What is a first-time buyer mortgage?

To get a first-time buyer mortgage, you must typically meet certain requirements and provide specific documentation. Here are some of the things you may need:

• A deposit: Most mortgage lenders require a deposit of a % of the property’s value. However, some may require a larger deposit.
• Proof of income: You must provide evidence of your income, such as payslips or tax returns. Some lenders may require a certain income level to qualify for a mortgage.
• Credit history: Lenders will usually check your credit history to assess your creditworthiness. Good credit can increase your chances of being approved for a mortgage.
• Identification: You must provide identification documents, such as a passport or driver’s license, to verify your identity.
• Proof of address: Lenders will want to verify your address, so you must provide proof of address, such as a utility bill or bank statement.

Help to Buy ISA: Closed to any new applicants on 30 November 2019. Suppose you’ve already opened a Help to Buy ISA. In that case, you can keep saving in your account until November 2029, with a further 12 months to claim your government bonus towards your first home.

Lifetime Individual Savings Account (LISA): You can buy your first home using a Lifetime LISA. You must be 18 or over but under 40 to open a Lifetime LISA. The government will add a 25% bonus to your savings, up to a maximum of £1,000 per year. If you’re buying with another first-time buyer who also has a LISA, you can both use your LISA towards the same property.

It’s important to note that there are limits to these schemes, and they may not be available in all areas or for all types of properties. It’s a good idea to speak to us so we can help you understand the options available to you and guide you through the process of buying your first home.