Monthly repayments
£545
Scheme fees
£995
Annual cost
£7,032
Fees and charges
Booking fee £0
Arrangement fee £995
Valuation fee £0
Other fees £0
Cashback £0
Flexibility
Overpayments allowed? 10% p/a
Early Repayment Charge:
1% until 31/07/24
Other info
Exit fee £90
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 2.24% and then on a variable rate of 4.74% for the remaining 23 years would require 24 payments of £544 and 276 payments of £699. The total amount payable would be £206,975 made up of the loan amount plus interest (£80,980) and fees (£995). The overall cost for comparison is 4.0% APRC representative.
Max LTV 90% Early Repayment Charges apply
Overall cost for comparison 4.0% APRC
?
Nationwide
Max LTV 80%:
Base +1.24% for 2 years
Initial rate
2.24%
then 3.99% (variable)
Monthly repayments
£545
Scheme fees
£999
Annual cost
£7,034
Fees and charges
Booking fee £0
Arrangement fee £999
Valuation fee £0
Other fees £0
Cashback £0
Flexibility
Overpayments allowed?
Early Repayment Charge:
None
Other info
Exit fee £65
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 2.24% and then on a variable rate of 3.99% for the remaining 23 years would require 24 payments of £544 and 276 payments of £650. The total amount payable would be £193,455 made up of the loan amount plus interest (£67,456) and fees (£999). The overall cost for comparison is 3.7% APRC representative.
Max LTV 80% No Early Repayment Charges
Overall cost for comparison 3.7% APRC
?
Leek United
Max LTV 75%:
3.45% discount for 2 years
Initial rate
2.24%
then 5.69% (variable)
Monthly repayments
£545
Scheme fees
£495
Annual cost
£6,782
Fees and charges
Booking fee £0
Arrangement fee £495
Valuation fee £0
Other fees £0
Cashback £0
Flexibility
Overpayments allowed? 10% p/a
Early Repayment Charge:
1% reducing to 0.5% for 2 years
Other info
Exit fee £0
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 2.24% and then on a variable rate of 5.69% for the remaining 23 years would require 24 payments of £544 and 276 payments of £763. The total amount payable would be £224,139 made up of the loan amount plus interest (£98,644) and fees (£495). The overall cost for comparison is 5.1% APRC representative.
Max LTV 75% Early Repayment Charges apply
Overall cost for comparison 5.1% APRC
?
Barclays
Max LTV 75%:
Base +1.25% for 5 years
Initial rate
2.25%
then 4.49% (variable)
Monthly repayments
£545
Scheme fees
£1,749
Annual cost
£6,892
Fees and charges
Booking fee £0
Arrangement fee £1,749
Valuation fee £0
Other fees £0
Cashback £0
Flexibility
Overpayments allowed? Unlimited
Early Repayment Charge:
1% for 5 years
Other info
Exit fee £80
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 5 years at 2.25% and then on a variable rate of 4.49% for the remaining 20 years would require 60 payments of £545 and 240 payments of £665. The total amount payable would be £194,049 made up of the loan amount plus interest (£67,300) and fees (£1,749). The overall cost for comparison is 3.5% APRC representative.
Max LTV 75% Early Repayment Charges apply
Overall cost for comparison 3.5% APRC
?
Principality
Max LTV 90%:
2.40% discount to 30/09/24
Initial rate
2.25%
then 4.65% (variable)
Monthly repayments
£545
Scheme fees
£0
Annual cost
£6,542
Fees and charges
Booking fee £0
Arrangement fee £0
Valuation fee £0
Other fees £0
Cashback £0
Flexibility
Overpayments allowed? 10% p/a
Early Repayment Charge:
1% until 30/09/24
Other info
Exit fee £65
Basic legals Payable
Representative example A mortgage of £125,000 payable over 25 years, initially on a variable rate for 2 years at 2.25% and then on a variable rate of 4.65% for the remaining 23 years would require 24 payments of £545 and 276 payments of £693. The total amount payable would be £204,348 made up of the loan amount plus interest (£79,348) and fees (£0). The overall cost for comparison is 4.1% APRC representative.
Max LTV 90% Early Repayment Charges apply
Overall cost for comparison 4.1% APRC
?
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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 1451 Reviews.co.uk 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.

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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?

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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.

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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.

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Start your online search for a first time buyer mortgage

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.

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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

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. 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.

100% mortgages used to be more widely available to first time buyers, but today most lenders now 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.

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.

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.

There are several Government schemes available to help first time buyers get onto the property ladder. The Help to Buy equity loan scheme in England, for example, enables first time buyers to put down a 5% deposit, and the Government will then lend a further 20% (40% in London) of the property price interest-free for the first five years.

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.

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?

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.

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?

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