Stockport & Greater Manchester
First-Time Buyer Mortgages
Your first home starts with Frank.
Buying your first home? Getting a mortgage doesn’t have to be complicated. Whether you’re figuring out how much you can borrow or you’re ready to start house hunting, we’re here to help you understand your options and find a mortgage that works for you.
Straightforward advice
Expert mortgage brokers
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How much deposit do you need as a first-time buyer?
You can often get a mortgage with a deposit as low as 5% of the property’s value, although your options will depend on your circumstances and the lender.
The larger your deposit, the lower your loan-to-value (LTV) ratio. This is the percentage of the property’s value you’re borrowing as a mortgage. A lower LTV can give you access to more competitive mortgage rates and potentially lower monthly repayments.
There are also ways to get a helping hand with your deposit. A Lifetime ISA (LISA) allows eligible first-time buyers to save towards their first home with a 25% government bonus. You may also be able to use a gifted deposit from a family member or friend, although lenders will usually require confirmation that the money is a gift rather than a loan.
Frequently Asked Questions
Can I get a mortgage with a 5% deposit?
Some lenders offer mortgages with a 5% deposit, although eligibility depends on your income, credit history, affordability and the property. A larger deposit may open up additional options.
How much can I borrow as a first-time buyer?
Lenders assess your income alongside your regular spending, debts and other commitments. The amount you can borrow therefore varies between applicants and lenders, rather than following a single guaranteed income multiple.
Do I need a mortgage in principle before viewing houses?
Not necessarily, but having a mortgage in principle can help you understand your likely borrowing range and show sellers or estate agents that you have started preparing your finances.
Can I get a first-time mortgage with bad credit?
Potentially. Different lenders have different criteria, and the type, severity and age of credit issues can affect your options. A mortgage adviser can help you understand which lenders may be suitable.
Can I get a mortgage if I'm self-employed?
Yes. Self-employed buyers can qualify for mortgages. Lenders may assess accounts, tax calculations and other evidence of income, with requirements differing between lenders.
What documents do I need for a first-time buyer mortgage?
Common requirements include proof of identity, income evidence, bank statements and details of your deposit. Your adviser can explain any additional documents needed for your circumstances.
Free First-Time Buyer Resources
Found your dream home? Make your offer count.
You’ve found a property you love, but how do you put your offer forward?
Making an offer can feel daunting, especially when it’s your first time. To make things easier, we’ve put together a free email template to help you approach the estate agent with confidence.
