Who can get a First Time Buyer Mortgage?
In the UK, first-time buyer mortgages are specifically designed for people who are buying a property for the first time. Here’s who can qualify:
Eligibility Criteria for First-Time Buyer Mortgages
- 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.
- 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.
- 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.
- You meet the lender’s affordability checks
- This includes a review of:
- Income (employment or self-employment)
- Regular expenses and debts
- Credit score/history
- This includes a review of:
- 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).
Further information
Check out the First Time Buyer section on our site and download the FREE GUIDE.
You can give us a call on 01379 778120 if you wish to have a chat and we can answer any questions you may have.