How to get your first mortgage

Can I get a mortgage as a first-time buyer?

Yes, but mortgage lenders will assess your income, expenses, credit score, and deposit before approving you. If you’re applying alone, you’ll need to prove you can afford the monthly repayments on your own. Applying with a partner or family member can boost your borrowing power.

If you’re unsure how much you can borrow, use a mortgage affordability calculator to estimate your budget before you apply.

What do you need to get a mortgage?

If you’ve never applied for a mortgage before, you can apply for a first-time buyer mortgage. But there are some things you will need to do before you start the mortgage application process:

• A deposit - Most lenders require at least 5–10% of the property’s price, though some guarantor mortgages allow 0% deposit.

• Proof of income - Payslips, tax returns (if self-employed), and bank statements.

• A good credit score - Check your report and fix any issues before applying.

• ID and address verification - Passport, driving licence, and utility bills.

• A mortgage in principle (MIP) - A lender’s estimate of how much they’ll lend, which can help when making offers.

How much deposit do you need for your first mortgage?

Most lenders require a deposit of 10% which is a 90% loan to value (LTV) mortgage, but you can get first time buyer mortgages with an LTV of up to 95%. There are even some 100% mortgage deals available with no deposit, including guarantor mortgages that require a family member or friend to guarantee your mortgage and step in if you miss repayments. The higher your deposit, the easier you'll find getting a mortgage as a first-time buyer. A smaller deposit means your mortgage provider will have to cover more of the property's total price, which makes you a riskier bet.

There are fewer mortgages available for high LTVs, and the deals you can get usually have more expensive interest rates and upfront fees. The bigger your deposit, the more choice you’ll have and the less interest you’ll pay.

What mortgages can I apply for? 

You can apply for most types of mortgages, but some are designed specifically for first-time buyers, for instance, those that allow you to buy with a small deposit.

Here are some of the main options to explore:

First-time buyer mortgages

Some mortgages are only available for first-time buyers and allow for high LTVs, meaning you would only need a deposit of 5% or 10%. Often, these are a more expensive way to borrow, because the lender is shouldering a bigger proportion of the risk and therefore charges a higher rate of interest.

Guarantor mortgages

These allow you to buy a property with a small deposit, and some are available with an LTV of 100%, meaning you do not need a deposit at all.

A family member or friend must agree to be named on the mortgage and to cover your repayments if you miss them. They will have to guarantee the mortgage payments with either:

• Their own property, which could be repossessed if you get too far behind on your repayments

• Their savings, which the lender will hold in a savings account until you have paid off a percentage of your mortgage

Help to Buy mortgages

The Help to Buy equity loan is a government scheme only currently available in Wales until September 2026, that can help you get onto the property ladder with limited savings. The government lends you money that you can use towards your deposit and repay later. 

The scheme is for new-build homes priced up to £300,000 and it offers an equity loan of up to 20% of the purchase price, interest-free for five years. You'll still need at least a 5% deposit and a mortgage for the rest.

Right to Buy

Right to Buy mortgages let you buy your council house in England and Northern Ireland (excluding Scotland and Wales) at a discounted price. The maximum discount you can get if you apply after November 2024 is £38,000 across England, except in London boroughs where it is £16,000 (with the exception of £38,000 in the boroughs of Barking and Dagenham and Havering). The discount you get depends on whether you live in a house or flat. You can find out more on the gov.uk website.

Shared Ownership mortgages

You can use a Shared Ownership mortgage to buy between 25% and 75% of a property. You can buy further shares in your property until you own all of it.

These mortgages can come with much smaller repayments and deposits than if you buy 100% of a property. However, you will also pay rent to your local authority or a housing developer who owns the rest of your home on top of your mortgage payments. The rent is discounted, so it’s more affordable and you’re also building equity at the same time.

Should you get a mortgage?

A mortgage is long-term commitment, so make sure it's affordable. Make sure that you’ve factored in the following costs:

• the deposit

• the monthly repayment on the mortgage

• fees that come with getting a mortgage

• homeowner bills like energy, broadband and council tax

• emergency savings - ideally you should have at least three months’ worth of basic household expenses and mortgage repayments

You can work out if buying a house is in your budget using our guide on how much it costs to buy a house.

Using a broker like Mojo Mortgages can help you shop around and find the best mortgage deals for your needs.