First-Time Buyer Mortgages

We work with many lenders across the market to provide solutions for first-time buyers including mortgages up to 100% loan to value, together with family assisted arrangements.

Get the right mortgage deals for first-time buyers

Who qualifies as a first-time buyer?

Unsure whether you qualify as a first-time buyer? Our experienced advisors will guide you through the criteria, ensuring you understand your status every step of the way.

You qualify as a first-time buyer if you’ve never owned a property before, either in the UK or abroad. This means that if you’ve inherited a property, owned one as a joint tenant, or owned or currently own a commercial property with living quarters attached, you would not be eligible for the perks and support available to first-time buyers. However, don’t let that put you off. We’ll work closely with you to understand your unique situation and find the perfect mortgage solution.

Choosing your first-time buyer mortgage

Don’t underestimate the importance of getting your first-time buyer mortgage right and our referral partners will help you understand these elements and choose a mortgage that suits your financial situation and plans. When choosing your first mortgage, there are various elements that you need to factor in:

  • Understand your budget: We’ll help you assess how much you can borrow and your monthly repayments.
  • Explore mortgage options: Learn about fixed-rate, variable-rate, and tracker mortgages.
  • Exclusive deals: Access to mortgage products with benefits such as no lender fees and cashback offers

Finding the ideal first-time buyer mortgage rate

Repaying your mortgage is a financial responsibility that requires careful planning and budgeting. As a homeowner in the UK, you must make regular monthly payments that typically cover both the principal amount and the accrued interest. Our advisors will explain the repayment process and help you choose a suitable mortgage term.

Fixed-rate mortgages offer stability with a set interest rate for the initial period, typically 2-5 years. This makes it easier to budget your monthly payments and plan your finances accordingly. They often have lower interest rates than variable-rate mortgages.

Tracker mortgages are variable rates that fluctuate in line with the Bank of England base rate. While this means your payments could go down, they also carry the risk of increasing if the base rate rises but can often offer flexibility of not being tied in for a set period of time.

Discount rate mortgages are another type of variable rate, offering a set percentage below the lender’s Standard Variable Rate. These can be less predictable as the lender can change their SVR at any time.

Understanding first-time buyer deposit assistance schemes

First-time buyers in the UK have access to certain schemes to help them save a deposit and get on the property ladder.

Lifetime ISA is a standout option, allowing you to deposit up to £4,000 per year and receive a 25% government bonus on top – that’s up to £1,000 annually towards your deposit.

Shared ownership enables you to purchase a percentage of a property while paying rent on the remainder. This significantly reduces the upfront costs and deposit required, making homeownership a realistic goal for more aspiring buyers.

The Process of buying your first home

Ready to take the first step? Don't let the complexities of the housing market hold you back, contact MME Mortgages today to schedule a no-obligation chat.

Stage 1

Work out how much you can borrow

One of our mortgage advisors will establish how much you can borrow, considering your income, outgoings, and available deposits.
Stage 2

Obtain an agreement in principle

After understanding your borrowing capacity, your advisor will approach a lender to obtain a Mortgage in Principle (MIP), an official estimate of the borrowing amount available.
Stage 3

Finding a home you like

With your MIP secured, it’s over to you to start the property search. Research local areas and direct any queries to the estate agent, of course we’re here to help too.
Stage 4

Making an offer

Once you've found your ideal home, make an offer through the estate agent. Having a MIP puts you in a strong position to negotiate.
Stage 5

Making the full mortgage application

After your offer is accepted, your advisor will guide you through the complete mortgage application process, aiming to secure the most competitive mortgage terms available.
Stage 6

Instructing a solicitor/conveyancer

A solicitor will handle the legal aspects, including drawing up contracts and managing money transfers.
Stage 7

Agreeing a completion date

Your completion date is the day the property's ownership transfers to you. This date is agreed upon in advance, and your solicitor will request the deposit around a week prior.

Get an idea of cost with our helpful mortgage calculators

Progressing with your mortgage planning hinges on the amount you’re eligible to borrow. Utilise our mortgage calculator for a swift and dependable assessment when you require rapid financial analysis.

Calculate your monthly repayments

For both repayment and interest-only mortgages

Repayment Calculator

Find out how much stamp duty you will pay

Based on the purchase price of the property.

Stamp Duty Calculator

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