First Time Buyer Mortgages

Buying Your First Home

Buying your first home is an exciting milestone, but it can also feel overwhelming. From saving a deposit to understanding how mortgages work, there are many steps involved in the home buying process.


Harmony Mortgages helps first-time buyers navigate the mortgage process with confidence. We guide you through each stage, from understanding how much you may be able to borrow to securing a mortgage offer.


By comparing mortgage deals from a range of lenders, we can help you explore options that suit your financial situation.

How First Time Buyer Mortgages Work

A mortgage allows you to borrow money from a lender to purchase a property. The loan is usually repaid over a long period, often between 25 and 35 years.

When applying for a mortgage, lenders assess several factors including:

  • Your income
  • Monthly spending
  • Credit history
  • Deposit size

Many lenders offer borrowing between four and five times annual income, although the exact amount depends on individual circumstances.

How Much Deposit Do First Time Buyers Need?

Most lenders require a deposit when buying a property.


Typical deposit levels include:

5% Deposit

10% Deposit

15% Deposit

Steps to Getting Your First Mortgage

Step 1

Mortgage Consultation

Discuss your finances with a mortgage adviser.

Step 2

Agreement in Principle

Receive an indication of how much you may be able to borrow.

Step 3

 Find a Property

Search for a home within your budget.

Step 4

Submit Mortgage Application

Provide documents such as income evidence and bank statements.

Step 5

Mortgage Offer

Once approved, the lender issues a formal mortgage offer.

Why First-Time Buyers Use Mortgage Advisers

The mortgage market can be complex, particularly for first-time buyers. Working with an adviser can help simplify the process by comparing lenders and explaining your options.



Harmony Mortgages supports buyers throughout the mortgage journey so you can make informed decisions.

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FAQs

  • Can first-time buyers get a mortgage with a 5 percent deposit?

    Some lenders offer mortgages with deposits starting from 5 percent.

  • What costs are involved when buying a home?

    Costs may include solicitor fees, surveys, mortgage fees and stamp duty depending on the property value.

  • How long does the mortgage process take?

    Most mortgage applications take four to eight weeks.

  • What is an Agreement in Principle?

    An Agreement in Principle indicates how much a lender may be willing to lend before a full application.

  • Can parents help with a deposit?

    Many lenders accept gifted deposits from parents or family members.

  • Do first-time buyers pay stamp duty?

    Stamp duty rules vary depending on property value and buyer status.

  • Can I buy with someone else?

    Yes. Many first-time buyers purchase property jointly with partners or friends.

  • Do I need a mortgage adviser?

    While not required, an adviser can help compare lenders and simplify the application process.