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When compiling our first time buyer best buy tables we compare the best first time buyer mortgage rates from across the UK market, including deals that are exclusive to us. It's important to remember that the best first time buyer mortgage deals are not necessarily about getting the lowest mortgage rate possible, you also need to take into account all the fees and charges associated in setting up your new mortgage deal.
By choosing Ever North Mortgages Ltd to find your next first time buyer mortgage deal our advisers will research the market for you, looking at criteria, set up fees and the rate to help you compare the best first time buyer mortgage deal for your circumstances, saving you time and effort. Our best buy tables above show you the first time buyer mortgage deals currently available, both fixed rates and variable rates, whether you are looking to purchase or remortgage to a better deal.
Finding the right mortgage as a first time buyer
Getting onto the property ladder can seem daunting unless you have the right advice and guidance.
You’ll need to work out if you’re eligible for a mortgage and how much you can borrow, as well as which type of mortgage to go for and how much it’s going to cost you.
The good news is that it’s easy to get started with your first mortgage with Ever North Mortgages Ltd’s online Mortgage Finder. All you need to do is enter your details, including how much you want to borrow and how big a deposit you’ve got to put down and the Mortgage Finder will show you all the deals you are likely to qualify for.
In this guide
In this guide
Why apply for your first mortgage with Ever North Mortgages Ltd?
Applying for your first mortgage with Ever North Mortgages Ltd can help save you time, money and hassle.
- Our online Mortgage Finder allows you to start your mortgage journey on your desktop or mobile device, either at home or on the go.
- You’ll need to provide information such as the purchase price of the property you’re considering buying, how much you want to borrow, and how long you want to repay your mortgage over.
- The Mortgage Finder will give you a list of personalized results in real time, which will show you all the deals you might be eligible for.
- Once you’ve sent us your completed Mortgage Finder, you’ll get your ‘Decision in Principle’ by email. If we need to check anything, one of our expert advisers will give you a call to confirm your details and fill in any blanks, before sending you a Decision in Principle certificate. This will give you an indication of how much you might be able to borrow before you submit a mortgage application and receive a formal mortgage offer.
- Our advice won’t cost you a penny. Like all other brokers, we receive a payment from the lender when the mortgage completes, but we choose not to charge our customers a fee on top of this. You’ll pay no more applying through us than you would going directly to the lender on the same deal.
Understanding which mortgage is right for you
The right mortgage for you will depend on your individual circumstances.
If you have a small deposit, for example, you may need a mortgage that allows you to borrow as much as 95% of the property value, or you may want to use a Government scheme such as a Help to Buy equity loan to purchase your home.
If you have a larger deposit, then you’ll generally have access to a much wider range of mortgage deals.
Lenders will look at lots of different factors when assessing whether you’re eligible for a mortgage. These include your credit score, as they’ll want evidence you’ve managed any borrowing responsibly in the past.
It’s worth noting that different lenders take different approaches when it comes to who they’ll offer mortgages to, so if you’re not certain which lenders might look favorably on your individual circumstances, we can point you in the right direction.
What types of mortgage deals are available?
There are lots of different mortgage options to choose from, so it’s worth weighing up the pros and cons of each before deciding which one to go for.
- Fixed rate mortgages. As the name suggests, with a fixed rate mortgage your interest rate won’t change for the term of the deal. You can typically lock into a fixed rate mortgage for anything between two and ten years, although sometimes even longer deals are available. Fixed rate mortgages usually appeal to first time buyers who want peace of mind that their monthly payments won’t change, whatever happens to interest rates.
- Tracker mortgages. Tracker mortgages are variable rate mortgages and usually track the Bank of England base rate, plus a set percentage. The main advantage of a tracker deal is that when rates are falling you will benefit. However, when rates start to rise, so will the cost of your payments.
- Discounted mortgages: Discounted mortgages are also variable rate deals, typically offering a discount from the lender’s Standard Variable Rate (SVR). This rate can change over time if the SVR goes up or down.
- Capped rate mortgages. Capped deals are again variable rate mortgages, so the rate and your payments can move up or down over time, but there is a cap or ceiling which the rate cannot exceed. This can provide peace of mind that your monthly payments won’t increase beyond a certain point during the term of the deal, even if rates keep rising.
- Parental support mortgages. Several lenders offer first time buyer mortgages which enable parents to use their savings to help their children get onto the property ladder. Parents usually commit to putting a percentage of the first time buyer’s property value into a savings account held with the lender for a few years. Other lenders may allow parents to borrow extra on their mortgage to gift to children as a deposit.
Find out more about the various kinds of mortgage you can choose from in our guide Different types of mortgage explained.
