First time buyer mortgages Hove

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John Everest

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Buying your first home in Hove comes with unique challenges. Higher property prices, a large number of leasehold flats and Victorian conversions, and varying service charges can all influence which lenders are willing to offer you a mortgage. Knowing how much you could borrow before you start viewing properties can also give you an advantage in Hove’s competitive market.

A first-time buyer mortgage broker helps you compare mortgage options from a wide range of lenders, understand your borrowing potential, and find products that suit your deposit and circumstances. Everest Mortgage Services provides independent mortgage advice for first-time buyers across Hove, supporting you from your initial consultation through to completion.

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Why people choose a first-time buyer mortgage broker

Buying your first home is often the biggest financial commitment you’ll make. Most first-time buyers only go through the process once, so it’s not always obvious which lenders to approach, how much they could borrow, or which mortgage is likely to be accepted.

A mortgage broker helps remove the guesswork. Rather than relying on a single bank or a comparison website, you can compare mortgages from a wide range of lenders, including products that aren’t available directly to the public. This is particularly valuable if you’re buying with a smaller deposit, receiving a gifted deposit, using Shared Ownership, or your income doesn’t fit a standard lending profile.

For many buyers in Hove, affordability is one of the biggest challenges. Property prices are higher than the UK average, making schemes such as Shared Ownership and 95% mortgages an important route onto the property ladder for eligible buyers.

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Why use a local first-time buyer mortgage broker in Hove?

Hove’s housing market is different from many parts of the country. Victorian conversions, purpose-built flats and leasehold properties make up a significant proportion of homes purchased by first-time buyers. Some lenders apply different criteria to leasehold properties, remaining lease terms and service charges, so choosing the right lender can be just as important as choosing the right mortgage.

Working with a broker who understands the local market means you’ll receive advice that’s relevant to the types of properties you’re actually viewing. We’ll explain how different lenders assess your application, recommend mortgages that fit your circumstances, and manage the application from start to finish, helping reduce delays at every stage of your purchase.

How our first-time buyer mortgage process works

Buying your first home doesn’t have to be complicated. We’ll guide you through each stage, from your first enquiry to collecting the keys. If you’d like a more detailed explanation of what happens at every stage, take a look at our mortgage application process guide before getting started.

Step 1: Initial Consultation & Decision in Principle

We start by understanding your income, deposit, and home-buying plans. We’ll assess your borrowing potential, explain your mortgage options, and arrange a Decision in Principle (DIP) (also known as mortgage in principle), giving you confidence when making offers on properties in Hove.

Step 2: Mortgage Recommendation & Application

Once you’ve found a property and your offer has been accepted, we’ll recommend a mortgage that matches your circumstances and submit the application on your behalf. We’ll also check your paperwork before it’s sent to the lender to help avoid unnecessary delays.

Step 3: Lender Assessment & Mortgage Offer

The lender will value the property and review your application. If any additional information is requested, we’ll deal with the lender directly and keep you updated until your formal mortgage offer is issued.

Step 4: Conveyancing & Completion

Your solicitor completes the legal work while we continue liaising with everyone involved to keep your purchase progressing. Once contracts are exchanged and the lender releases the funds, you’ll complete your purchase and collect the keys to your first home.

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Hove property market: What first-time buyers should know

Hove remains one of the South East’s most desirable places to buy a first home. Demand is supported by its seafront location, direct rail links from Hove Station to London, and a wide choice of apartments, converted period properties, and family homes.

Popular areas such as Church Road, Poets Corner, Aldrington, and Hangleton continue to attract first-time buyers looking for a balance of lifestyle, transport connections, and local amenities. Buyers also consider neighbouring Seven Dials for its independent shops and convenient access to both Brighton and Hove.

Property Types First-Time Buyers Commonly Purchase

Many first-time buyers in Hove begin their search with one or two-bedroom flats, particularly Victorian and Edwardian conversions around Church Road, purpose-built apartments near the seafront, and selected new-build developments. Buyers seeking more space often explore Hangleton or Aldrington, where terraced homes and maisonettes can provide better value while remaining within easy reach of central Hove and the station.

Typical Borrowing Scenarios

Every lender assesses affordability differently. Some buyers qualify with a 5% deposit, while others purchase with a 10% deposit or use a gifted deposit from family members. Shared Ownership and other low-deposit schemes may also be suitable, depending on your circumstances, income, and the type of property you’re buying.

Common Buyer Profiles

We regularly help a range of first-time buyers purchase homes across Hove, including:

Young professionals looking for flats close to Hove Station or Church Road.
Couples combining their incomes to buy larger properties in Poets Corner, Hangleton, or Aldrington.
Buyers using gifted deposits from parents or other close family members.
Self-employed applicants and contractors who require lenders with more flexible income assessment.

Common Buyer Profiles

We regularly help a range of first-time buyers purchase homes across Hove, including:

Young professionals looking for flats close to Hove Station or Church Road.
Couples combining their incomes to buy larger properties in Poets Corner, Hangleton, or Aldrington.
Buyers using gifted deposits from parents or other close family members.
Self-employed applicants and contractors who require lenders with more flexible income assessment.

Deposit, Affordability & Upfront Costs

A 10% deposit isn’t a requirement. Many lenders continue to offer 95% loan-to-value (LTV) mortgages, allowing eligible first-time buyers to purchase with a 5% deposit. Some specialist products may require even less, subject to eligibility.

As a practical example, based on the current average first-time buyer purchase price in Hove (£343,000), a 5% deposit would be around £17,150, while a 10% deposit would be £34,300. This gives you a realistic idea of how much you may need to save before applying for a mortgage.

Your deposit is only part of the decision. Lenders also assess your income, regular financial commitments, credit history, and whether you could still afford the mortgage if interest rates increased.

