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⚠ Risk Warning: Your home may be repossessed if you do not keep up repayments on your mortgage.  ·  MakeMyMortgage is an Appointed Representative of PRIMIS Mortgage Network, a trading name of Personal Touch Financial Services Ltd. Personal Touch Financial Services Ltd is authorised and regulated by the Financial Conduct Authority.
🇬🇧 UK First Time Buyer Guide

Your first home
starts here.

A clear, step-by-step guide to the UK mortgage process — from saving your deposit to getting the keys.

74%
of FTBs use a mortgage broker
Source: UK Finance, 2024
~6mo
average process duration
5%
minimum deposit available
Step 0 — Before You Apply

Are you ready to buy?

Get these four pillars in order before approaching a lender.

💰
Deposit Saved
Minimum 5% of purchase price. 10–20% gets better rates.
📊
Credit Score
Check with Experian, Equifax or TransUnion. Fix any errors now.
📋
Stable Income
3+ months payslips. Self-employed? 2–3 years of accounts needed.
📉
Manage Debts
Reduce credit card balances. Lenders assess debt-to-income ratio.
Affordability

How much can you borrow?

Lenders use income multiples — but stress-test rates and outgoings also matter.

4–4.5×
typical income multiple
5.5×
max for high earners (£45k+)
Product Choice

Choosing your mortgage type

The right product depends on your risk appetite and how long you plan to stay.

🔒
Fixed Rate
Rate locked for 2, 5 or 10 years. Predictable payments. Best for budgeting. Usually slightly higher than tracker initially.
📈
Tracker
Tracks Bank of England base rate + a margin. Moves with interest rates. Can fall — or rise. No early repayment charges usually.
🏦
Standard Variable
Lender's default rate after your deal ends. Usually the most expensive. Review your mortgage before reaching this.

💡 Most first-time buyers choose a 2 or 5-year fixed rate for peace of mind

Government Help

Schemes to boost your deposit

The government offers several routes to help first-time buyers onto the ladder.

Active
Lifetime ISA
Save up to £4,000/yr. Government adds 25% bonus (£1,000/yr). Use towards homes up to £450,000.
Active
First Homes Scheme
New-build homes sold at 30–50% discount to local first-time buyers and key workers.
Active
Mortgage Guarantee
Government guarantees part of your mortgage, enabling 5% deposit on homes up to £600,000.

⚠️ Help to Buy Equity Loan closed in March 2023 — no longer available

The Process

The mortgage journey

Seven stages from first steps to front door.

01
Get Ready
Deposit, credit, docs
→
02
Find Broker
Expert mortgage advice
→
03
Get AIP
Agreement in Principle
→
04
Find Property
Offer accepted
→
05
Full Application
Valuation & survey
→
06
Exchange
Contracts signed
→
07
Completion
🔑 Keys!
Step 3

Get your Agreement in Principle

A soft-credit-checked indication of how much a lender will offer. Essential before viewing properties.

⚠ Important: An Agreement in Principle shows how much you may be able to borrow based on the information you provide. It is not a mortgage offer and is subject to full application and credit assessment.
What it shows Max borrowing based on your income & credit
Does it affect credit score? Soft search only — no impact
How long does it last? 60–90 days (can be renewed)
Is it a guarantee? No — full application still required
How to get one Via a broker or directly with a lender
Steps 4–6

Offer accepted — what happens next?

You & Your Solicitor
Appoint a conveyancing solicitor
Submit full mortgage application
Commission a homebuyer's survey
Review searches (local authority, drainage, environmental)
Negotiate repairs or price reductions
Sign contracts and exchange
The Lender
Conducts a property valuation
Underwrites your full application
May request further documents
Issues a formal mortgage offer
Offer valid for 3–6 months
Releases funds on completion
Budget Planning

Costs beyond the deposit

Budget for these on top of your deposit — they catch many buyers off guard.

🏛️ Stamp Duty Land Tax £0 on first £300,000 (FTB relief, from April 2025)
⚖️ Solicitor / Conveyancing £1,500 – £3,000
🔍 Survey (Homebuyer's) £400 – £1,500
🏦 Mortgage Arrangement Fee £0 – £2,000 (can add to loan)
🏠 Mortgage Broker Fee £0 – £500
📦 Removal / Moving Costs £500 – £2,000
💡 Typical total (ex. deposit) ~£4,000 – £8,000
🔑
Completion Day

You're a homeowner.

Funds transfer, title registers, and you collect the keys. Your mortgage repayments begin the following month.

✓
Set up Direct Debit for mortgage
✓
Arrange buildings insurance
✓
Update your address everywhere

📅 Diarise your remortgage date — don't drift onto the SVR!

The MakeMyMortgage Difference

A broker does what
a bank never will.

🌐
80+ Lenders Searched
Your bank shows you one range of deals. We search our comprehensive lender panel — representative of the whole market — to find the most suitable rate for your exact situation.
🎯
We Know Who'll Say Yes
Every lender has different criteria. We match you to the right one before you apply — protecting your credit score.
🔍
Proactive Document Checks
We thoroughly review all your documents before they reach the lender — catching potential issues early and giving your application the best possible start.
🛡️
Regulated, Expert Advice
Providing regulated advice and working for you — not any lender. Expert, tailored advice based on your individual circumstances.
📋
We Handle Everything
From your Agreement in Principle to completion, we manage the process, paperwork and lender communication for you.
💷
Broker-Only Rates Available
Some mortgage rates are only available through brokers and not accessible by going direct to lenders.
Get Started Today
Ready to buy your first home?
No obligation. No jargon. Just clear, expert advice from day one.
makemymortgage.co.uk →
Regulatory Information

Your Rights & Our Status

⚠️ Important Risk Warning
Your home may be repossessed if you do not keep up repayments on your mortgage.
🏛️ Our Regulatory Status
MakeMyMortgage is an Appointed Representative of PRIMIS Mortgage Network, a trading name of Personal Touch Financial Services Ltd. Personal Touch Financial Services Ltd is authorised and regulated by the Financial Conduct Authority.
💷 Fee Information
We may charge a broker fee for our mortgage advice service. Our fee will be discussed and agreed with you before any work begins. Our typical fee is £299 but this can vary depending on the complexity of your mortgage needs. Our fee will be discussed and agreed with you before any work begins.
📞 Contact Us
MakeMyMortgage  ·  makemymortgage.co.uk  ·  This guide is for information purposes only and does not constitute personal mortgage advice. Information was correct at time of publication and is subject to change.

We offer mortgage advice based on a comprehensive panel of lenders representative of the whole of the market. We do not offer advice across all available products from all lenders. Personalised mortgage advice is available on request. The guidance contained within this document is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.