What Mortgage Can I Get as a First-Time Buyer?

Buying your first home is an exciting milestone – but when it comes to securing a mortgage, it’s easy to feel overwhelmed by the options, jargon, and paperwork involved. The good news? With the right guidance, getting onto the property ladder can be much more straightforward than it seems.

Here’s what you need to know about how much you could borrow, what kinds of deals might be available, and how a mortgage broker like Impact Specialist Finance can help you every step of the way.

What Determines the Mortgage You Can Get?

As a first-time buyer, the mortgage you can access depends on several key factors:

1. Your Deposit

The size of your deposit is one of the biggest influences on the type of mortgage deal you’ll be offered. The more you can put down upfront, the lower the risk for lenders – which often translates into more competitive interest rates.

Mortgage rates are largely based on the loan-to-value (LTV) ratio – the percentage of the property’s value you need to borrow. For example, if you have a 10% deposit, that means a 90% LTV; a 25% deposit would equate to a 75% LTV. Generally speaking, the lower the LTV, the better the rates and the wider the choice of lenders available.

It’s worth noting that your deposit doesn’t always have to come from your own savings. Many first-time buyers receive a gifted deposit – usually from parents or close family – to help boost their contribution. Most lenders will accept gifted deposits, provided it’s a genuine gift with no expectation of repayment and the source of the funds is clearly documented.

2. Your Income and Outgoings

Lenders will assess your income and your regular expenses to determine how much you can afford to repay each month. Most will lend between 4 and 4.5 times your annual income, but this can vary depending on your financial profile.

3. Your Credit History

A strong credit score can open doors to better mortgage deals. If you have a good track record of managing debts and making payments on time, lenders are more likely to offer favourable terms.

4. Any Existing Debts

If you have loans, credit cards, or other financial commitments, these may reduce the amount you can borrow. Lenders need to ensure you’re not overstretching yourself financially.

What If I’ve Had Credit Issues?

Many first-time buyers worry that previous financial blips will automatically mean they can’t get a mortgage – but that’s not necessarily the case.

At Impact Specialist Finance, we work with a wide range of specialist lenders who understand that life isn’t always straightforward. Whether you’ve had missed payments, defaults, a County Court Judgment (CCJ), or are newly back in employment, we may still be able to help you find a suitable mortgage.

The key is matching you with the right lender for your circumstances – something our experienced brokers are well placed to do.

What Documents Will You Need?

• To get an accurate idea of your mortgage options, you’ll need to provide documents such as:
• Recent payslips (or tax returns if self-employed)
• Bank statements
• Proof of ID and address
• Details of any existing financial commitments

These help lenders (or your mortgage broker) assess your affordability and match you with suitable products.

Why Use a Mortgage Broker?

Rather than approaching lenders individually, working with a whole-of-market mortgage broker – like Impact Specialist Finance – gives you access to a wide range of deals from across the market, including many that aren’t available directly to consumers.

We don’t just look at interest rates – we consider your full situation to help find the most appropriate product for your needs. Whether you’re looking for a low-deposit option, a guarantor mortgage, or something more specialist, we’re here to help.

First-Time Buyer Schemes You Might Qualify For

There are also government-backed schemes designed to help first-time buyers, such as:

• Shared Ownership – Buy a share of a property (usually between 25–75%) and pay rent on the rest.
• First Homes Scheme – New-build homes sold at a discount to local first-time buyers and key workers.
• Lifetime ISAs – Save for a deposit with a 25% government bonus (up to £1,000 per year).

These can make it easier to get on the ladder – especially if you’re struggling to save a larger deposit.

Ready to Take the Next Step?

If you’re unsure how much you could borrow or what your mortgage options are as a first-time buyer, we’re here to help.

At Impact Specialist Finance, we’ll walk you through the process, assess your affordability, and find you the most suitable lender for your circumstances – saving you time, stress, and potentially money too.

Get in touch with us today to explore your mortgage options and take the first confident step towards owning your first home.