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First Time Buyer Mortgages

If you’re planning to buy your first home, our expert mortgage advisers will provide all the first time mortgage advice you need and support you through the process. From your first questions, to the moment you finally have the keys in your hands, we’ll help to keep things as smooth and simple as possible.

Talk to one of our friendly mortgage brokers today to find the right first time mortgage deal to suit your specific financial needs.  We’ll search 100's of first time mortgage deals to find the perfect mortgage product for you.

Call us today on: 0345 066 6555 or drop in to see us in Birmingham at Coleshill Road.

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What is a First Time Buyer?

You are classed as a first time buyer if you have never owned a property before and are buying the property on your own or with someone else who has never owned a property.

Mortgages for first time buyers

There are many different mortgages available to suit first time buyers, with plenty of attractive deals as well as support for those with smaller deposits.

Types of first time buyer mortgages

Most contemporary first time buyers need help from a family member or government scheme to afford the deposit for a new home so typical first time mortgages include:

  • Joint mortgage: with financial help from a family member it can be much easier to find a good mortgage deal. A joint mortgage will mean that you are buying a home with a partner, family member or friend who will own a percentage of the property.
  • Shared ownership mortgage: many keyworkers and first time buyers who earn less than £60,000 have access to government-sponsored shared ownership mortgages. With a shared ownership mortgage, the government will contribute to some of the cost of your new home meaning they’ll own a proportion of the property.
  • Joint borrower sole proprietor mortgage: some first time buyers ask a family member, usually a parent, to act as a guarantor so they can secure a better mortgage deal. In the event that you are unable to afford your mortgage repayments, your guarantor will need to pay.
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How to Calculate a First Time Buyer Mortgage

To calculate the cost of a first time buyer mortgage, you’ll need to know how much deposit you can pay.

Deposit and LTR (Loan to value ratio)

Most lenders want you to have a deposit of around 15% of the value of the property but for first time buyers it is possible to find 5% deposit mortgage deals. Lenders will ideally want to lend about 4.5 times the value of your annual income.

The higher your deposit, the lower your loan to value ratio (LTR) which means smaller monthly repayments. For most lenders the maximum LTR is about 85% although you can find 90% LTR deals for first time buyers.

With a 15% deposit on a property worth £200,000, your LTR would be 85% and your mortgage would be for £170,000.

Talk to our highly experienced first time buyer mortgage advisers in Birmingham today for all the advice and support you need to find the best first mortgage for your financial circumstances. Call us today on: 0345 066 6555.

Fixed rates and variable rates

Fixed rate mortgages have a set amount to pay each month whilst variable rate mortgages have lower payment rates however the amount you pay can be increased at the lender’s discretion.

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Mortgage Terms

The terms of your mortgage stipulate how long it will take you to pay for your home. Mortgage terms typically span 25 years however some owners opt for 35 or even 40 year mortgage terms.

Help to buy for new builds

Government Help to Buy Equity Loan schemes make it possible to buy a new build with as little as a 5% deposit. The government contribute a percentage of the deposit, usually around 20% and act as a trusted guarantor.

Talk to our experienced first time buyer mortgage advisers for all the support and advice you need to buy your first home. Call : 0345 066 6555 or drop in to see us in Birmingham at Coleshill Road.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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What our customers say about us

Blossomfield mortgages were very helpful to me and my partner when we first enquired about whether we were mortgageable to buy our first home. We were very impressed with their professionalism. Best mortgage broker in Birmingham!

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Sam Ansell

Amazing service provided by Blossomfield in a quick and timely manner. No matter what questions we had they were always willing and happy to answer with their wide knowledge and experience. Would recommend Blossomfield to anyone.

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Geraldene Marsh

Excellent service, quick turnaround, as promised. Will be using again and again. Would highly recommend Blossomfield Mortgages.

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James Dean

Excellent service from Blossomfield Birmingham, they were able to sort a mortgage out for me very quickly and made the whole process simple and stress free, always available when needed and provided regular updates.

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Jack Moriarty

I approached Blossomfield regarding a mortgage using there Birmingham branch and the service I have received has been nothing short of amazing their efficiency and passion to get everything done and approved in a professional manor is astounding.

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Ryan James

Blossomfield Mortgages provided fantastic advice. Our mortgage approval went through very fast, as our mortgage was handled with the utmost urgency. From start to finish, the whole process was a breeze. We sat back and let them handle all the hard work.

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Frequently asked questions...

I am a first-time buyer. Will you help me throughout the process?

Yes, whether you are a first-time buyer or someone who has moved several times, you will receive personalised one-to-one guidance from a fully qualified mortgage broker the moment you interact with us.

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How much deposit do I need to get a mortgage?

This will depend on the mortgage lender and your individual circumstances. Typically, the minimum deposit required to obtain a mortgage is 5% of a property value. Government schemes such as Help to Buy, Right to Buy or shared ownership can help you access a mortgage with a lower deposit and competitive rates.

Many lenders will ask for a 10% deposit or more and reserve the best rates for borrowers with a deposit of 25% or more.

A general rule is that the bigger the deposit you have, the cheaper the mortgage deals you will be able to access. This is because lenders can afford to offer cheaper rates to borrowers with larger deposits, as big deposits reduce their risk of losing money if you don't keep up your repayments.

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How much will a mortgage cost per month?

The monthly cost of the mortgage is determined by three things: the mortgage amount borrowed, the length of the mortgage and the interest rate. Thus, the cost is specific to your individual circumstances. Your dedicated mortgage broker will help you find the right mortgage for your monthly budget.

In the meantime, why not check out our mortgage calculator?

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