First-time buyers

Buying your first home can feel like a big step but you don’t have to figure it out alone. Our first-time buyer guides help you understand how to get a mortgage, work out how much you can afford, and take one step closer to your first home.

Types of mortgages for first-time buyers

As a first-time buyer, navigating the different types of mortgages and terms can be a real headache. Start by understanding the different types of mortgage, from fixed-term to tracker mortgages. Then explore the range of mortgage options available for first-time buyers, from government mortgage schemes and different mortgage deposit options.

Typical first-time buyer questions

• Which mortgage is best for first-time buyers?

  There’s no single “best” mortgage for first-time buyers. The right option depends on things like your deposit size, income and how long you want your rate to last. Many first-time buyers choose fixed-rate mortgages for predictable monthly payments, but comparing deals based on your circumstances is key.

• What is the best advice for first-time home buyers?

  When buying for the first time, you need to take time understanding your budget before you start viewing homes.

  Knowing what you can realistically afford can help you focus your search and find a home that suits your needs.

  Make use of mortgage calculators to get a first look at what your budget could be, before exploring the choice of homes available for that.

• Is it recommended to get a mortgage advisor as a first-time buyer?

  Many first-time buyers find a mortgage advisor helpful. An advisor can explain your options, answer questions and guide you through the mortgage process, which can feel complex if you’re buying for the first time.

• What are the biggest first-time home buyer mistakes?

  Common mistakes for first-time buyers around affordability include overstretching your budget, forgetting about extra costs like legal fees and surveys, and not planning ahead with getting finances in order.

• What should I know as a first-time buyer?

  As a first-time buyer, it’s useful to understand the following factors:

  • Size of deposits and how they impact the mortgage rates you are offered
  • Mortgage rates and how they affect your monthly repayments
  • The typical steps involved in buying your first home, from initial mortgage approval and accepted home offer, to conveyancing process and completion.

   

• Is it easier to get a mortgage as a first-time buyer?

  Being a first-time buyer does not make it easier to get a mortgage, but you may have access to products or schemes designed with first-time buyers in mind.

  Lenders will still look at your income, deposit and credit history when deciding what you can borrow – similar to anyone applying for a mortgage.

Please note: Your home may be repossessed if you do not keep up repayments on the mortgage. Rightmove is not authorised to give financial advice; the information and opinions provided in these articles are not intended to be financial advice and should not be relied upon when making financial decisions. Please seek advice from a regulated mortgage adviser.