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First time buyers

Making that first move is all about having the information you need to get started. Here you’ll find everything from our tool for finding a mortgage and affordability calculator to information about buying schemes and 4 top questions answered.

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

Our First Time Buyer Guide

You’ve saved your deposit and you can’t wait to take the next step. But what is it? Our step-by-step home buying guide takes you through the whole journey, giving you the heads up on what to expect and when.

First Time Buyers Guide

Your top 4 mortgage questions

The amount you could borrow depends on how much you could afford to pay back based on your income and your outgoings. Use our affordability calculator to get an idea of what this might be – it only takes 5 minutes and it doesn’t affect your credit rating.

Affordability Calculator

It all depends on where you want to live, the type of home and how much you borrow. But a good starting point is that based on the average house price of £274,171 in January 2022, you’d need to save more than £27,000 for a 10% deposit.

Read our how much do I really need to save? article to find out more.

A fixed rate mortgage is one where the interest rate stays the same for an agreed period of time – this is usually two, three, five, seven or ten years. So even if other interest rates go up or down during that time, your interest rate won’t change.

A variable rate mortgage is one where the interest rates can go up or down, meaning your repayments may also go up and down. Rate changes can happen for a variety of reasons - some will be decided by your lender, others might be driven by what’s happening in the economy.

Read our different types of mortgages article to discover what others are available.

Yes, if some or all of your deposit has been gifted to you by a member of your family. You would need to give us full details when you submit your mortgage application and the person giving you the money would need to sign a gifted deposit declaration.

More ways to buy your first home

Take a closer look at the different buying schemes that could help you get on the property ladder to see if any of them could be right for you.

Thought about your home insurance yet?

If you're using a mortgage to buy your first home, it's likely your lender will require you to take out buildings insurance. We offer buildings and contents insurance which is provided and underwritten by Liverpool Victoria Insurance Company Limited (LV=).

Home Insurance

Things to consider for first time buyers

Our Life & Money section has lots of helpful information for first time buyers. Below is a selection of articles that we think could help you on your home buying journey.

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