Free guide · PDF · 13 pages
First-Time Buyer’s Guide
From deposit to completion day: what lenders look at, what it really costs and how long each step takes.
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First-Time Buyer Mortgages
Take the smartWay home.
Buying for the first time means making large decisions in unfamiliar language, often under significant pressure. We explain what you can borrow and why, compare lenders across the whole market and stay with you from the first conversation until you collect the keys.
How we help
Whether you are buying alone, with a partner or with help from family, we set out your options in plain English before you commit to anything.
01Knowing your budget
We assess what lenders are likely to offer before you start viewing, so that you search with a realistic figure in mind.
02Deposits and family help
Gifted deposits, family-assisted mortgages and government-backed schemes are explained and compared where they are relevant to you.
03Agreement in principle
A lender's agreement in principle shows estate agents and sellers that you are in a position to proceed.
04From offer to completion
We manage the application and keep in touch with your solicitor and the estate agent until the purchase completes.
Quick calculations
A first indication of what you could borrow, how a change in income could affect it and what it might cost each month.
Affordability
You could borrow around–
Property budget with your deposit–
Stamp duty to pay at first-time buyer rates–
Monthly repayment
Monthly repayment–
If rates were 1% higher–
Total interest over the term–
Income change
Change in borrowing capacity–
Borrowing today–
Future borrowing–
Bonus counted towards income–
The income change figures use the multiple you choose; lenders usually need evidence of a new income before lending on it. Borrowing is shown at 4 to 6.5 times gross annual income after a year of credit commitments; most lenders work around 4 to 4.5 times. Repayments assume a constant rate and exclude fees. Where a bonus is entered, one year of bonus history counts at half and two years are averaged into income. Stamp duty uses HMRC residential rates checked on 7 October 2026 for a UK resident buying in England or Northern Ireland. These are indications only: lenders assess affordability in detail and your solicitor will confirm the tax due.
Typical scenarios
Illustrative examples of the situations we are asked to help with. They are not accounts of individual clients.
Scenario 01A gifted deposit
A couple buying their first flat, with part of the deposit given by parents.
We confirm which lenders accept gifted deposits and what each will ask the family to sign.Scenario 02A new job
A buyer who has recently changed employer and is still within a probation period.
We approach lenders who will consider a new role, depending on the contract and employment history.Scenario 03Buying alone
A single applicant concerned that one income will not stretch far enough.
We compare how different lenders calculate affordability and whether a longer term or family support could help.Scenario 04Joint borrower, sole proprietor
A first-time buyer whose own income falls short of the loan needed, with a parent willing to support the application.
A parent's income can count towards affordability without them becoming an owner of the property. We identify lenders that offer this and explain the commitment each party takes on.Frequently
asked questions
How much deposit do I need?
Many lenders ask for at least 5% of the purchase price and a larger deposit usually gives access to lower rates. The right figure depends on the property and your circumstances.
How much can I borrow?
Lenders base this on income, outgoings and credit history and their calculations vary considerably. Our affordability calculator gives a first indication, which we then confirm with lenders.
When should I speak to a broker?
Ideally before you begin viewing. Knowing your budget and holding an agreement in principle puts you in a stronger position when you make an offer.
What costs should I plan for besides the deposit?
Typically solicitor's fees, a survey, any lender or broker fees, moving costs and, depending on the price, stamp duty. We set these out at the start.
Do first-time buyers pay stamp duty?
First-time buyer relief can reduce or remove stamp duty up to certain price limits. The rules change from time to time, so we confirm the position for your purchase.
Related reading: First-Time Buyer’s Guide · Joint Borrower Sole Proprietor Guide · New Build Guide · Damaged Credit & Credit Building Guide · Mortgage calculators
Reviewed by Thomas Boughton CeMAP, October 2026.
Free guides
Four guides for first-time buyers: the journey from first conversation to keys, getting your application ready, buying with help from family, and rebuilding your credit.
Free guide · PDF · 13 pages
Mortgage Readiness Guide
Your credit file, deposit, bank statements and the documents to gather so you are ready to move.
Read online
Free guide · PDF · 13 pages
Joint Borrower Sole Proprietor Guide
Buying with a parent or relative on the mortgage but not the deeds: affordability, stamp duty savings, risks and alternatives.
Read online
Free guide · PDF · 13 pages
Damaged Credit & Credit Building Guide
Missed payments, defaults and CCJs: how lenders view them, how long they last and the steps that rebuild your file.
Read onlineArrange a consultation
Tell us what you are hoping to buy and when. The first conversation is without obligation.
Your home may be repossessed if you do not keep up repayments on your mortgage. Lending is subject to status, lender criteria and individual circumstances.