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First Time Buyer Mortgages

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As a first time buyer looking for a mortgage you have many opportunities and some things are really in your favour. But when looking to buy your first property, much of the home buying process can seem a little confusing.

Whether you are looking for a one bedroom flat in Cambridge or a large detached rural property, we can help you get the right mortgage and make the purchase a lot simpler.

First time buyers and the property market

In the recent past, the property market has been moving very fast leading to significant increases in property prices in most areas. This has made it increasingly difficult for many people to afford to buy a home.
First time buyers are particularly affected, because although they may be able to raise a mortgage, this will often fall short of the cost of the property they want to buy.

Benefits of being a first time buyer

Despite the increase in house prices, it is still possible for first time buyers to get on the property ladder and there are some definite benefits to being a first time buyer that are worth noting:

  • You don’t have a house to sell so you are in a strong position to buy and can generally move quicker than someone who has to sell their property.
  • Because you are not in a chain, there is less risk of the sale falling through.
  • There is a lot of competition between lenders to first time buyers. So you can really shop around for a good mortgage deal.

The most important thing is affordability, you must only borrow what you can afford to pay back. Your property will be at risk if you can’t keep up with the mortgage payments.

The First Homes scheme

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 and helps local first time buyers and key workers to purchase their first home.
Read more about the First Homes scheme.

The first step to getting your first mortgage

We advise that you find out how much you can borrow by getting an ‘agreement in principle’ figure from us before you start looking at property.  This will protect you from possible disappointment at a later stage and will put you in a strong buying position – you will know what you can afford when discussing price with the seller.

What to do next

Get in touch with us..

First time buyers - Contact us
Get in touch to know what you can borrow
Read our residential mortgages guide

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