Buying your first home is an exciting milestone — but it can also feel overwhelming. From saving a deposit to navigating mortgage jargon, first-time buyers often don’t know where to start. At Mortgage Knight, we specialise in helping first time buyers secure the right mortgage, guiding you step by step through the process.
A first time buyer mortgage is simply a mortgage for someone purchasing their first home. Many lenders offer special rates, incentives, or government-backed schemes to help new buyers get onto the property ladder.
Most lenders require at least a 5% deposit. For example, if you’re buying a £200,000 home, you’ll need at least £10,000 saved. A 10%–15% deposit often gives you access to lower interest rates.
Lenders usually lend 4.5x your annual income, though some stretch to 5x or more depending on your job, credit history, and deposit size. Working with a broker ensures you find the lenders most generous for your profile.
Profile: 27-year-old nurse, saved a 10% deposit.
Challenge: Unsure which lenders supported NHS staff with variable shifts and overtime.
Solution: We packaged her payslips showing consistent overtime and secured a competitive 90% LTV deal.
Outcome: Emma moved into her first home with confidence.
Profile: Couple in their 20s, small deposit, wanted to buy a house.
Challenge: Struggled with affordability based on their salaries alone.
Solution: We arranged a Joint Borrower, Sole Proprietor mortgage, adding Chloe’s dad to boost borrowing power.
Outcome: Mortgage approved; they own the house while her dad isn’t on the deeds.
Profile: 30-year-old teacher buying in London.
Challenge: High property prices made buying outright difficult.
Solution: We helped her access a Shared Ownership scheme, purchasing a 40% share with a 5% deposit.
Outcome: Sofia is now a homeowner in a sought-after area she couldn’t otherwise afford.
Most lenders require a minimum 5% deposit, though higher deposits give better rates.
Yes, but your borrowing will depend on your income multiple. A broker can help maximise what you can borrow.
No Stamp Duty is payable on homes up to £425,000 for first time buyers.
Yes, through guarantor or joint borrower mortgages. They can boost affordability without owning the property.
If packaged well, an application can be approved within a week. Complex cases can take 2–3 weeks.
At Mortgage Knight, we make the process simple, stress-free, and successful. From deposits to approval, we’ll guide you every step of the way.
