First Time Buyer Mortgage Broker

Purchasing your first home

Buying a home is the largest purchase you’re likely to make. Getting onto the property ladder can be a big step. We're here to support you in this milestone.

First-time buyers' mortgage advice

Feeling supported during the mortgage process is really important, especially if it's your first time purchasing a property. We manage the mortgage process from start to finish for first-time buyers.

Expert and impartial mortgage advice

There are several schemes available to first-time buyers who are ready to join the housing ladder. We can go through these options with you and discuss the best options for you. To find out more, read our Guide to Mortgages for First-Time Buyers.

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First Time Buyer Mortgage Broker advice

Recent Reviews

Arranging a mortgage for the first time can be a stressful process. Read from some of our clients their experience of working with Visionary Finance.

I used Visionary Finance as my mortgage broker after they were introduced to me by the developer. I have nothing but good things to say about them. My adviser helped me through the entire mortgage process from start to finish and made life very easy from my point of view, with submitting the mortgage application. He was able to find options that worked for me and my circumstances at good rates. My adviser was never more than an email or phone call away, always acted professionally and friendly and kept me constantly updated throughout the process. He even followed up with the lender when there were delays on their side. I would not hesitate to recommend their services. They're definitely one of the best providers I've interacted with in my first-time buyer experience.
Me and my boyfriend have been using Visionary Finance whilst buying our first house. The service we have received has been none other than professional, friendly and quick. I recommend them highly. Our advisers looked after us very well, it was all new and they were absolutely incredible, helpful and always went above and beyond. Anyone else they put us in contact with was always helpful too. The advisers made a scary and stressful time a lot less scary and I am so grateful. I will definitely use them again in the future. Thank you!
We received such fantastic service from Visionary Finance. As first-time buyers, the whole process can be so daunting and confusing but the team were quick to answer any query we had and provided us with excellent mortgage options. Thank you!
As a first-time buyer trying to understand everything that goes with buying a house was very challenging. My broker helped me through this and made everything very very simple. I think without her support I wouldn’t have a clue about what to do. Would recommend Visionary Finance to anyone!
Joshua Morgan
We are first time buyers. The team at Visionary Finance were really amazing & patient with all the hand-holding, explanations and questions we had during the entire mortgage process. My broker was really very quick with all her actions, active feedbacks and pro-active follow ups with the Lender to get the best offer as the interest rates were going higher. Her mortgage advice genuinely gave us a good idea to make an informed decision and choice given our personal circumstances. Overall, this is the kind of service any customer, especially a first-time buyer would expect and our adviser, went beyond our expectations with her excellent service. I would recommend Visionary Finance to my friends in future. Thank you!
Reegan Noronha

I used Visionary Finance as my mortgage broker after they were introduced to me by the developer. I have nothing but good things to say about them. My mortgage adviser helped me through the entire first time buyer mortgage process from start to finish and made life very easy.

We have been using Visionary Finance whilst buying our first house. The service we have received has been none other than professional and friendly. I recommend them highly. Our advisers looked after us very well, they made a scary and stressful time a lot less scary.

As a first-time buyer trying to understand everything that goes with buying a house was very challenging. My broker helped me through this and made everything very very simple. I think without her support I wouldn’t have a clue about what to do. Would recommend Visionary Finance to anyone!

Find The Best Mortgage Deals For First-time Buyers

Finding the best mortgage deals for first time buyers involves some crucial steps to ensure that you get a mortgage that suits your financial situations and preferences.

Before starting any other research related to this, you should take some time to assess your current financial situation. After considering all your income and expenses, try to estimate the amount that you can comfortably afford to repay each month. This will ensure that you are able to pay your monthly instalments in time without incurring any penalties or charges.

You should also be mindful of your credit score. A good credit score goes a long way in helping you secure favourable mortgage rates. If there are any flags in your credit report, try to resolve them before applying for a mortgage.

Finding the Right Mortgage Product

Before you apply for a mortgage, it is important to understand the different types of it, such as fixed rate, variable rate, offset mortgages, etc. Things might get a little technical here. So you can take assistance from a mortgage broker to help you understand the difference.

