First Time Buyer Mortgages
First Time Buyer Mortgages
First Time Buyer Mortgage Solutions
Buying your first home is a significant milestone, and we are here to guide you every step of the way. At Bradgate Financial Solutions, we simplify the first-time buyer process, helping you secure the right mortgage for your needs. Our team takes the time to understand your financial situation, ensuring that your mortgage aligns with your income and monthly budget.
We search the entire mortgage market to find competitive deals, offering personalised solutions that make your homeownership journey as seamless as possible.
How Does a First Time Buyer Mortgage Work?
A first-time buyer mortgage provides the financial foundation for purchasing your first property.
By simplifying each step, we take the stress out of buying your first home.
- Assess Your Budget Our advisors help you calculate a comfortable monthly payment based on your income and expenses.
- Find the Right Mortgage We identify the most suitable mortgage product, including government-backed schemes designed for first-time buyers.
- Manage the Application From handling the paperwork to liaising with solicitors and estate agents, we ensure a smooth process from start to finish.
Schemes and Support Available
Several routes exist for buyers who cannot assemble a conventional deposit alone. They suit different circumstances, and some carry conditions worth understanding before committing.
Lifetime ISA
Savers aged 18 to 39 can pay in up to £4,000 a year and receive a 25% government bonus — £1,000 on a full year's saving. Funds can be used towards a first home up to a maximum purchase price, provided the account has been open at least twelve months. Withdrawing for any other reason before 60 incurs a charge that can return less than you paid in, so it suits money genuinely committed to a purchase.
Shared ownership
You buy a share of a property, commonly between 10% and 75%, and pay rent on the remainder to a housing association. The deposit is calculated on your share rather than the full value, which lowers the entry cost considerably. The property is normally leasehold, service charges apply, and increasing your share later — staircasing — is done at the value at that time rather than the price you first paid.
Joint borrower, sole proprietor
A parent or family member's income is included in the affordability assessment, but they are not an owner of the property. This avoids the additional-property stamp duty surcharge that a conventional joint purchase would trigger for them, while still supporting the amount you can borrow. They remain fully liable for the mortgage, which is a significant commitment and one to take advice on.
Family-assisted mortgages
Various forms exist in which a relative's savings are held as security, or their property is used as additional security, in place of a deposit from you. The relative's funds are normally returned after a set period, subject to payments being maintained.
Guarantor mortgages
work similarly, with a family member undertaking to cover payments if you cannot.
Gifted deposits
remain the most common form of family help. Lenders accept them readily from close relatives, but require a signed declaration confirming the money is a genuine gift, with no repayment expected and no interest in the property. The person giving it must evidence where the money came from.
Which of these works depends on your income, your family's position and the property itself. They are not mutually exclusive — a Lifetime ISA and a gifted deposit combine perfectly well.
Stamp Duty as a First-Time Buyer
First-time buyers receive relief from stamp duty up to a threshold, with a reduced rate applying on a band above it and no relief at all above an upper limit — at which point standard rates apply to the whole purchase.
Two conditions catch people out. Every buyer must be a first-time buyer, so purchasing with someone who has owned before removes the relief entirely. And "first-time buyer" means never having owned property anywhere in the world, including an inherited share or a property owned abroad.
Thresholds and rates change, sometimes at short notice, so confirm the current position before budgeting. The relief is claimed through your conveyancer's return rather than applied for separately.
Benefits of Working With Us
Choosing Bradgate Financial Solutions gives you access to:
Even if you've been off the property ladder for a while, whether renting, travelling, or living with family and you may still qualify as a first time buyer.
- Receive a free consultation to explore your options and understand the process.
- Get a mortgage plan suited to your unique financial situation.
- Our team stays with you through the entire process, ensuring no detail is overlooked.
Reclaiming First-Time Buyer Status
If you've previously owned a property but have been off the property ladder for a while; perhaps due to renting, travelling, or living with family, you may still qualify as a first time buyer. It's worth checking your eligibility, as this status can open doors to beneficial schemes and rates. For more insights, expert advice on mortgage broker for first time buyer can help you make informed decisions about your next steps.
Our Other Mortgage Solutions
Our extensive range of services ensures that no matter your needs, we have the expertise to assist.
Contact Us
Home Mover and Purchase Mortgages
Home Mover and Purchase Mortgages: Designed for those moving to their next property, these mortgages streamline the process of buying a new home.
Right to Buy Mortgages
Right to Buy Mortgages: Ideal for council tenants looking to purchase their homes under the Right to Buy scheme.
Remortgages
Remortgages: Helping you switch to a better rate, release equity, or consolidate debts.
Self-Employed Mortgages
Self-Employed Mortgages: Tailored options for business owners and freelancers with varying income streams.
Adverse Credit Mortgages
Adverse Credit Mortgages: Solutions for individuals with poor credit history to secure a mortgage.
Buy to Let Mortgages
Buy to Let Mortgages: Designed for property investors looking to rent out residential properties.
Portfolio Mortgages
Portfolio Mortgages: Simplifies financing for landlords managing multiple rental properties.
Self-Build Mortgages
Self-Build Mortgages: Provides funding for constructing your own home.
Ex-Pat Mortgages
Ex-Pat Mortgages: Assistance for UK nationals living abroad who want to purchase property in the UK.
Ready To Apply, Fill In The Form
Small details decide first-time buyer applications, so we use your information to match you with lenders whose criteria genuinely suit your circumstances rather than applying and hoping.
We will confirm what you can borrow, estimate repayments, and explain the fees in plain English. If you are unsure about your credit file or your deposit source, we will tell you what to tidy up before applying — which is far easier to fix beforehand than to explain afterwards.
Once you are happy, we progress the application, keep you updated, and liaise with the solicitors and estate agents so you are not chasing them yourself.
Complete the form today to book a consultation and get a plan. With the right lender identified at the outset, a first purchase is considerably more straightforward than most people expect.
Common questions
How much deposit does a first time buyer need?
Most lenders require a deposit of at least 5% of the property value, but this can vary depending on your circumstances.
Can I access government-backed schemes as a first time buyer?
Yes, schemes like Help to Buy and Shared Ownership are available to first-time buyers. We'll help you determine your eligibility and apply.
What documents are needed?
Typically, you'll need proof of income (e.g., payslips), bank statements, identification, and details of your deposit. We'll guide you through the exact requirements.
What if I've owned a home before?
If you've been off the property ladder for a while, you may still qualify as a first-time buyer. Contact us to explore your options.
Can self-employed individuals apply as first time buyers?
Yes, we specialise in finding mortgages for a variety of financial situations, including self-employment.
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