First time buyers:
You got this!!

Buying your first home is one of the biggest steps you’ll make in life, but it isn’t always an easy process. Because we understand that, our team goes beyond just advising on the best mortgage for you, we partner with you from application to move-in, ensuring you’ve got support the whole way.

Google Rated

How we help first time buyers:

Trusted and straight-forward advice every step of the way.

Everyone who has ever bought a home was once a first time buyer. It can be a daunting decision and we’re here to help. We’ll be with you from beginning to end, from navigating ‘help to buy schemes’ to working with solicitors.

Low deposit? No need to worry.

Not everyone’s financial situation allows for a big deposit. That shouldn’t keep you off the property ladder. Whatever amount you can manage, we’ll work with you and lenders to secure the best deal available to you.’

Access mortgage rates you might not find at your regular bank.

As convenient as it is to go direct to your bank, they might not be able to offer the best rates. We can provide a broader view on the mortgage market, so you get a better idea of the rates available to you in real time. That means you’re more likely to find the product that matches your needs, specifically.

Let us find a first time buyer mortgage for you

Speak to one of our friendly advisers today, and download your credit report via 'Check my file', to kick start the process.

Product FAQs:

There are various types of mortgages available for first-time buyers to choose from, each with its unique features and benefits. Some common options include:

  • Fixed-rate mortgages: With a fixed-rate mortgage, first-time buyers can lock in their interest rate for a predetermined period, typically ranging from two to ten years. This allows them to maintain consistent monthly payments throughout the fixed-rate term, making budgeting easier.
  • Tracker mortgages: Tracker mortgages are a type of variable-rate mortgage where the interest rate tracks, or follows, a specified external index or benchmark, such as the Bank of England’s base rate. This means that the interest rate can fluctuate over time, potentially leading to changes in monthly mortgage repayments.
  • Discounted variable-rate mortgages: These mortgages offer a discount on the lender’s standard variable rate (SVR) for a fixed period, typically one to five years. After the discounted period ends, the interest rate reverts to the lender’s SVR, which may result in higher monthly repayments.
  • Offset mortgages: An offset mortgage links your mortgage account to one or more savings accounts, allowing you to offset your savings against your outstanding mortgage balance. This can reduce the amount of interest you pay over time, as interest is calculated based on the net balance of your mortgage and savings accounts.

As a first-time buyer, it’s essential to consider your financial situation, preferences, and future plans when selecting the right mortgage type for you. Consulting with a mortgage adviser can provide valuable guidance and help you make an informed decision.

First-time buyers typically need to provide a deposit to secure a mortgage, with the minimum amount required depending on the mortgage deals available at the time. In most cases, a deposit of at least 5% of the property’s value is necessary to obtain a mortgage. However, the more substantial the deposit, the better mortgage terms and interest rates a borrower may qualify for.

It’s worth noting that the government has introduced initiatives like the Mortgage Guarantee Scheme to encourage lenders to offer mortgages to borrowers with smaller deposits. This particular scheme aims to assist those with a 5% deposit in securing a mortgage, making homeownership more accessible to a broader range of individuals.

To summarise, first-time buyers generally need a deposit of at least 5% of the property’s value, but it’s advisable to save more if possible to secure better mortgage terms and rates. Additionally, government-backed schemes can offer further assistance to those with smaller deposits.

If you’re a first-time buyer, you may be able buy a home for 30% to 50% less than its market value. This offer is called the First Homes scheme.

The home can be:

  • a new home built by a developer.
  • a home you buy from someone else who originally bought it as part of the scheme.

The First Homes scheme is only available in England. Read more on the GOV website.

A first-time buyer is typically someone who has never owned a residential property before and is looking to purchase a home for the first time. The key qualification for being considered a first-time buyer is that the individual has no prior experience in owning a property used as a home.

If you’re buying with a person who has bought a property before, your first time buyer status no longer applies.

As a first-time buyer, it is possible to obtain a 100% mortgage, which means you would not need to provide a deposit. However, such mortgage options are limited and usually come in the form of a guarantor mortgage or a family deposit mortgage.

A guarantor mortgage involves a third party, usually a family member or close friend, agreeing to be responsible for the mortgage repayments if the borrower is unable to meet them. A family deposit mortgage, on the other hand, allows a family member to provide a percentage of their own property’s value as security for the mortgage, essentially acting as a deposit.