It is also important to compare the mortgage rates provided by different lenders. Be careful to not just look at the interest rates, but also at any other fees or costs you may have to incur.

You also have to determine the deposit amount for your mortgage. If you are a first-time buyer, you can secure a mortgage options with just a 5% deposit. It is crucial to assess the feasibility of this for you.

Finding the Right Deal

Once you are clear about the type of mortgage product you are interested in and your affordability of deposit and instalment amounts, you should start focusing on getting a good deal.

To begin with, you can get multiple quotes from different lenders. You should also consider getting help from a mortgage broker. Brokers usually have access to special mortgage products that might not be available to you if you go straight to the lender.

In all the mortgage products that you assess, make sure to check the total cost of the mortgage over its entire term, not just the initial interest rate.

Who Qualifies For A First-time Buyer Mortgage?

Some of the best mortgage lenders for first-time buyers offer competitive products for first-time buyers. They may provide better rates, lower deposit requirements or other benefits. But not everyone qualifies for a first-time buyer mortgage. If you fit into any of the following criteria, you won’t qualify as a first-time buyer:

You currently own a residential property or land in the UK or even abroad;
You have owned a residential property or land in the UK or anywhere else in the past (even if you have sold it now);
You inherited a residential property or land in the UK or anywhere else (even if you never lived there or have sold it already);
You currently own or have owned in the past a commercial property which has living quarters attached to it.

If any of the above-mentioned factors are applicable to you, you won’t be able to get a first-time buyer mortgage.

Apart from this, there are a few other criteria that would determine your eligibility for a first-time buyer mortgage:

Most lenders require you to be over 18 years of age to apply for a mortgage. You can still check with lenders to see their specific age requirements.
You should also be a resident of the UK. With Non-UK residents, there are some first-time buyer mortgage options but they usually have additional requirements and/ or limitations.
Your financial capabilities, which are assessed by your income, expenses, and other debts will also have a role to play here. If these things don’t meet the lender’s affordability criteria, then you may not be able to get a first-time buyer mortgage.

There are a number of factors that play a role in ensuring that you get the right kind of mortgage product for your first home. Because of the complexity of the terms of many lenders, it is always advisable to work with a mortgage broker. They will be able to guide you through the process and make sure that your application is presented in a way that your mortgage gets passed. If you need any such assistance, you can always reach out to us at Visionary Finance.

Which Type Of First-time Buyer Mortgage Is Best For Me?

Mortgages for first-time buyers are available in different types to suit different financial needs, risk tolerances and long-term goals. We will give you an overview of the different options available in the market so you can choose one that suits your needs.

Fixed-Rate Mortgage - This type of mortgage requires you to pay a fixed interest rate for a pre-determined duration. This makes it an easier option for budgeting purposes. However, fixed-rate mortgages sometimes have higher initial rates as compared to the variable options.
Tracker Mortgage - Here, the interest rate tracks the Bank of England’s (BoE) base rate. So, when the base rate decreases, you will benefit from lower rates. But if the base rates go up, your payments can increase as well. You would have to be comfortable with potential fluctuations in your monthly payments to opt for this type of mortgage.
Standard Variable-Rate Mortgage - Each lender specifies their own SVR which may go up or down at the lender’s discretion. It is somewhat associated to BoE’s base rates but doesn’t necessarily have to follow it. The primary benefit of this type of mortgage is that it gives you flexibility to overpay the mortgage without incurring any penalties.
Discounted Variable-Rate Mortgage - This type of mortgage is usually available for 2-5 years. Here the rate is set at a fixed percentage below the lender’s SVR. However, if there are changes in the SVR, it could also impact your payment amount.

These and many other types of first-time buyer mortgages are available in the market. The only issue here is that sometimes the details of each type get a little technical and may seem confusing to you. It is best to speak to qualified mortgage broker for more details.

Our mortgage experts at Visionary Finance would be delighted to assist and help you navigate through the mortgage minefield. Because of our long success record and customer-centric approach, we are regarded as one of the best mortgage providers for first-time buyers.

