First Time Buyers

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What is a first-time buyer mortgage?

Owning your first home gives you a sense of freedom. Finally, you have a space that’s yours and yours alone. Before you get there, there’s a lot to think about. Organising a first home mortgage can be a little overwhelming. With support from Trulife specialists, you'll be well on your way to getting your first mortgage.

A first-time buyer mortgage is a long-term loan that's designed for people who have never previously owned a property. They can sometimes offer more flexibility than other kinds of mortgages.

When you take out a first home mortgage, you'll need to consider:

How much you can borrow?

Typically, mortgage providers let you borrow up to four times your annual salary. So, if you're making £30,000 a year, a mortgage lender might offer you a maximum of £120,000.

How long you want the mortgage to last?

Depending on your age, lenders will allow you repay the mortgage within a 25-35 year period. Mortgages continually incur interest until you repay the loan in full.

How much you can afford to pay as a deposit?

Typically, you'll need to save between 5-10% of the cost of the home you'd like to buy.

How much you can afford to repay each month?

Like rent, you usually repay mortgages in monthly instalments. The amount you pay each month can depend on changing interest rates. Some people opt for fixed-term mortgages so they know how much they can expect to pay each month.

Before making an offer on a home, you'll need to apply for a mortgage in principle. Essentially, that's an indication from your provider that they would give you a mortgage loan if you made a successful offer on a property. It's not a guarantee of a mortgage, but you'll need one in place before you can make a bid on your desired home.

What should I keep in mind?

Mortgage lenders will only offer mortgages to people who they're confident will pay them back. You'll need to show that you are a reliable borrower. A good credit rating and a steady income can help you to appear attractive to mortgage providers.

If you're struggling to save up enough deposit to get onto the property ladder, some first-time buyers qualify for support through schemes like Help to Buy. A TruLife adviser can help you identify any support schemes open to you.

You can purchase a home independently or with a partner, a friend or a family member. If you're buying a home with another person, lenders will consider your combined income. The amount you can borrow together will typically be higher than borrowing on your own.

However, if the person you're planning to buy with is not a first-time buyer, you might need to pay a higher deposit and a higher rate of stamp duty. It might also affect the length of your mortgage and your eligibility for government support schemes.

You'll need to consider:

How much you can afford to borrow
How much you will need to pay in deposit
The type of mortgage you need: fixed-rate or variable
Additional support schemes like Help to Buy
Securing a mortgage in principle

You'll also need to demonstrate that:

Are a reliable borrower with a good credit history
Could afford to pay back the mortgage, even if interest rates increased

How can Trulife help?

Trulife advisers are specialist mortgage brokers for first-time buyers in Wales and the wider UK. We can help you navigate the experience of securing your first mortgage.

We'll offer support with:

Applying for a mortgage and securing a mortgage in principle

Making an offer on a home

Identifying additional support schemes like Help to Buy

Comparing the best mortgage deals available to you

Any questions you have about becoming a first-time buyer

What next?

If you’re thinking of becoming a first-time buyer, talk to Trulife. Whether you’re just considering buying your first home or ready to make it happen, our door is always open.