First Time Buyer Mortgages in Plymouth

The timeline can vary, but most first time buyers in Plymouth can expect the mortgage process to take between 2 to 6 weeks from application to receiving a formal mortgage offer.

This depends on a few factors, including how quickly you provide the necessary documents, how complex your case is, and how fast the lender and valuers are able to work.

Once the offer is in place, the legal process (conveyancing) usually takes a further 6 to 12 weeks before you can complete the purchase and get your keys.

Delays can happen if paperwork is missing, if there are issues flagged during the property survey or if you’re in a chain involving other buyers or sellers.

Being prepared with ID, proof of income, bank statements, and deposit evidence from the start can help everything move more smoothly.

While you can’t always control every part of the process, understanding what’s involved helps set realistic expectations.

Yes, many lenders accept deposits that are gifted by family members, as long as it’s not expected to be repaid. You’ll usually need a signed letter confirming it’s a gift and not a loan.

A mortgage broker in Plymouth like us will make sure the right paperwork is in place and that the lender is happy with how the deposit is being provided.

While Help to Buy has ended, there are still ways to make buying more affordable.

Some lenders offer first time buyer deals with lower deposits or cashback incentives.

There’s also the Lifetime ISA, which helps you save towards your deposit with a government bonus.

Our mortgage advisors in Plymouth will talk you through what’s available and which options match your circumstances.

To apply for a mortgage, you’ll typically need proof of ID, recent payslips, bank statements, your latest P60 and evidence of your deposit.

If your deposit is being gifted, the lender will need a signed letter from the person providing the funds. If you’re self employed, you’ll usually need tax calculations and accounts from the last two years.

Having these documents ready helps to avoid delays during the application process.

Yes, but it may be slightly more challenging, especially for first time buyers who haven’t had time to build up their credit history.

If you’ve never taken out credit before, lenders might struggle to assess how reliable you are with repayments. This is known as having a “thin” credit file. It doesn’t necessarily mean you have bad credit, just that there’s not much for lenders to go on.

There are still mortgage options available, including lenders who are more open to working with first time buyers in Plymouth who have limited credit backgrounds.

You may need to provide a larger deposit or show strong evidence of affordability through payslips and bank statements.

Lenders look at your income, regular outgoings, and any existing financial commitments, such as loans, credit cards or childcare costs. They’ll also factor in the length of the mortgage term and current interest rates.

Most lenders will offer between 4 and 4.5 times your annual income, though this can vary.

A mortgage broker in Plymouth can give you a realistic idea of your borrowing range before you start looking at properties.

An agreement in principle (AIP), sometimes called a decision in principle, is a statement from a lender confirming how much they might be willing to lend you based on basic financial checks.

It’s not a full mortgage offer, but it shows estate agents and sellers that you’re a serious buyer.

As a first time buyer in Plymouth, having an AIP in place before you start viewing properties can put you in a stronger position when making an offer.