First-Time Buyer Mortgages

A first-time buyer is generally someone purchasing a home without currently owning or previously having owned residential property. The exact definition can differ between a lender, a tax authority and a particular scheme.

Because definitions vary, it is worth checking the definition that applies to the specific lender, relief or scheme in question.

The deposit required depends on the lender, the product, the property and the resulting loan-to-value. Low-deposit mortgages may be available but are not guaranteed.

A larger deposit can widen the products a lender may consider, but it does not guarantee acceptance or a particular rate.

No. The permanent Mortgage Guarantee Scheme supports participating lenders offering certain higher loan-to-value mortgages. The government guarantee protects part of a participating lender's potential loss.

It does not guarantee that an applicant will be accepted or that every property is eligible. Read our detailed 5% deposit mortgage guide or check the current GOV.UK scheme page.

A gifted deposit may be acceptable to a lender, but this is not universal. Lenders normally require disclosure and evidence of the source of the funds.

The specific requirements, including any documentation from the person giving the gift, differ between lenders.

A Lifetime ISA may be used by an eligible saver towards a qualifying first-home purchase. Account, property, timing and withdrawal rules apply and can change.

Refer to the current GOV.UK Lifetime ISA guidance and check details with the ISA provider and conveyancer. TFS does not provide ISA, investment or tax advice.

An agreement in principle is a preliminary indication based on limited information. Depending on the lender, it may involve a credit-file check, and it is often time-limited.

It does not assess a particular property fully and is not a formal mortgage offer.

No. An agreement in principle is not a guarantee and is not a mortgage offer. A mortgage offer follows a full application and lender assessment relating to a specific property.

Even after an offer, completion steps and stated conditions may still apply before funds are released.

It may be possible, but lenders vary in the evidence and trading history they accept, and requirements differ by business structure.

There is no single rule that applies to every self-employed applicant.

Missed payments, defaults, court judgments or higher borrowing can affect availability, and this does not mean a lender will necessarily accept the case.

See our bad credit mortgages page for further general information.

Costs can include product or arrangement fees, valuation and survey fees, conveyancing, searches and registration, any property transaction tax, and moving and ownership costs.

Amounts vary, so obtain quotations rather than relying on a single estimate.

It depends on where the property is and its price. SDLT applies in England and Northern Ireland, LBTT applies in Scotland, and LTT applies in Wales.

First-time buyer relief and thresholds differ and can change, so check the current official guidance for the relevant nation, such as GOV.UK First-Time Buyers' Relief.

No. An enquiry is not a mortgage application, agreement in principle, affordability assessment or guarantee of approval.

TFS is a lead-generation service and passes enquiries to Anderson Reed, whose qualified, FCA-authorised advisers may contact you to discuss your circumstances.