Your first home, made simple
First-Time Buyers
Buying your first home is exciting — but it can feel overwhelming. We'll guide you through every step, from understanding how much you can borrow to getting your mortgage offer.
Tailored advice for your situation
Everything you need to buy your first home — in one place
Our free hub walks you through the whole journey: a step-by-step route to your first home, an interactive mortgage-readiness checklist, plain-English guides to deposits, affordability and credit — and a free guide assistant for every question along the way.
How much deposit do first-time buyers need in 2026?
Most UK lenders require a minimum deposit of 5% of the property value, meaning a £250,000 home needs £12,500 upfront. A larger deposit unlocks access to lower interest rates and a wider choice of lenders, so it's worth saving more where you can.
Beyond the deposit, budget for other buying costs: stamp duty (first-time buyers pay nothing on properties up to £425,000), legal fees of around £1,000–£1,500, survey costs, and moving expenses. We'll give you a clear breakdown so there are no surprises.
Schemes that help first-time buyers
Several government-backed schemes are designed to help first-time buyers onto the ladder. Shared Ownership lets you buy a share of a property and pay reduced rent on the rest, while mortgage guarantee schemes allow 5% deposits on new build and existing homes.
Whether a scheme suits you depends on your deposit, income, and long-term plans. We'll explain which options you qualify for and how they affect your monthly payments and borrowing power.
- Shared Ownership — buy a 25–75% share, staircase later
- Mortgage Guarantee Scheme — 5% deposits on qualifying properties
- First Homes — discounted homes for key workers and local buyers
Getting mortgage-ready before you apply
Lenders assess your affordability based on income, outgoings, credit history, and the size of your deposit. Gathering your documents early — payslips, bank statements, and proof of deposit — makes the application smoother and faster.
We recommend checking your credit file before applying, so there are no surprises. A clean, well-managed credit history signals to lenders that you're a reliable borrower and can improve the rates available to you.
Common Questions
Found a property? Make your offer with Offer Ready
Our specialist offer-making service gives your offer real weight: a verified Mortgage Certificate, a matched agreement in principle, offer strategy support, and direct verification for the estate agent — so the seller can see from day one that you're the buyer most likely to complete.
Based in Colchester. Helping clients across the UK.
Mortgage321 provides advice by phone, video and WhatsApp, so you don’t need to visit an office.
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