Although 100% mortgages are available, they are not as common, and lenders may still reject an application if they perceive the borrower to be too high a risk. It’s essential to carefully consider the implications of a 100% mortgage and consult with a mortgage adviser to determine if this option is suitable for your financial situation and needs.

What our customers think:

Kashif SharifKashif Sharif
15:32 22 Sep 23
The team at Hearthstone Mortgages recently managed my re-mortgage. Their service was very professional, swift, and ultra efficient. I am absolutely delighted with how the process went from start to finish, and I would highly recommend doing business with them.
Gary CorbettGary Corbett
18:08 15 Sep 23
Incredible service and advice from start to finish. When you work with Ajay you feel that your deal matters to him as much as it matters to you.A great addition to any power team, I look forward to working with Ajay on our next project.Highly recommend!
Sandra BSandra B
13:45 31 Aug 23
Best experience with a mortgage broker in a long time. Very responsive and reliable. Special thanks to Jordanne, highly recommend them!
Lee TomlinsonLee Tomlinson
22:33 30 Aug 23
I've worked with Hearthstone Mortgages on a number of occasions and have a great relationship with them. They have found me some great deals and communication is great whenever I need support. We'll certainly work together in the future.
Joe NewmanJoe Newman
17:20 22 Aug 23
Had an excellent experience dealing with both Ajay and Nadine who assisted my limited company with a remortgage and purchase at the same time. Would highly recommend and will definitely use again in the future.
joey awaritefejoey awaritefe
20:38 17 Aug 23
Hearthstone Mortgages were great at supporting us with first getting a bridging loan, and then securing a buy to let mortgage.Ajay was able to provide guidance throughout the processes and Nadine was always on hand to ensure things were ticking along and to answer any queries.
Jason EdgeJason Edge
22:04 16 Aug 23
Used Hearthstone for the first remortgage in our portfolio. Jordanne was very helpful through the whole process and a pleasure to work with. In you need advice or a mortgage of any kind I would highly recommend them. Thanks again
Jamie BoxallJamie Boxall
11:07 16 Aug 23
We have been working with hearthstone now for two years.The team are incredible at what they do they take time to understand your case and really work to get your the right product for you.I strongly recommend Ajay and his team to any investors or for your own residential purchase
Conor HarrisonConor Harrison
18:38 21 Dec 22
Second time I've worked with Ajay at hearthstone and won't be the last! An expert in his field and delivers such a personable and professional service, thanks for everything!
King Panda PropertiesKing Panda Properties
08:12 03 Dec 22
Excellent knowledge, systems and client care, Hearthstone Mortgages has it all!In particular, a portfolio owner herself, Mortgage Advisor Jordanne deserves a special mention. From Day 1 her understanding and attention to my client needs has been outstanding and she is an absolute asset to the business and company owner, Ajay.I wholeheartedly recommend using Hearthstone based on my experiences, be it a private mortgage, BTL, portfolio etc. I will certainly be continuing to use them going forward. Thanks, Jordanne. KPP
Simon CharnockSimon Charnock
17:46 14 Sep 22
Great communication throughout, excellent service, always happy to help and advise making the remortgage of a HMO property very straight forward.Thanks Ajay and teamSimon @ C&W Homes
Carys GreenCarys Green
18:15 11 Jan 22
I can’t fault the service i received for my remortgage. Other advisors were put off with my slightly complicated situation however Ajay made the whole process easy and completely seamless. He also went above and beyond to push forward to completion whilst he was on holiday.Thanks for all your help and looking forward to working with you again in the future.
Dessi DonchevaDessi Doncheva
16:21 13 Mar 21
Couldn't thank Ajay from Hearthstone Mortgages enough for his support, professionalism and responsiveness! Ajay pretty much held our hands through the purchase of our first investment property, guiding us through the process, explaining every detail I questioned on the mortgage documents and doing his best to speed up the purchase at a time when solicitors and lenders were being inundated with work and slowing things down. When our mortgage offer expired, Ajay got right on it and even got us a better rate! Not to mention, he was even chasing our solicitors and escalated the case internally as the solicitor handling our case wasn't very on top of things, so Ajay got them changed, leading to the purchase completing within a few weeks afterwards. All of this for a very fair price - what you pay is much less than what you get! Thoroughly recommend Ajay and the team and will be using them again in the future for sure!
js_loader
Hearthstone logo

Book a 1-2-1 today

Fill out your contact details and speak to one of our friendly advisers today to kick start the process.