Mortgages for first-time buyers

How to get a mortgage as a first time buyer

Buying your first home and getting a first time buyer mortgage is a big deal, but it doesn’t need to be overwhelming as it’s actually pretty straightforward.

To qualify as a first-time buyer, you must have never acquired a major interest in a residential property or an equivalent interest in land situated anywhere in the world. It doesn’t matter whether you purchased the property alone or with others – if you purchased the property with other people then you all need to meet the first-time buyer criteria.

Think carefully before securing other debts against your property. Your property may be repossessed if you do not keep up repayments on your mortgage. Some buy to let mortgages are not regulated by the Financial Conduct Authority.

Why is being a first-time buyer important?

Because first-time buyers currently receive coveted Stamp Duty relief and are eligible for certain home buying and home purchasing schemes. These benefits can make a real difference to the costs you face when buying a home – but obviously, not everyone qualifies as a first-time buyer.

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You won’t qualify as a first-time buyer if:

You previously inherited or were given a property as a gift
You previously acquired a property through a financial institution on behalf of a person under an alternative finance scheme
You were added to the title deeds of a property someone else purchased

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However, you may still qualify if:

You previously acquired a property as a trustee, unless you’re also a beneficiary of the trust
You own or previously owned non-residential or mixed-use property, but only if the property does or didn’t include dwelling
The interest you acquired was the grant or assignment of a lease with less than 21 years to run

Applying for your first mortgage can be daunting and so we recommend using an experienced mortgage broker when you’re looking for a mortgage for your first home. Mortgage brokers will help by assessing your needs and then finding the best mortgage offer for you. They’ll also help signpost you towards any of the first time buyer mortgage schemes that might be helpful in enabling you to purchase a home.

Armitage Wealth provides tailored mortgage advice for first time buyers, so you can enjoy this experience – like you’re supposed to. We’re proud of our recommendations and thankful for our 5-star reviews and testimonials.

Have a more specific question you need answered? Ask our mortgage experts >