First Time Home Buyer

First Time Buyer Mortgage

Mortgage is much more complicated than we think when you are first time buyer. You may not know the total process involved to purchase a property, finding the most suitable lender or most suitable mortgage for you. With property price at current level, you may have managed to save small deposit for your first home. Which means that the best mortgage options may be restricted depending upon your situation.

That is where Mountview Financial Solutions can help you find the right mortgage deal for you. Our mortgage advisors are qualified and experienced in dealing with 1st time buyer options and they can help you find the most suitable mortgage deal for you.

Helps Available For 1st Time Home Buyer

There is help available for those who are struggling to get on the property ladder.

Shared Ownership Scheme offers prospective homeowners to buy a percentage of share in a property through housing association at a level that is affordable. You will be able to take mortgage on the share you are willing to buy and need to pay rent on the share you don’t own. You will be able to buy more share as your financial situation changes and you can afford large mortgage.

There is also a Government led affordable home ownership scheme available which is known as Help to Buy scheme. The scheme is available to first time buyers only and you will need 5% deposit and only available to buy new build homes. In exchange, the Government will lend you up to 20% of the value of the home or 40% if the property is in London. You will need a mortgage of up to 75% or up tp 55% if the property is in London.

First Time Buyer's FAQs

Suppose a person buys the only or primary residence and has never held a freehold or had a leasehold interest in a residential property in the UK or overseas. In that case, they are usually classified as first-time buyers.

In general, you should aim to save at least 5% of the price of the house you want to purchase.

According to UK law, a first-time buyer has never purchased a residential property anywhere in the world. It means you cannot have owned a buy-to-let property or your home, whether or not it had a mortgage.

The first step is a credit check; you must have a good credit history of timely borrowing and repayment of money borrowed if you are planning to get a mortgage from a high street lender. The affordability test is the second.

As a first-time buyer, you “must not have ever purchased a significant interest in a home or an equivalent interest in land situated anywhere in the world, alone or with others. Prepare your documents first by taking initial advice from a mortgage broker, have you deposit in place and manage your credit history.

In the United Kingdom (UK), the mortgage interest rates are based upon loan to value (LTV). The lower the LTV is, the lower the interest rates would be. Some lenders do offer slightly cheaper products for green mortgages.

Suppose a person buys only or primary residence and has never held a freehold or had a leasehold interest in a residential property in the UK or overseas. In that case, they generally qualify as first-time buyers.

Being on the voter registration list, paying off debt, and boosting your credit score can increase your chances of getting a mortgage. Use government programmes like Lifetime ISAs and the Help to Buy equity loan programme to increase your deposit.


    Mountview Financial Solutions is a trading style of Rosemount Financial Solutions Ltd who are an appointed Representative of Quilter Financial Services Ltd and Quilter Mortgage Planning Ltd, which are authorised and regulated by the Financial Conduct Authority. Registered as a company in England and Wales No. 5676603. Registered Office: Rosemount House, 2-4 Chequers Road, Basingstoke, United Kingdom, RG21 7PU.

    The Financial Conduct Authority does not regulate advice on deposits or National Savings & Investments products, Tax Planning, Trusts, Buy to Let Mortgages, Auto-Enrolment, Estate Planning and Wil writing.

    The guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK.

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