First-Time Buyer Mortgage Advice

Buying your first home is an exciting milestone. With over twenty years of exceptional mortgage experience, our expert advisers are here to guide you every step of the way.

Looking at Getting a First-Time Buyer Mortgage?

Buying a home is a serious financial commitment, and we understand there can be a lot of nerves when it comes to being a first-time buyer. Finding your dream first home can be exciting, and it's something we would love to help you with!

Here at Albion Financial Advice, we strive to make your journey as fluid and easy as possible. We understand that every customer's circumstances are different, and there's a good chance we've dealt with a situation similar to yours before. Whether you're moving into a new property on your own, with a friend or relative, or something more complex, we're here to help.

Your Journey to Home Ownership

Check Your Budget

Use our mortgage calculators or speak to an adviser to understand how much you could borrow.

Agreement in Principle

We can obtain your AIP usually within 24 hours, giving you confidence when making offers.

Find Your Home

Search for your dream property with the knowledge of exactly what you can afford.

Complete & Move In

We guide you through the full application process until you get your keys.

Our Support

Deposit Guide

Expert advice on saving and structures for your first deposit.

Agreement in Principle

Fast-track AIP to get you ready for viewing properties.

We'll Be With You Throughout the Whole Process

With the competitive market and the pressure of securing a property, you may feel overwhelmed when it comes to being a first-time buyer. As a caring mortgage broker, this is where we take action and support you in relieving the stress. If needed, we can work at a speed that fits your circumstances.

It can be overwhelming to choose the appropriate mortgage due to the variety of different types available on the market. Getting over every mortgage obstacle is something we aim to do at Albion Financial Advice. Our dedicated team will work hard, finding the most appropriate outcome for your personal circumstances.

A free initial mortgage appointment is offered to all customers. Our advisers are available from early until late, 7 days a week.

Government Schemes for First-Time Buyers

Help to Buy: Shared Ownership

Buy a share of your home (between 25% and 75%) and pay rent on the remaining share.

First Homes Scheme

Offering new build homes to local first-time buyers at a discount of at least 30%.

Lifetime ISA

Save up to £4,000 each year towards your first home and the government adds a 25% bonus.

Right to Buy

If you're a council or housing association tenant, you may be able to buy your home at a discount.

Note: These schemes require you to meet specific criteria. We recommend visiting the government's OwnYourHome website for further information.

Been Declined for a Mortgage?

It's common for customers to get in touch with us when they've previously been declined for a mortgage by a bank. This could be for a number of reasons; however, our team are available to help you with this.

As part of our tailored service, our team can provide the support you need to find the most suitable option for your personal and financial circumstances. Being an expert mortgage broker, we have access to a large range of mortgage lenders, including many offering specialist products.

Why Choose Us for Your First Mortgage?

Free initial mortgage consultation

Agreement in Principle within 24 hours

Access to thousands of mortgage products

Support from first enquiry to completion

Expert guidance on government schemes

Available 7 days a week

First-Time Buyer Mortgage FAQs

Typically, you'll need at least a 5% deposit. However, saving 10% or more can often give you access to better mortgage rates and more lender options. Government schemes like the Mortgage Guarantee Scheme can also help those with smaller deposits.

An Agreement in Principle (AIP) is a document from a lender indicating how much they could potentially lend you. It's not a formal mortgage offer, but it shows sellers and estate agents that you are a serious buyer. We can usually obtain your AIP within 24 hours.

Lenders typically allow you to borrow between 4 and 4.5 times your annual household income. They will also perform an affordability check, looking at your monthly outgoings, debts, and lifestyle spending to ensure you can comfortably afford the repayments.

You should budget for solicitor/conveyancing fees (£1,000–£2,000), property surveys (£300–£1,500), mortgage arrangement fees, removals, and initial furnishing. Don't forget building insurance, which is a lender requirement.

In England and Northern Ireland, first-time buyers currently receive full Stamp Duty relief on properties up to £425,000. For properties up to £625,000, you pay 5% on the portion between £425,001 and £625,000.

From the initial application to getting your keys, the process typically takes between 8 and 12 weeks. This involves the mortgage offer, property surveys, and the legal conveyancing process.

Have more questions? Our friendly team is available 7 days a week to answer your mortgage questions.

Ready to Take Your First Step Onto the Property Ladder?

Take advantage of our free initial mortgage appointment. Our responsive and friendly team are available 7 days a week to help.

Ready for Your Mortgage Journey?

Get expert mortgage advice with no obligation. Our specialists are here to help you find the perfect mortgage solution for your needs.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.