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First-time buyer mortgages

Start the journey to your first home

Take your first step onto the property ladder

Stepping onto the property ladder is one of the most exciting milestones in life – but it can be daunting. At Wesleyan Financial Services, we can help take the stress out of your mortgage search.

Our Specialist Financial Advisers can provide impartial mortgage advice, answer your questions and search the market to find the right deal for you. Plus, we’ll manage your application every step of the way.

  • Find exclusive mortgages designed for you
  • Get access to the best rates and deals from a range of specialist lenders
  • Benefit from professional mortgages tailored to your circumstances
  • Take advantage of expert knowledge from our team of mortgage advisers
Always remember your mortgage is secured on your home. Your home may be repossessed if you do not keep up repayments.

Find the best deal for your first home

Sometimes buying your first home may feel a little unachievable – but it doesn’t have to be. Whether you’re currently stuck in the rental trap or looking to move out of your family home, our Specialist Financial Advisers can support you every step of the way.

With access to exclusive deals from a panel of reputable lenders, our Specialist Financial Advisers are experienced in finding exclusive mortgage deals you may not find on the high street.

They’ll also be able to advise on affordability, and help you budget for other costs such as Stamp Duty tax, home insurance and mortgage protection.

The mortgage application process

Contacting a specialist broker

The role of a specialist broker is to guide you through the whole mortgage process, answering your questions and providing impartial advice to increase your chances of a successful application.

Assessing your eligibility

Your Specialist Financial Adviser will carry out a thorough mortgage eligibility check to determine how much you can borrow from a lender. This will be based on your annual income and other monthly outgoings.

Obtaining an Agreement in Principle

An Agreement in Principle (AIP) provides an illustration of how much you can afford to borrow from a mortgage lender. This document can also be used to show that you are in a financial position to purchase the property.

Completing your official mortgage application

If your offer is accepted by a seller, your official mortgage application can begin. Your Specialist Financial Adviser will manage the process from start to finish and will keep you updated as your application progresses.

Valuing the property

After your mortgage provider has completed their checks on your financial suitability, they will want to carry out a valuation to check that the property is correctly priced and suitable for them to provide a mortgage on.

Getting your official mortgage offer

If no problems are encountered during the valuation and application process, then you should go on to receive your official mortgage offer. If you accept the offer, your solicitor will manage the proceedings from then on.

Wondering how much Stamp Duty you’ll need to pay?

If you’re a first-time buyer purchasing a residential property or piece of land over a certain price, you may need to pay Stamp Duty tax.

The amount of tax you pay will vary depending on where you live. To work out how much tax you may need to pay on your home, use our free Stamp Duty Calculators below.

Stamp Duty Land Tax (SDLT) calculator

If you’re a UK resident planning on buying residential property in England or Northern Ireland, work out how much tax you might pay using our Stamp Duty calculator.

Land Transaction Tax (LTT) calculator

Are you a UK resident looking to buy property in Wales? Use our free Land Transaction Tax calculator to work out how much tax you might have to pay.

Land and Buildings Transaction Tax (LBTT) calculator

If you’re looking to buy residential property in Scotland, use our Land and Buildings Transaction Tax calculator to work out how much you might have to pay.

Frequently asked questions

  • Who qualifies for a first-time buyer mortgage?
    You’ll be classified as a first-time buyer if you are purchasing your first residential property. This also applies to couples where both partners have never previously bought a home. If you’ve owned a home before (either in the UK or abroad), you will not qualify for first-time buyer status.
  • How do first-time buyer mortgages work?

    Most first-time buyer mortgages are repayment loans, where your monthly payments are used to pay off any debt you owe until you eventually own your home outright. You’ll usually be offered a fixed or variable rate mortgage.

    A fixed-rate mortgage will keep your monthly mortgage repayments set at a rate for two, three or five years – although in some cases, you can fix it for as long as 10 years.

    A variable rate mortgage doesn’t have a fixed interest rate. Instead, interest payments will be adjusted at a level above a specific benchmark or reference rate. Variable rate deals typically fall into three main categories: standard variable rates, tracker rates and discounted rates.

  • How much deposit do you need for a first-time buyer mortgage?

    While it’s possible to buy a property with a 5% deposit in some cases, most mortgage lenders require a down payment of at least 10% of the property purchase price. As of December 2021, the average house price in the UK was £275,000. This means a 10% deposit would be £27,500.

    The size of your deposit will determine how much you need to borrow for your mortgage. The more money you have saved, the less you’ll need to borrow from the bank. A higher deposit will also reduce the loan-to-value (LTV) rate, which typically means you’ll get a better deal on your mortgage.

  • How long does a first-time buyer mortgage application take?

    Typically, it takes around three months for a mortgage application to be completed.

    Generally, the steps include finding a mortgage deal, booking an appointment to speak to a Specialist Financial Adviser, getting an agreement in principle, awaiting valuation of your property from your estate agent and finally, your solicitor authorising the completion of the mortgage on your home.

  • Are first-time buyer mortgages more expensive?
    Not necessarily. The rate you pay will largely depend on how much deposit you have, along with your credit history. Generally, the bigger your deposit, the lower your interest rates will be.
  • Can first-time buyers get an interest-only mortgage?

    There is nothing to officially rule out a first-time buyer getting an interest-only mortgage. However, given the need for a high deposit, certain income requirements and a viable repayment plan, most first-time buyers would struggle to meet the lending criteria required by most providers.

  • Can first-time buyers get a buy-to-let mortgage?

    Yes, it’s possible to secure a buy-to-let mortgage as a first-time buyer – but your options may be limited. You’ll typically need a much larger deposit, and interest rates are likely to be higher.

    As a first-time buyer, you’ll also have no previous experience or mortgage repayment history to provide a lender with the evidence they need to show that you will be able to meet the obligations of a buy-to-let loan. As a result, lenders may see you as too high risk and reject your application. Others may accept, but you’re unlikely to get a very good deal.