The minimum deposit required for someone buying their first home is 5%. When you are not in a chain you can use this as a good bargaining tool when it comes to negotiating the price on a property you want to buy.Get Started
This will confirm the maximum mortgage available to you and also give you the confidence to know you are actually in a position to proceed. As an expert mortgage broker, we have helped 1000's of first time buyers achieve getting the keys to their dream home. Book your free mortgage appointment online today to see how a mortgage advisor can help you.Apply Now
Do I count as a first time buyer?
Anyone who has never owned a home will be a first time buyer, but with some lenders this also extends to those who have previously owned a property but have been out of the market for a while. If you are not classed as a first time buyer, but you are living with a partner who qualifies as one, you are often able to jointly buy under that classification.
What do I need to buy my first home?
To buy your first home, you will first need to have saved a suitable deposit and be eligible to take out a mortgage to finance the rest of your purchase. You will also need to appoint a conveyancing solicitor to carry out the legal proceedings that come with purchasing a property. As a mortgage broker, we are here to help you every step of the way. From checking your eligibility and obtaining you a suitable mortgage right through to you getting the keys to your new home.
How much deposit do you need for a first time buyer mortgage?
This is one of the questions we get asked the most and the answer is 5% is the minimum required but this can be from your savings, a gift, or a combination of the two. It is worth noting however, that putting down a deposit larger at say, 10% of the purchase price, will widen your mortgage options and open up better deals.
Is it better to get a mortgage from a bank or broker?
As expert providers of mortgage advice, we are able to search 1000s of deals to find you the most suitable mortgage for your circumstances whereas a bank will be limited to their own products. The bank used to be a popular choice, as the local manager knew your finances inside and out and would take this into consideration when offering mortgage products. Nowadays, this is not relevant and it’s simply a case of finding the cheapest available deal. Using the services of a mortgage broker, whilst it may incur a fee, can often get the process completed a lot quicker, with a lot less stress and you have a lot more choice. Here at UK Moneyman, we have access to a large panel of lenders, so we can tailor your mortgage to your personal circumstances.
Are there any schemes to help first time buyers get onto the property ladder?
There have been various government schemes introduced that serve the purpose of helping more first time buyers get onto the property ladder. The most popular of these options have been the Help to Buy Equity Loan Scheme & the Right to Buy Scheme.
We're flexible around your work and family, we'll be there when you need us.
No upfront fees payable, we are paid on results only.
You'll always know who you are dealing with.
Getting your first mortgage can be a daunting experience. We’ll hold your hand all throughout the process.
We'll recommend appropriate insurance products to ensure you can stay in your home, should you become seriously ill or unable to work.
We shop around for the cheapest deal for you, saving you time and money.
There isn't a situation we haven't come across before, we fully understand your needs.
We'll help you overcome hurdles that you face along the way, for example, removing the stress of property survey and valuation problems.
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My initial interaction with Faye from UK money man has been really personable and I felt like she understood my needs very well. I’m hoping they can help deliver what I need and I didn’t feel any pressure to have to go further with my...
UK Moneyman have been super helpful and reliable. Have always been able to count on them getting back to us quickly and made us feel comfortable checking anything out we were not really sure about. They made the whole process as easy and hassle free...
The team were fantastic, in finding the product for me. Jo also walked me through what to expect when purchasing your first home I.e. time frames, and answer my many questions. Also their after care has been great, checking in on how the purchase is...
Myself and partner used UK Moneyman for our first time buyer mortgage. We’ve had round the clock care well above the norm. Multiple routes forward regarding which mortgage to go for with lots of information to help prepare us through the...
I cannot thank the UK Moneyman service enough. Securing a mortgage meant more than just that to me, it was – is - a life chance. However, because of my credit history, I didn’t think that it could be done. Right from the start of the...
Leo and Kayleigh have been great from the first phone call that I made to them. They have both helped us each step of the way and it has been a great comfort to my wife and me that everything had been taken care of by them both. We will definitely...
Ryan and Kayleigh were incredibly helpful and always available to answer our questions whenever we needed - and we had a lot of them as we are first time buyers who didn't have a clue about any of the process to begin with! They secured our...
UK money man where so helpful. Chloe and Joe was amazing with us. Stayed in contact with us giving advice and updates, so glad we chose UK money man! Thanks for all your help.
Amazing, when ne and my partner first looked into buying a house, we had no idea about how to get a mortgage or anything. Moneymen were extremely helpful all the way through and sorted everything smoothly and efficiently! Very happy, will use again...
We’re so glad that we decided to use UKM to help us through the process of buying our first home, they took most of the stress off our shoulders and we’re always there to answer any queries. Would definitely recommend them to anyone...
I found Dinah at Harrogate Moneyman to be extremely supportive. She listened carefully to our needs, proposed solutions and followed up closely. A great service - I’d recommend Harrogate Moneyman to anyone looking for mortgage options.
Absolutely fantastic from the start of the process. Everything was explained really clearly and I feel that the advice given to me throughout was done so with my best interests at heart. Would recommend to anyone looking into getting a mortgage.
I used UK moneyman after using many other brokers. Tom Dent and Meghan Robinson fought for my case and was able to land me the mortgage offer I needed. In such a sellers market, having a great team around you makes such a difference. I will...
Mizna has been amazing and helped us to get a better mortgage protection for a cheaper price than what we previously had. Would definitely recommend!
excellent as always and very efficient. used them for my first-time mortgage and also my remortgage now
Excellent service from Mizna. Went the extra mile to get me the best deal. Will definitely use again.
Mizna Coates helped me reviewing a critical illness protection plan I have. Her advice helped me to take an informed decision. I feel her advice was honest and thorough, keeping my best interest as a priority and not just trying to sell me a...
For me, UK Moneyman is very experienced, very professional, Great advisor, very friendly and respectful. They always get you prompt response. I was so comfortable with them during the whole process. I strongly recommend them. Special thanks to all...
MoneyMan have been nothing but helpful with my mortgage enquiries. Quick to respond and found me an excellent rate I wouldn't have found without them. Highly reccomend.