Eligibility Criteria for First-Time Buyer Mortgages

1. You’ve never owned a property in the last 3 years
   • You must not have previously owned a home in the UK or abroad in the last 3 years, including inherited property or shared ownership.
2. You are buying your main residence
   • The mortgage must be for a property you plan to live in, not to let or use as a second home.
3. You have a deposit (usually at least 5%)
   • First-time buyer mortgages often require a minimum 5% deposit, though 10%+ gives you access to better rates.
   • There are 95% LTV (loan-to-value) mortgages available for first-time buyers.
   • There are a few 100%, no deposit, options available.
4. You meet the lender’s affordability checks
   • This includes a review of:
     • Income (employment or self-employment)
     • Regular expenses and debts
     • Credit score/history
5. You are aged 18 or over
   • Typically, lenders require applicants to be at least 18 (some 21+ depending on the lender).

Helpful Schemes for First-Time Buyers

• Lifetime ISA (LISA) – Government bonus of 25% up to £1,000 per year toward your first home (for homes under £450,000).
• Shared Ownership – Buy a share of a property (25–75%) and pay rent on the rest.

Who isn’t considered a First-Time Buyer?

You are not a first-time buyer if:

• You’ve owned or part-owned a home before (even through inheritance or marriage).
• You’re buying with someone who has owned a property before (you may not qualify for some first-time buyer incentives).