Gifted deposits from close family members are accepted by many lenders, provided the required documentation is supplied.

You’ll also need to budget for costs beyond the deposit, including solicitor’s fees, a property survey, and moving expenses. If you’re buying in England, first-time buyer Stamp Duty relief currently applies to qualifying purchases up to £500,000, with 0% SDLT on the first £300,000 and 5% on the portion between £300,001 and £500,000. These thresholds have been in effect since 1 April 2025.

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Why choose Everest Mortgages?

Independent, whole-of-market advice from advisers who put you first — every time.

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Advisers you can trust

We're totally impartial and focused on finding the perfect mortgage to suit you — not the lender.

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We search the market for the best deals

We work with all lenders, big and small, to give you exclusive access to a comprehensive range of mortgage rates.

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We work to your schedule

We're flexible to fit around you — evenings, weekends, whatever works best for your life.

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We take away the hassle

We deal with lenders on your behalf, so everything from paperwork to negotiation is completely stress-free.

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We're supportive and friendly

Our highly experienced advisers make the entire buying process painless by taking all the work off your hands.

Common first-time buyer mistakes

Avoiding a few common mistakes can improve your chances of securing the right mortgage and prevent unnecessary delays.

Applying without checking your credit file: Review your credit report before applying and correct any errors that could affect your application.
Underestimating the total cost of buying: Budget for legal fees, surveys, Stamp Duty (where applicable), and moving costs, not just your deposit.
Taking on new credit before completion: New loans, credit cards, or finance agreements can reduce your affordability and affect your mortgage offer.
Choosing a mortgage based on the interest rate alone: Product fees, incentives, and the overall cost of the deal are just as important as the headline rate.
Skipping a property survey: A survey can uncover issues that may influence your decision to buy or provide grounds to renegotiate the purchase price.

We’ll help you avoid these pitfalls by reviewing your circumstances, recommending suitable lenders, and supporting you throughout the application process.

● Local case study

Helping a young couple purchase their first home in Hove

The Situation

A young couple had been renting a one-bedroom flat near Church Road in Hove while saving for their first home. With a combined income and a 10% deposit, they had found several two-bedroom flats but were unsure how much they could realistically borrow. After speaking with their bank, they assumed they couldn’t afford to buy in Hove and had started looking further afield.

How We Helped

After reviewing their income, existing commitments, and deposit, we compared mortgage options across a wide range of lenders rather than relying on a single bank’s criteria. We arranged a Decision in Principle before they resumed their property search, giving them confidence to make offers as soon as the right property became available.

Once their offer on a Victorian conversion in Hove was accepted, we managed the mortgage application, liaised with the lender when additional documents were requested, and kept in regular contact with their solicitor to help keep the purchase progressing.

The Outcome

The purchase completed successfully, allowing the couple to buy their first home in Hove without extending their search outside the area. By choosing a lender whose affordability criteria better matched their circumstances, they were able to secure a mortgage that met their budget and move into a property that suited both their current needs and future plans.

Speak to a first-time buyer mortgage broker in Hove

Whether you’re saving for a deposit, comparing mortgage options, or ready to make an offer on your first home, we’re here to help. We’ll discuss your circumstances, explain your borrowing options, and answer any questions you have about the buying process.

Book a free, no-obligation consultation with Everest Mortgage Services to find out how much you could borrow, which lenders may be suitable, and the steps to take before you start viewing properties in Hove.

John Everest

Qualified Mortgage Adviser & Founder

Book a free consultation with a mortgage expert

John is a CeMAP-qualified, whole-of-market mortgage adviser and Director of Everest Mortgage Services. With over 21 years in financial services, and a track record of 1,000+ mortgages arranged.

14+

Years experience

1,000+

Mortgages arranged

FAQs

Frequently asked questions

Can I buy my first home in Hove with a 5% deposit?

Yes. Many lenders offer 95% loan-to-value mortgages, meaning eligible buyers can purchase with a 5% deposit. The right lender depends on your income, credit history, and the type of property you’re buying.

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

Every lender has different affordability criteria. They’ll assess your income, regular financial commitments, and deposit before deciding how much they’ll lend. We can provide a personalised borrowing estimate before you start viewing properties.

Do I need a Decision in Principle before viewing properties in Hove?

It’s not a legal requirement, but it’s highly recommended. A Decision in Principle shows estate agents and sellers that you’re a serious buyer and can strengthen your position when making an offer.

Can I get a mortgage if I'm buying a leasehold flat in Hove?

Yes. Many first-time buyers in Hove purchase leasehold flats. Some lenders have specific requirements relating to lease length, ground rent, and service charges, so choosing the right lender is important.

What government schemes are available for first-time buyers?

Depending on your eligibility, you may be able to use schemes such as Shared Ownership, the First Homes Scheme, the Lifetime ISA, or a 95% mortgage through participating lenders. We’ll explain which options are available based on your circumstances.

Should I use my bank or a mortgage broker?

Your bank can only recommend its own mortgage products. As a whole-of-market mortgage broker in Hove, we compare a wide range of lenders, helping you find a mortgage that best matches your affordability and home-buying plans.

How long does it take to buy a first home in Hove?

After your offer is accepted, most purchases complete within 8 to 12 weeks, although the timeline depends on the property chain, legal work, and lender processing times.

Can you help if I'm self-employed or have variable income?

Yes. We regularly help self-employed buyers, contractors, and applicants with non-standard income. We’ll recommend lenders whose affordability criteria are better suited to your circumstances.

Can you recommend a solicitor for my purchase?

Yes. If you don’t already have a conveyancer, we can recommend trusted solicitors who regularly handle residential property purchases in Hove and surroundings.