First Time Buyer Mortgage Advice
- Independent first time buyer mortgage advice from experienced advisers
- Access to a wide panel of lenders, including first time buyer mortgage products
- Support with affordability checks, deposits, and lender criteria
- Free, no-obligation meeting in Dorset or online
What Is A First Time Buyer Mortgage?
How Much Could You Borrow?
When you’re buying your first home, the amount you could borrow for a mortgage depends on your personal finances, income and deposit size. Lenders generally look at your annual income, financial commitments and the size of your deposit to work out how much they’re willing to lend you.
A common way lenders estimate borrowing capacity is by using an income multiple – a figure that represents how many times your yearly income they may be prepared to lend. Most lenders will offer somewhere around 4 to 4.5 times your income as a starting guideline, though this can be higher in certain circumstances, particularly for higher earners or strong financial profiles.
For example:
Annual income (sole applicant) = £35,000 × 4.5 = £157,500
Deposit saved = £25,000
Maximum potential mortgage = £157,500
Property price you might afford = mortgage + deposit = £182,500
In this example, a first time buyer earning £35,000 with a £25,000 deposit might be able to borrow approximately £157,500. Combined with the deposit, they could be looking at properties priced around £182,500. This is only an illustration — actual borrowing capacity will vary depending on your full financial profile, living expenses, credit history and lender criteria.
A mortgage adviser can give you a more accurate estimate based on your exact income, outgoings and deposit, and help you explore the options that suit your circumstances.
What You Need To Apply
To start a first time buyer mortgage application, lenders will typically ask for a set of financial and personal documents so they can assess your suitability, affordability and verify your complete profile:
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Proof of Identity & Address Valid photo ID (such as passport or driver’s licence) and a recent utility bill or bank statement confirming your current address.
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Deposit Evidence Clear details showing your deposit funds and where they are held (savings accounts, gifts from family, sale proceeds).
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Income Evidence Recent payslips if employed, or the latest two years of tax returns/SA302s if self-employed.
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Bank Statements Recent statements showing income, regular outgoings, and cashflow patterns.
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Credit History Information Details of any existing loans, credit cards, or adverse records that could affect lender affordability checks.
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Property Details Information about the property you want to buy (address, price, tenure) to help lenders verify the loan amount and criteria.
How To Apply
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Check Your Eligibility Lenders usually require you to be a UK resident aged 18 or over with a sufficient deposit, stable income and a reasonable credit history.
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Book a Meeting With an Adviser Speak with a first time buyer mortgage specialist who can help you identify suitable lenders and products tailored to your situation.
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Gather Required Documents Collect proof of identity, income evidence, bank statements, deposit details and property information to support your application.
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Submit Your Mortgage Application This may be completed with support from your adviser or mortgage broker, who will handle the lender submission and chase updates on your behalf.
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Receive a Decision and Complete Once approved, your adviser will help with the legal and administrative steps so your mortgage offer is issued and you can proceed to exchange and completion.
Our Property Finance Services
Buy-to-Let Mortgages
Helping landlords and investors secure financing for rental properties, ensuring the best mortgage rates and terms for long-term profitability.
Re-Mortgaging
Reviewing existing mortgage deals to secure better interest rates, reduce monthly repayments, or raise additional capital.
Equity Release Schemes
Guidance on accessing capital from your home through lifetime mortgages or home reversion plans while maintaining financial stability.
First-Time Buyer Mortgages
Helping first-time buyers navigate the mortgage process, ensuring access to competitive rates and government-backed schemes where applicable.
Frequently Asked Questions
Below you will find the most common questions we are asked about first time buyer mortgages.
What is a first-time buyer mortgage and how does it work?
How much deposit do I need as a first-time buyer?
How much can I borrow for my first mortgage?
What mortgage rates are available for first-time buyers?
Are there any government schemes available for first-time buyers?
Yes – there are several UK government or supported schemes to help first-time buyers:
95% mortgage / Mortgage Guarantee Scheme – allows home buying with around a 5% deposit.
First Homes scheme – provides homes at a 30–50% discount to eligible first-time buyers in England.
Shared Ownership – buy a share of a property (e.g., 25–75%) and pay rent on the rest.
Other support like Lifetime ISAs and other regional schemes may also help.
What fees and costs should I budget for when buying my first home?
In addition to your deposit and monthly mortgage payments, you should budget for:
Mortgage arrangement or product fees
Valuation and survey costs
Legal fees (conveyancing)
Stamp Duty/Land Tax (may be reduced for first-time buyers)
Insurance and moving costs
These vary by property price and lender.
Can I get a first-time buyer mortgage if I’m self-employed?
How long does the first-time buyer mortgage process take?
What documents do I need to apply for a first-time buyer mortgage?
You’ll usually need:
Proof of identity and address (passport, driver’s licence, utility bill)
Income evidence (payslips, P60s, tax returns if self-employed)
Bank statements (recent)
Details of your deposit and source of funds
These help lenders assess affordability and verify your financial position.
Should I use a mortgage adviser as a first-time buyer?
How Our Property Finance Experts Can Help
Tailored Property Finance Advice
Our financial specialists provide tailored advice for individuals, investors, and businesses looking to finance property purchases or release funds from existing assets.
Mortgage & Refinancing Solutions
Whether you’re a first-time buyer seeking guidance on mortgage options, a landlord expanding a property portfolio, or a homeowner looking to refinance, we help you access the best financial products for your situation.
Equity Release & Wealth Unlocking
We also offer expert support on equity release schemes, allowing homeowners to unlock value from their property in a tax-efficient way while maintaining financial security.
Market-Wide Lending Support
With access to a broad range of lenders and mortgage providers, we ensure you receive unbiased, market-wide advice to secure the most competitive terms.
The Process
Initial referral or inquiry
Whether you’ve been referred or inquired yourself, our team will reach out to you in a timely manner
Free consultation
We offer a no-cost, no-obligation meeting at one of our offices, or over the phone
Quote and setup
We’ll provide you with a tailored quote and when you’re ready, our tax advisors will begin services
Book a Meeting
If you would like to discuss further, please book a meeting with an experienced member of our team. Simply let us know when’s best for you and we will get in touch to arrange a suitable time.
Why Choose Ward Goodman?
Client satisfaction is paramount to us. We have a broad range of clients, and we endeavour to offer them the best tax planning service possible through continuous improvement and focus on doing things right the first time.
Experienced Advisors & Accountants
Our Dorset-based team can advise and support any size of business locally or nationwide.
Bespoke Financial Advice & Tax Planning Service Packages
Flexible, bespoke service covering all aspects of tax planning.
Access to a Full Team of Finance Experts
From our Financial Advisors to Pension Advisors.
Our Awards and Accreditations
Ward Goodman’s excellence in accounting and tax advice is validated by notable awards and accreditations within the UK financial industry.
AAT Qualified
Xero Certified
ICAEW Membership
Partnerships
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