The Complete Guide to First Time Buyer Mortgages
Discover everything you need to know about first time buyer mortgages.
First Time Buyer Mortgages Advice in St Helens
If you’re searching for the best first time buyer mortgages, this guide will help you understand how the process works, what you’ll need, and the different options available.
Buying your first home is exciting — but it can also feel daunting. At Allisons Financial, we’re here to simplify every step and give you the confidence to move forward.
Whether you’re just starting to save for a deposit or ready to apply for a mortgage, this guide covers everything you need to know about buying your first home.
What are First Time Buyer Mortgages?
First time buyer mortgages are designed specifically for people purchasing their first home. While the basics are similar to any mortgage, these products often include extra support or incentives to make getting onto the property ladder easier.
You’ll usually need to provide:
A deposit — typically 5–10% of the property price.
Proof of income and affordability.
A good credit record, although some lenders will consider buyers with limited credit history.
Different lenders have different eligibility rules, so it’s vital to compare options before applying. That’s where we come in — at Allisons Financial, we search the whole market to find the mortgage that best suits your needs.
A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
Start Your First Time Buyer Journey Today
At Allisons Financial, we’ll take the stress out of buying your first home. With expert, impartial guidance and local market knowledge, we’ll help you secure the right mortgage — and the peace of mind that comes with it.
Get in touch today to book your free consultation and take the next step towards your new home.
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How Much Deposit Do You Need for a First Time Buyer Mortgage?
Most first time buyers will need a minimum deposit of 5%, though putting down more can help secure lower interest rates and improve your chances of approval.
For example:
On a £200,000 home, a 5% deposit equals £10,000.
On the same home, a 10% deposit equals £20,000.
Your deposit affects your Loan-to-Value ratio (LTV) — the smaller your LTV, the better the deal you’re likely to get.
Understanding the Mortgage Process — Step by Step
Buying your first home can seem complicated, but it becomes much simpler when you know the steps. Here’s how the first time buyer mortgage process works:
Step 01
Check Your
Finances
Review your income, expenses, and credit score. This helps determine how much you can borrow and which lenders will accept you.
Step 02
Get a Mortgage
In Principle
A Mortgage in Principle (MIP) shows how much a lender is likely to lend you. It helps you set a realistic budget before you start viewing properties.
Step 03
Start House
Hunting
With your budget in mind, begin searching for your dream home. Once your offer is accepted, the full mortgage application process can begin.
Step 04
Submit Your Full
Mortgage Application
Your broker or adviser (like us!) will handle the paperwork and liaise with the lender. You’ll need to provide payslips, bank statements, and ID documents.
Step 05
Property Evaluation
& Lender Approval
The lender will value the property to confirm it’s worth the purchase price. If approved, you’ll receive a formal mortgage offer.
Step 06
Exchange Contracts
& Move in
Once legal checks are complete, you’ll exchange contracts, pay your deposit, and pick up your keys. Congratulations — you’re a homeowner!
Common Mistakes First Time Buyers Make (and How to Avoid Them)
Buying a home for the first time can be a learning curve. Here are some common pitfalls — and how Allisons Financial helps you avoid them:
Overstretching your budget: We’ll ensure your repayments are affordable long term.
Ignoring hidden costs: We’ll explain fees such as stamp duty, valuations, and solicitor costs upfront.
Skipping pre-approval: We’ll help you secure a Mortgage in Principle early.
Going direct to one lender: We search the whole market, giving you access to deals you won’t find yourself.
Avoiding professional advice: A good adviser can save you time, money, and stress.
Types of First Time Buyer Mortgages
Understanding your options helps you choose the right deal:
Fixed-Rate Mortgage: Your rate stays the same for a set period — great for budgeting.
Tracker Mortgage: Moves in line with the Bank of England base rate.
Variable Rate Mortgage: The lender sets and can change the rate at any time.
Discounted Rate Mortgage: Offers a reduced rate for an introductory period.
Our advisers will help you compare types and explain which one best suits your situation.
Expert Tips for Getting the Best First Time Buyer Mortgages
Improve your credit score — pay bills on time and reduce debts.
Compare lenders — not just interest rates but total fees.
Be realistic about what you can afford.
Keep employment stable before applying.
Use a whole-of-market adviser like Allisons Financial for tailored support.
At Allisons Financial, we’re proud to help first time buyers across St Helens and Rainford find mortgages that truly fit their goals.
Why Work with a Mortgage Adviser Like Allisons Financial?
Buying a home for the first time can be a learning curve. Here are some common pitfalls — and how Allisons Financial helps you avoid them:
Impartial advice: We’re not tied to any lender.
Whole-of-market access: We search thousands of deals.
Personal support: You’ll work one-to-one with a senior expert.
Local experience: We understand the St Helens and Rainford property market.
Clear guidance: We make the process simple, not stressful.
We’re here to bring clarity and confidence to your financial journey — and help you get the keys to your first home faster.
Frequently Asked Questions for First Time Buyers
How much can a first time buyers borrow?
It depends on your income, deposit, and monthly outgoings. Lenders typically offer 4–4.5 times your annual income.
Can I get a mortgage with a 5% deposit?
Yes — many lenders offer 95% LTV mortgages, especially for first time buyers.
What help is available for first time buyers?
Schemes like Shared Ownership and the First Homes Scheme make home ownership more achievable.
How long do first time buyer mortgages take to process?
On average, around 8–12 weeks from offer to completion.
What documents will I need to apply?
Usually proof of ID, recent payslips, bank statements, and evidence of your deposit.
Is it better to go through a broker or directly to a bank?
A broker gives you access to more lenders, exclusive deals, and full application support — saving time and money.
