You can use this comparison to find mortgages that may accept first time buyers.

What mortgages can first time buyers get?

Some mortgages are only available if you already own your own home, but first time buyers are allowed to apply for all of the mortgages in this comparison.

Many of these mortgage deals are designed for first time buyers so may accept you.

There are lots of first time buyer mortgage deals on the market, but the two main types are:

  • Variable rate, where the interest you pay may go up or down depending on the Bank of England's base rate.

  • Fixed rate, where the interest you pay stays the same over a set period of time. For example, 2, 3 or 5 years.

A fixed rate mortgage can make it makes it easier to budget for your monthly payments, because you know what your outgoings are going to be each month.

Here are all the types of mortgage you can get for your first property and the schemes that can help you get on the property ladder.

How to choose your first mortgage

Find the best mortgage for you by deciding on the following before you apply:

Save a deposit

You need a deposit to get most mortgages, which is the amount you pay towards buying a house out of your own savings.

Here is how mortgage deposits work and how to save up for one.

How much do you need for a mortgage deposit?

Each mortgage comes with a maximum loan to value (LTV). This is the percentage of the property's value the mortgage can cover, and your deposit will have to cover the rest.

For example, if a mortgage has an LTV of 95%, you will need a 5% deposit. On a 150,000 property, this would mean a deposit of 7,500 and a mortgage for 142,500.

You can find 95% mortgages for first time buyers from a wide range of lenders in this comparison. But the best mortgage deals have a lower LTV, meaning you could get a lower interest rate with a larger deposit.

Should you save a bigger deposit or buy now?

Saving a larger deposit should increase your chances of getting accepted for a mortgage and could help you get a cheaper deal.

It also increases the number of mortgages available to you. For example, a 10% deposit means you can get mortgages with an LTV of 90% or more, but a 15% deposit lets you get 85% LTV deals as well.

However, if you have a small deposit or have not saved one at all, you may still be able to buy a house. Here is how to get a mortgage and what help is available.

Make sure you will be accepted

Lenders will make sure you can afford a mortgage before they accept your application. If you apply for a mortgage you cannot afford, you could be rejected and damage your credit record.

Find out if you can afford a mortgage and what lenders check when you apply.

First time buyer mortgage FAQs


Do I need to save a deposit?


Most mortgages need at least a 5% deposit, but some are available alongside government schemes to help you get on the property ladder.


How can I save a deposit?


Here is how to save up for a deposit. Saving more makes it more likely you will be accepted and could help you get a cheaper mortgage.


Does my credit record matter?


Yes, it will show lenders if you can keep up with repayments on a mortgage. Here is why your credit record matters.


Can I get a mortgage with someone else?


Yes, and getting a joint mortgage means you could borrow more and make the repayments easier to afford. Here is how joint mortgages work.


Are 95% mortgages available to first time buyers?


Yes, some lenders offer mortgages to first time buyers with a 5% deposit. You can find these deals in this comparison.


Can I afford a mortgage?


You can check if you can afford one by working out how much you earn and spend. Compare this to how much buying a home will cost you.

About our mortgage comparison


Who do we include in this comparison?


We include mortgages from every lender in the UK. They are all from lenders regulated by the Financial Conduct Authority. Here is more information about how our website works.


How do we make money from our comparison?


We have commercial agreements with some of the companies in this comparison and get paid commission if we help you take out one of their products or services. Find out more here.
You do not pay any extra and the deal you get is not affected.