First Time Buyers Mortgage Advice

Buying your first home can feel like a daunting task and it's easy to feel overwhelmed. However, with the right guidance, you can make the right decisions and secure a home that suits your budget.

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YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Why choose us

We help you buy your first home

Focus on the excitement of moving into your first home and let us handle the mortgage search, application, and everything in between.

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Save Time

Don’t waste your valuable time researching mortgage rates and completing lengthy application forms. We’ll take care of it for you.

Save Money

Save money on your mortgage with better rates and lower application fees, it could mean big savings on your monthly payments.

Get Exclusive Rates

Your mortgage adviser has access to 1000’s of mortgage rates and exclusive offers that that may not be available to you directly.

How it works

Getting expert financial advice shouldn't be complicated. From your first conversation to finding the right solution, we'll guide you every step of the way.

STEP 1

Book a callback

Choose a convenient time to speak with an adviser. We're available 7 days a week, from 8am to 8pm.

STEP 2

Lets talk

Tell us what you'd like to achieve. We'll understand your circumstances and explain the options available to you.

STEP 3

We'll guide you

Your adviser will recommend suitable solutions, handle the paperwork and support you through the process.

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FIRST-TIME BUYER ESSENTIALS

What do you need to buy your first home?

From deposits to affordability, here's what lenders will consider when you apply for your first mortgage.

Your deposit

Many lenders accept deposits from 5%, although a larger deposit could unlock better mortgage rates.

How much you can borrow

Your income, existing commitments and monthly spending all affect how much a lender may offer.

Your credit history

Lenders review your credit history alongside your income and outgoings. A perfect credit score isn't essential.

Getting mortgage-ready

You'll usually need proof of identity, income, deposit and recent bank statements to support your application.

Mortgage types

There's a lot to consider when buying your first home. Here's a simple guide to how different mortgages work, so you can make an informed decision.

Your interest rate stays the same for an agreed period, usually 2, 3 or 5 years. This means your monthly repayments won't change during that time, making budgeting easier.

Your interest rate moves in line with the Bank of England base rate, plus an agreed percentage. Your monthly repayments could rise or fall as interest rates change.

This is the rate your lender may charge when your initial mortgage deal ends. It can change at the lender's discretion and may be higher than other available mortgage rates.

Each monthly payment covers both the interest and part of the amount you've borrowed. Provided you make all required payments, your mortgage will be fully repaid at the end of the term.

Your monthly payments cover the interest, but the amount you originally borrowed doesn't reduce. You'll need a suitable plan to repay the outstanding balance at the end of the mortgage term.

mortgage types
mortgage declined
MORTGAGE DECLINED

Struggling to get a mortgage?

Being declined doesn't always mean you can't get a mortgage. Whether it's your credit history, deposit, income or affordability, our advisers can help you understand your options and find a way forward.

Getting your first mortgage isn't always straightforward. A low deposit, missed payments, limited credit history or affordability concerns can make it harder to get accepted by a lender.

Being turned down can be disappointing, especially when you've found a home you love. Different lenders have different criteria, so one rejection doesn't necessarily mean you have no other options.

Our mortgage advisers can review your circumstances, explain why you may have been declined and explore suitable lenders from our panel of 50+. We'll guide you through your next steps and help you apply when you're ready.

first time buyer help

1st time buyer mortgage FAQs

Most first-time buyers need a deposit of at least 5% of the property's purchase price. For example, a £200,000 home would require a £10,000 deposit. Some lenders offer mortgages with smaller deposits or even no deposit in certain circumstances. Generally, the larger your deposit, the more mortgage deals and competitive interest rates may be available to you.

Many mortgage lenders offer around 4 to 4.5 times your annual income, although some may lend more depending on your circumstances. The amount you can borrow also depends on your monthly outgoings, existing debts, credit history and deposit. A mortgage adviser can assess your affordability and help you understand how much you may be able to borrow.
Yes, you may still be able to get a mortgage after being declined by another lender. Every mortgage lender has different eligibility criteria, so a rejection doesn't necessarily mean you won't qualify elsewhere. Understanding why your application was declined is important. A mortgage adviser can review your circumstances and help identify suitable lenders or steps to improve your chances.
An Agreement in Principle (AIP), sometimes called a Mortgage in Principle, is an indication of how much a lender may be willing to lend you based on your financial circumstances. It can help you understand your budget before viewing properties and demonstrate to estate agents that you're a serious buyer. An AIP isn't a guaranteed mortgage offer and remains subject to further checks.
Yes, many lenders offer 95% loan-to-value mortgages, meaning you only need a 5% deposit. For example, you could potentially purchase a £250,000 property with a £12,500 deposit. Your eligibility will depend on your income, credit history and affordability. Having a larger deposit may provide access to a wider choice of lenders and lower interest rates.
Mortgage adviser fees vary depending on the broker and the complexity of your circumstances. Some advisers offer fee-free mortgage advice, while others charge a fixed fee or percentage of the mortgage amount. At GHL Direct, any applicable broker fees will be explained clearly before you proceed, so you'll understand the costs involved.