First Time Buyer Mortgages
Making it easier to buy your very first home
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Mortgage Enquiries
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Mortgage Enquiries
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Mortgages Accepted
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Mortgages Accepted
Making buying a first home easier with great mortgage deals
At MortgageKey we’ve been delighted to help hundreds of people buy their first home. First time buyer mortgages make it easier for people to get on the property ladder, with deposits as little as just 5% required.
Why choose MortgageKey for First Time Buyer Mortgages?
Impartial and unbiased advice
As we're completely indepedent we can truly search for the very best deals
Pay nothing until completion
We don’t ask for any payment at all until your mortgage deal is signed and sealed
Thousands of deals considered
We search and compare thousands of first time mortgage deals to tailor a deal best suited to you
Award-winning expertise
We’ve been recognised for our fantastic range of products due to our large network of lenders
Award-winning mortgage and loans experts – ready to help you today
Our team of specialists will guide you through the process of securing a mortgage, buying a home or taking out a loan – finding the very best deals for you and your family.
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Read our experts’ latest advice on a wide range of mortgage options to the tax implications of buying properties to let.
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First Time Buyer Mortgages – Your Questions Answered
Buying your first home is a landmark event – and one we are dedicated to making as smooth and as stress-free as possible at MortgageKey.
Owning a home for the first time is going to place an extra pressure on finances,no matter what deal you get, but with our advice and support, it is a big step which can often be easily achieved and managed.
Why choose a First Time Buyer Mortgage?
The main aim of this type of mortgage is to make it easier for people to make that first step onto the property ladder – and get a property they love. They are usually fairly flexible in terms of the size of your deposit and rates, but of course, the bigger deposit you are able to pay, the greater range of cheaper mortgages you will have access to.
How do First Time Buyer Mortgages differ from others?
Like all mortgage deals, you’ll still need to go through all the financial checks to prove you are eligible and can afford the repayments. However, a lot of first time buyers are allowed a 5% deposit on an 80% mortgage value, with the Government subsidising the rest until you’re in a position to negotiate further.
The majority of mortgage lenders will allow mortgage terms of around 35 years which can help lower monthly payments.
What kinds of First Time Buyer Mortgages deals are available?
The Government's Help to Buy Scheme allows minimum deposit of just 5% with no interest to be paid for five years. When using Help to Buy, the Government will lend up to 20% of the property value in England and Wales, 40% in London, or 15% in Scotland. You then take out a mortgage on the rest of the property's value (so, if your deposit was 5% and your equity loan was 20%, you'd take out a 75% mortgage).
How much can I borrow for a First Time Buyer mortgage?
This is a key question for many as they assess the type of home they can afford. Obviously, it all depends on individual circumstance. Your finances will be considered in terms of incomings and outgoings to work out what size of a mortgage you could afford to borrow. Other aspects such as the size of your deposit are also an influential factor.
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