Quick Summary
A first time buyer mortgage is a loan secured against the property you are buying, usually repaid over 25 to 35 years. Lenders assess affordability rather than simply multiplying your salary, and your deposit and credit history also shape what you are offered.
- If you stop paying, the lender can repossess the home, so compare options carefully.
- Gather your income, regular outgoings, deposit size and price range before speaking to a lender.
- Budget for arrangement, valuation, booking and conveyancing fees, and ask for a full written breakdown.
- Compare the total cost over the initial deal period, not just the headline rate.
- Ask your adviser how they are paid and what the total cost over the initial term will be.
Table of Contents
- How Much Can I Borrow for a Mortgage?
- Mortgage Fees for First-Time Buyers Explained
- The Mortgage Application Process, Step by Step
- Questions to Ask a Mortgage Adviser Before You Commit
- Fixed or Variable: Choosing the Right Rate for You
- Booking Your First Consultation with Andrew Westwood Mortgages
- Frequently Asked Questions
Understanding the First Time Buyer Mortgage Basics (Source: official government website)
Buying your first home is one of the biggest financial commitments most people ever make, and the mortgage sits at the centre of it. A first time buyer mortgage is a loan secured against the property you are purchasing, repaid over a set term, usually 25 to 35 years. Knowing the basic mechanics before you speak to a lender will save you time and help you ask better questions.
This guide covers how much you can borrow, the fees you should expect, how the application runs, and the questions worth putting to your adviser before you commit.
A mortgage is a loan that you repay with interest over an agreed term, with the property acting as security. If you stop paying, the lender can repossess the home. That is the single most important thing to keep in mind as you compare options.
Before you start, gather your key figures: your income, any regular outgoings, the size of your deposit, and the price range you are considering. Having these to hand makes every later step far easier.
How Much Can I Borrow for a Mortgage?
Most lenders will lend a multiple of your income, and the exact multiple depends on your circumstances. Your deposit and your credit history also shape the figure you are offered. Treat any rule of thumb as a starting point rather than a promise. For a step-by-step way to work out roughly how much you can get, see a step-by-step guide to working out how much you can get.
How Lenders Work Out Your Borrowing Limit
Lenders assess affordability rather than simply multiplying your salary. They look at your gross income, your regular commitments such as car finance or credit cards, and your monthly living costs. They also stress-test your repayments to check you could still afford them if interest rates rose (Interest rate ‘stress test’ rule – application of MCOB 11.6.18R).
A common mistake is assuming the lender’s maximum is what you should borrow. The maximum shows what a lender will accept, not what leaves you comfortable each month. Work out a monthly budget first, then see whether the loan fits inside it.
How Your Deposit Affects What You Can Borrow
Your deposit determines your loan-to-value ratio, which is the share of the property price you are borrowing. A larger deposit can also widen the range of products available to you.
Mortgage Fees for First-Time Buyers Explained
Fees are where costs can quietly add up. Beyond the deposit, you should budget for several charges that vary by lender and by property.
Typical costs include an arrangement fee, a valuation fee, a booking fee, and conveyancing fees for your solicitor. Some products carry an early repayment charge if you leave the deal before it ends (FCA Handbook). Ask for a full breakdown of every fee in writing before you commit.
Watch out: a low headline rate can hide high upfront fees, so compare the total cost over the initial deal period rather than the rate alone.
Pricing for fees varies by lender, so check each lender’s current fee schedule.
The Mortgage Application Process, Step by Step
The process can follow this sequence.
- Agree an initial budget and check your credit report.
- Get a mortgage agreement in principle to show sellers you are serious.
- Choose a product and submit a full application with supporting documents.
- The lender orders a valuation of the property.
- Your solicitor completes searches and conveyancing.
- You receive the formal mortgage offer and sign the paperwork.
- The funds are released and you collect your keys.
What Happens After You Submit Your Application
Once your application is in, the lender reviews your documents, verifies your income and checks your credit file. They then arrange the property valuation. If the valuation comes back below the agreed price, you may need to renegotiate or increase your deposit.
Keep your bank statements and payslips up to date during this period.
Questions to Ask a Mortgage Adviser Before You Commit
Before you sign anything, ask your adviser directly how they are paid, whether they compare the whole market, and what happens if your circumstances change. You can review the nine questions to ask your mortgage advisor before your meeting. Ask which lenders they checked and why they recommended the product in front of you. Ask for the total cost of the deal over its initial term, including all fees. Good advisers welcome these questions because clear answers build trust.
We explain things in plain English.
Before you commit, it helps to know exactly what to ask your adviser. The points below summarise the key questions.
| Question | Why it matters | Good sign |
|---|---|---|
| How are you paid? | Shows whether the adviser has a conflict of interest | A clear, direct answer |
| Do you compare the whole market? | Shows how wide the options were | Yes, with lenders named |
| What happens if my circumstances change? | Reveals flexibility of the deal | Plain explanation |
| What is the total cost over the initial term? | Includes all fees, not just the rate | Full figure in writing |
| Why this product over others? | Tests the reasoning behind the advice | Reasons tied to your needs |
Fixed or Variable: Choosing the Right Rate for You
A fixed-rate mortgage keeps your interest rate the same for an agreed period. A variable rate can move, so your payments may rise or fall. The right choice depends on your budget and appetite for risk. Our guide to which mortgage option suits your circumstances can help you compare them.
Booking Your First Consultation with Andrew Westwood Mortgages
If you are ready to take the next step, the best place to start is a one-to-one conversation. You can book your first consultation with Andrew Westwood Mortgages at a time that suits you. At Andrew Westwood Mortgages you work directly with Andrew from start to finish, with no call centres and no handoffs between departments. Advice is given in plain English, and we search many lenders to find options that suit your circumstances. Explore mortgage services, including first-time buyer guidance to see how we can help through each stage of your application.
Frequently Asked Questions
How much mortgage can I get as a first-time buyer?
Most lenders base the amount they will lend on your income, typically a multiple of your annual salary, and on your outgoings and credit history. Joint applications may increase the total available. Your deposit then determines the property price you can reach. Because each lender applies its own criteria, the figure varies between providers.
What questions should I ask a mortgage adviser?
Ask whether they are authorised and regulated by the Financial Conduct Authority, how they are paid, and what happens if your circumstances change. Also ask who you will deal with from start to finish. An adviser can explain options in plain English.
What deposit do I need for a first-time buyer mortgage?
Deposit requirements depend on the lender and the property price. Government schemes may also be available, but eligibility rules and terms change, so check the current details on official government sources before relying on them.
How long does a mortgage application take?
The timeline varies. Gathering paperwork before you apply may help you prepare. For a timeframe, check with your lender.
Can I get a mortgage if I am self-employed?
Self-employed people may be able to obtain a mortgage. Lender criteria vary, so check with a lender or adviser about your circumstances.
Buying your first home should feel exciting, not overwhelming. Let’s talk about your goals and what a clear plan could look like.
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