{"id":16594,"date":"2025-04-06T09:07:30","date_gmt":"2025-04-06T08:07:30","guid":{"rendered":"https:\/\/www.impactsf.co.uk\/?p=16594"},"modified":"2025-08-05T10:03:40","modified_gmt":"2025-08-05T09:03:40","slug":"what-mortgage-can-i-get-as-a-first-time-buyer","status":"publish","type":"post","link":"https:\/\/www.impactsf.co.uk\/index.php\/2025\/04\/06\/what-mortgage-can-i-get-as-a-first-time-buyer\/","title":{"rendered":"What Mortgage Can I Get as a First-Time Buyer?"},"content":{"rendered":"

Buying your first home is an exciting milestone \u2013 but when it comes to securing a mortgage, it\u2019s 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.<\/span><\/p>\n

Here\u2019s 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.<\/span><\/p>\n

What Determines the Mortgage You Can Get?<\/strong><\/span><\/h3>\n

As a first-time buyer, the mortgage you can access depends on several key factors:<\/span><\/p>\n

1. Your Deposit<\/strong><\/span><\/p>\n

The size of your deposit is one of the biggest influences on the type of mortgage deal you\u2019ll be offered. The more you can put down upfront, the lower the risk for lenders \u2013 which often translates into more competitive interest rates.<\/span><\/p>\n

Mortgage rates are largely based on the loan-to-value (LTV) ratio \u2013 the percentage of the property\u2019s 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.<\/span><\/p>\n

It\u2019s worth noting that your deposit doesn\u2019t always have to come from your own savings. Many first-time buyers receive a gifted deposit \u2013 usually from parents or close family \u2013 to help boost their contribution. Most lenders will accept gifted deposits, provided it\u2019s a genuine gift with no expectation of repayment and the source of the funds is clearly documented.<\/span><\/p>\n

2. Your Income and Outgoings<\/strong><\/span><\/p>\n

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.<\/span><\/p>\n

3. Your Credit History<\/strong><\/span><\/p>\n

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.<\/span><\/p>\n

4. Any Existing Debts<\/strong><\/span><\/p>\n

If you have loans, credit cards, or other financial commitments, these may reduce the amount you can borrow. Lenders need to ensure you\u2019re not overstretching yourself financially.<\/span><\/p>\n

What If I\u2019ve Had Credit Issues?<\/strong><\/span><\/h3>\n

Many first-time buyers worry that previous financial blips will automatically mean they can\u2019t get a mortgage \u2013 but that\u2019s not necessarily the case.<\/span><\/p>\n

At Impact Specialist Finance, we work with a wide range of specialist lenders who understand that life isn\u2019t always straightforward. Whether you\u2019ve 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.<\/span><\/p>\n

The key is matching you with the right lender for your circumstances \u2013 something our experienced brokers are well placed to do.<\/span><\/p>\n

What Documents Will You Need?<\/strong><\/span><\/h3>\n
    \n
  • To get an accurate idea of your mortgage options, you\u2019ll need to provide documents such as:<\/span><\/li>\n
  • Recent payslips (or tax returns if self-employed)<\/span><\/li>\n
  • Bank statements<\/span><\/li>\n
  • Proof of ID and address<\/span><\/li>\n
  • Details of any existing financial commitments<\/span><\/li>\n<\/ul>\n

    These help lenders (or your mortgage broker) assess your affordability and match you with suitable products.<\/span><\/p>\n

    Why Use a Mortgage Broker?<\/strong><\/span><\/h3>\n

    Rather than approaching lenders individually, working with a whole-of-market mortgage broker \u2013 like Impact Specialist Finance \u2013 gives you access to a wide range of deals from across the market, including many that aren\u2019t available directly to consumers.<\/span><\/p>\n

    We don\u2019t just look at interest rates \u2013 we consider your full situation to help find the most appropriate product for your needs. Whether you\u2019re looking for a low-deposit option, a guarantor mortgage, or something more specialist, we\u2019re here to help.<\/span><\/p>\n

    First-Time Buyer Schemes You Might Qualify For<\/strong><\/span><\/h3>\n

    There are also government-backed schemes designed to help first-time buyers, such as:<\/span><\/p>\n

      \n
    • Shared Ownership \u2013 Buy a share of a property (usually between 25\u201375%) and pay rent on the rest.<\/span><\/li>\n
    • First Homes Scheme \u2013 New-build homes sold at a discount to local first-time buyers and key workers.<\/span><\/li>\n
    • Lifetime ISAs \u2013 Save for a deposit with a 25% government bonus (up to \u00a31,000 per year).<\/span><\/li>\n<\/ul>\n

      These can make it easier to get on the ladder \u2013 especially if you\u2019re struggling to save a larger deposit.<\/span><\/p>\n

      Ready to Take the Next Step?<\/strong><\/span><\/h3>\n

      If you\u2019re unsure how much you could borrow or what your mortgage options are as a first-time buyer, we\u2019re here to help.<\/span><\/p>\n

      At Impact Specialist Finance, we\u2019ll walk you through the process, assess your affordability, and find you the most suitable lender for your circumstances \u2013 saving you time, stress, and potentially money too.<\/span><\/p>\n

      Get in touch with us today to explore your mortgage options and take the first confident step towards owning your first home.<\/span><\/p>\n\n","protected":false},"excerpt":{"rendered":"

      Buying your first home is an exciting milestone \u2013 but when it comes to securing a mortgage, it\u2019s 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\u2019s what you need to know […]<\/p>\n","protected":false},"author":8,"featured_media":16595,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"slim_seo":{"title":"What Mortgage Can I Get as a First-Time Buyer? - Impact Specialist Finance","description":"Buying your first home is an exciting milestone \u2013 but when it comes to securing a mortgage, it\u2019s easy to feel overwhelmed by the options, jargon, and paperwork"},"footnotes":""},"categories":[1],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/16594"}],"collection":[{"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=16594"}],"version-history":[{"count":4,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/16594\/revisions"}],"predecessor-version":[{"id":17182,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/16594\/revisions\/17182"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/media\/16595"}],"wp:attachment":[{"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=16594"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=16594"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=16594"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}