Choosing Your First-Time Buyer Mortgage

There are many factors to consider when choosing your first-time buyer mortgage. It is an important decision that should only be made after careful consideration and understanding. Here is an overview of the steps you should follow to make an informed decision:

You should begin by understanding your current financial situation in order to calculate how much you can actually afford to put toward a monthly mortgage payment and deposit. This will help you decide your budget.
Another important factor is the type of mortgage that is suitable for you. Before you can come to that decision, you have to consider your long-term plans and prioritise what is most important to you. Assess whether or not you are looking for fixed payments and the stability they offer. Or can you take some risk for potentially lower interest rates.
Once you understand your priorities, you can choose the right type of mortgage (fixed-rate, variable-rate, offset mortgage or others). You should assess how each type does or does not align with your financial goals.
You can also look at various mortgage schemes for first-time buyers like First Homes, Deposit Unlock, Shared Ownership and others. This will tell you where you can expect some assistance or relief in your home purchase process.
Make sure you assess your options with various banks and lending institutions. You should also consider consulting an independent mortgage broker as they will help you navigate through various options to ensure you find the mortgage deal that is right for you.
After getting your different options, calculate the total cost of different mortgage products throughout the term. This is crucial because some products offer lower interest rates but charge higher associated fees which in total ends up costing more.
Based on your research, advice and calculations, choose the mortgage product that best aligns with your financial needs and goals.

Choosing the correct mortgage product can sometimes be a confusing task. In order to ensure that you are getting a good deal that is suitable for you, it is best to consult a first time buyer mortgage broker. You can always reach out to our experts here at Visionary Finance to get reliable advice that is in your best interest.

What schemes are available to help first-time buyers?

In the UK, there are many different schemes and initiatives that are designed to help first-time buyers in their endeavours. These schemes offer various benefits from financial assistance to shared ownership options to favourable terms. Here are some of the key schemes available:

The First Homes scheme is applicable to newly-built properties or even properties that were originally bought through the scheme. Here, first-time buyers in England can get 30-50% discount on the market price.
Shared Ownership scheme is also very helpful for first-time buyers. It allows them to buy a share of a property (somewhere between 10-75%) as a member of a housing association. For the remaining share, you have to pay rent. You also have the option to increase your ownership over time till you own 100%.
The Lifetime Individual Savings Account or LISA is also a profitable government scheme for first-time buyers. This scheme is specifically for UK residents between the age of 18-39. Here, you can make a contribution of up to £4,000 a year to which a government bonus of 25% will be added. You can make penalty-free withdrawals from this account to buy your first home, as long as it is valued under £450,000
The Mortgage Guarantee Scheme allows first-time buyers and existing homeowners to secure mortgages with a 5% deposit. Here, the government guarantees part of the loan which encourages lenders to provide better mortgage products.

These are some of the schemes available for first-time buyers. There are more options available, each with its own criteria and advantages. You should consider taking assistance from mortgage advisors for first-time buyers. Mortgage brokers can help you identify the schemes that you may be eligible for and the schemes that are the most profitable in your circumstances.

Resources for First Time Buyers

Our free resources for first time buyers will provide you with relevant information regarding the mortgage process.

First Time Buyers Case Study

We've worked with first time buyers for over 15 years. Read our success stories.

Our clients were a married couple, buying their first home together. It needed to be situated within a certain catchment area for secondary schools for their children.

Government schemes for First Time Buyers

What government schemes are available to first-time buyers?

There are several government schemes available to first-time buyers. There’s no simple answer as to which one is the best on the market as different schemes suit different buyers.

A Guide to Mortgages for First Time Buyers

Are you looking to purchase your first property? Read our guide to help you prepare.

Navigating the mortgage market as a first-time buyer can be overwhelming. We've created a guide for first-time buyers to help you understand the process.

Why should you use a mortgage broker?

What are the advantages of using a mortgage broker?

You don't have to use a mortgage broker when you decide to purchase a home. But there are benefits of speaking to a mortgage expert when you need to arrange a mortgage. Find out more by clicking the button below.