Additional considerations when looking for the right mortgage deal
There are several other things you need to think about when choosing a mortgage.
- Length of mortgage
How long do you want your mortgage to be? Remember that the shorter the mortgage term you choose, the less interest you will pay overall and the faster you will pay off what you owe, although your monthly payments will be more expensive than if you opt for a longer term. When remortgaging, make sure you factor in how long you have already had your mortgage and reduce your term by that length of time. For example, if you originally took out a 25-year mortgage and have just come to the end of a five-year fixed rate, when you remortgage you should do so over a 20-year term if you can, as you’ve already been paying off your mortgage for five years. - Deal term
If you are signing up for a fixed, tracker, capped or discounted mortgage deal, think about how long you want to tie yourself in for. Mortgage deals will usually impose early repayment charges (ERCs) if you leave them before they finish, so if you think a move could be on the cards in a couple of years it probably makes more sense to lock into a two-year deal rather than a five-year one.
Although most mortgage deals are portable, you will still have to go through the application process again to move your mortgage across to a new property, and if the amount you are borrowing is increasing, you may have to accept that part of your mortgage will be on a different rate. - Repayment or interest-only
When you choose a repayment mortgage, your monthly payments go towards paying off the interest you owe and the capital you have borrowed. If you choose an interest-only mortgage, however, you only pay off the interest you owe each month, and none of the capital. Instead, you will need to have a plan in place to repay the capital in full at the end of the mortgage term.
If you are set on going for an interest-only mortgage, you will usually only be able to get one if you have a large deposit to put down if you are buying, or if you have a significant amount of equity in your property if you are remortgaging.
Start your search online for a mortgage
Finding a mortgage and applying with Ever North Mortgages Ltd is a simple four-step process.
Step 1 See how much you could borrow and what your monthly payments are likely to cost using our Ever North Mortgages Ltd calculators or the online Mortgage Finder.
Step 2 Answer a few more questions online, or speak to an adviser to find out which deals you are likely to qualify for and get expert advice on the best deal for you.
Step 3 Apply easily for your mortgage online – we’ll per-populate the application form with the information you’ve given us already, so there’s no need to tell us twice.
Step 4 Once you’ve submitted your application you can keep track of the whole process online 24/7. Our experts are on hand to offer free advice if you need help or support at any stage, and we’ll appoint a dedicated case manager who’ll do all the legwork for you.
Mortgage Rates & Deals FAQs
A The amount you can afford to borrow will depend on your income and on your other outgoings. Lenders will want to check that you can comfortably afford your monthly payments both now and if interest rates rise in future. Use our mortgage calculator to find out how much you might be able to afford to borrow.
A The mortgage you can get will depend on how much deposit you can afford to put down and on your monthly income and commitments. There are lots of different types of mortgage to choose from. Having a bigger deposit gives you access to a wider choice of deals, but there are still plenty of mortgage options if you have a small deposit.
A To get a mortgage you’ll first need to work out how much you can borrow. You can also use our Mortgage Finder tool to help you see which deals you’re eligible for. It could be a good idea to apply for a mortgage Decision in Principle before you submit a formal mortgage application, as this can provide proof that a lender may be willing to offer you a mortgage.
A The amount you can borrow will depend on your income and outgoings. Some lenders will allow you to borrow up to four or sometimes five times your income. Our mortgage calculator can help you work out how much you might be able to borrow, or for a more accurate picture, try the online Mortgage Finder.
A A mortgage is a loan you take out to purchase a property. You must put down a deposit, and the lender will lend you the remaining amount of money you need to buy the property. Mortgages typically have a 25 year term, although you can borrow over a shorter or longer period. Find out more about how mortgages work.
A You usually need a deposit of at least 5% of the property value to secure a mortgage. The bigger the deposit you can afford to put down, the wider the choice of mortgage options you’ll have available to you, so it’s worth trying to save as much as possible. Read our guide on deposits to find out more about how much you should put down.
A It can take around a month for a mortgage application to go to offer, but it can be quicker. This can vary depending on your individual circumstances, including how long it takes you to gather all the documents you need to support your application, and how long it takes the lender to arrange a valuation and approve your application. Learn more in our guide how long does it take to get a mortgage?
A A mortgage offer will usually last for at least three months, although some offers will last for six months. Check your lender as they often take different approaches. Find out more about mortgage offers in our guide to mortgage offers and decisions in principle.
A A ‘mortgage in principle’ or ‘Decision in Principle’ is a statement from a lender showing how much they may be prepared to lend you. It is not the same as a mortgage offer, which is official confirmation they will provide you with a mortgage. Our guide to mortgage offers and decisions in principle explains everything you need to know about how mortgages in principle work.