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What to Know About First-Time Buyer Mortgages in the UK

Whether you’re a first-time buyer or you’re looking to move up the property ladder, there are a few things to know about getting a house or flat in the UK. The process can be quite daunting, but with a little research and preparation, you can make it a smooth and stress-free experience.

First-time buyers, in particular, must be aware of the various mortgage options available to them. There are a number of government schemes in place to help first-time buyers get on the property ladder, so it’s worth doing your research to see if you qualify for any of these.

As it can be a considerably big financial decision, it’s quite important to consult the right advisors who can give you tailored advice on the matter. To get you started, here’s a little more information about what first-time buyers must know about mortgages in the UK:

Understanding Mortgages

A mortgage is a type of loan that is used to buy a property. It is a long-term loan, typically lasting for 25 years, that is secured against the property itself. This means that the lender could take your home away if you can’t repay your mortgage.

To get a mortgage, you must be over 18 years old and have a regular income. You will also need to deposit at least 5% of the property’s value. The larger the deposit for the property, the more favourable the interest rates and mortgage terms will be. There are also different expenses involved, such as stamp duty, solicitors’ fees, and mortgage arrangement fees.

Qualifying as a First-Time Buyer in the UK

To qualify as a first-time buyer in the UK, you must not have owned a property before and go through a few extra steps to qualify for a mortgage. For example, you’ll need to prove that you have a regular income and can afford the repayments.

The best way to figure out and confirm if you qualify for a mortgage is to speak to a mortgage advisor. They’ll be able to assess your unique financial situation and let you know what products you’re eligible for.

Getting a First-Time Buyer Mortgage

If you’re thinking about purchasing your own property in the UK, you’ll need to apply for a mortgage. The first step is to get a mortgage in principle from a lender. This will give you an idea of how much you can borrow and the interest rate you’ll pay.

Once you’ve found a property you desire to buy, you’ll need to make an offer. If the offer is finally accepted, you’ll need to apply for a mortgage. The lender will be assessing your application and deciding how much they’re willing to lend you.

Connecting with a Mortgage Broker

If you’re a first-time buyer, you might find the mortgage application process daunting. A mortgage broker service can help you find the right mortgage for your needs and guide you through the application process.


In conclusion, there are a few things to keep in mind when considering purchasing a house or flat in the UK as a first-time buyer. It is important to be aware of the initial process of getting a mortgage and the financial implications you’ll face.

In need of tailored advice on mortgages? At Everest Mortgage Services, we understand that life comes with big decisions, especially when it comes to finances. Get in touch with us today!