First Time Buyer

Call Us Now

0845

25 75 485

Lines open

9am to 5pm

Monday to Friday

Request a Call Back

If you would like to speak to a member of our team, simply enter your name and telephone number in the form opposite and we will get back to you shortly. Alternatively, you can send us an email from the contact page.

Sponsored Links

First Time Buyer Mortgages

For the first time buyer there are many different options available when it comes to your first mortgage. Most banks and building Societies offer some kind of incentive or inducement to attract first time buyers.

Perhaps the most popular product for the first time buyer is the fixed rate mortgage. This allows for a greater degree of financial planning which is often essential when taking the first step to independence. Variations of this include capped or discounted mortgages which guard against the interest rate rising beyond what the applicant can support in repayments, or offer reductions in payments to allow for the other inevitable expenses such as legal costs and then furnishing of your first home.

The borrowing limits of a first time buyer mortgage are not too dissimilar to a normal mortgage but everyone involved in aiding or advising you on what you can borrow will naturally be cautious in a bid to minimise the risk of you getting into financial difficulties.

Traditionally, the borrowing limits are set by the amount you earn. Typically this is up to three times your annual salary. If you are making a joint application the lender will allow for three times the greatest salary plus one of the second OR up to two and a half times your combined salary.

Recently, because of the rising property values, and the difficulties this causes the first time buyer in getting on the property ladder, some lenders have begun to relax their income multiples and are now offering up to four and even five times the applicant’s annual salary although the latter tends to be restricted to certain professions.

Whatever maximum your lender is prepared to offer you it is essential that you take into consideration the possible rise in interest rates and consequently the increase in mortgage payments.

For further impartial confidential advice call Lifestyle Solution on

0845 25 75 485

Or complete our call back form and will we call you at a

convenient time.

This website is provided as an independent marketing website.

We are neither a mortgage lender nor an independent financial adviser and, as such are unable to offer financial advice

Enquiries generated via this website are passed on to independent financial advisers and mortgage/loan brokers.

Think carefully before securing other debts against your home.

Your home may be repossessed if you do not keep up repayments on your mortgage.