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 Mortgage Advisers can provide fee-free* 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 for your needs 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.
*Wesleyan Financial Services provides broker and advice services. Wesleyan Financial Services is paid a fee by the mortgage lender upon completion of the loan. Product fees may be payable to the lender.
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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 March 2023, the average house price in the UK was £285,000. This means a 10% deposit would be £28,500.
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 after speaking to a mortgage adviser, getting an agreement in principle, awaiting valuation of your property from your mortgage provider 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.
Please note that most buy-to-let mortgages are not regulated by the Financial Conduct Authority.