Your Mortgage Options
First Time Buyer
Get off to a flying start!
If you've only got a small deposit, you might be looking for a 95% mortgage. No problem. Our expert mortgage advisers will help you look at the options and find the right one to suit your circumstances and your pocket.
Your mortgage adviser will personally take care of you and offer expert advice and guidance. Our advisers have access to thousands of mortgage deals on the market, including many exclusives and can help you make and informed decision and secure the right mortgage for your first home.
The Help to Buy Scheme
Through the Help to Buy scheme, you only need to raise a 5% deposit and can access support in the form of an equity loan from the Government. The criteria for the scheme differs throughout the UK.
If you're a first time buyer in England and looking to buy a new home, you could apply for a Help to Buy:Equity Loan.
The Government lends you up to 20% (40% in London) of the cost of your newly built home, so you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest.
You won’t be charged loan fees on the 20% loan for the first five years of owning your home.
You must buy your home from a homebuilder registered for the Help to Buy Equity Loan scheme and the maximum purchase price of the property you can buy is dependent on where in England you buy it:
- North East £186,100
- North West £224,400
- Yorkshire and the Humber £228,100
- East Midlands £261,900
- West Midlands £255,600
- East of England £407,400
- London £600,000
- South East £437,600
- South West £349,000
Help to Buy – Wales provides a shared equity loan to buyers of new-build homes. The scheme supports the purchase of homes up to £300,000 bought through a registered Help to Buy - Wales homebuilder .
With Help to Buy Wales, you must provide a 5% deposit. The scheme provides a shared equity loan of up to 20% of the purchase price and you must take out a repayment mortgage to cover the remaining amount.
The Help to Buy (Scotland) Affordable New Build Scheme closed for applications on 5th February 2021 but you could still buy with the Help to Buy (Scotland) Small Developer Scheme until 31st March 2022.
The scheme is available to help first time buyers and existing homeowners buy a new build home in Scotland, up to a maximum purchase price of £200,000.
Existing homeowners must sell their home before they can buy a home with assistance from the scheme.
It provides help of up to 15% of the purchase price - your mortgage and deposit covers a combined minimum 85% of the total purchase price.