First-Time Buyer Mortgages

First-time buyer mortgages are designed for buyers purchasing their first home. Many UK lenders currently offer products with deposits from 5%, subject to affordability, credit profile, and property type.

When applying for a first-time buyer mortgage, lenders typically assess:

• Income from employment or self-employment
• Regular spending and existing financial commitments
• Credit history and recent borrowing behaviour
• Deposit source and sustainability
• Mortgage type and repayment method

In addition to the deposit, buyers should budget for costs such as conveyancing, surveys, and moving expenses.

Some first-time buyers may be eligible for affordable housing or shared ownership schemes, depending on local availability and criteria. These schemes can reduce upfront costs but often include restrictions that should be fully understood.

Understanding borrowing limits early helps buyers search within a realistic budget and avoid overstretching at the outset.

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

Home Mover Mortgages

Home mover mortgages are used when selling one property and purchasing another. Moving home often involves reassessing borrowing needs, particularly if the purchase price or household circumstances change.

Important considerations include:

• Whether an existing mortgage can be ported to the new property
• Lender approval and affordability reassessment
• Property suitability under lender criteria
• Timing between sale and purchase
• The impact of property chains

Porting an existing mortgage is subject to lender consent and may not always be possible. Where porting is not suitable, arranging a new mortgage may provide more flexibility.

Changes in income, employment, or future plans should be factored into the mortgage choice. Reviewing your options helps ensure the new mortgage remains affordable after completion.

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

Remortgages (Including Product Transfers and Rate Switching)

Remortgaging involves switching your existing mortgage to a new deal, either with your current lender or another provider. This is commonly considered when an initial fixed or discounted rate ends.

Common reasons to remortgage include:

• Moving away from a standard variable rate
• Securing a new fixed or tracker rate
• Reducing monthly repayments
• Changing the mortgage term
• Switching products with the same lender

A product transfer allows you to switch rates with your current lender and may involve fewer checks. Remortgaging to a new lender typically involves a full affordability assessment and may include fees.

Early repayment charges should always be reviewed before switching, as they can affect whether remortgaging is cost-effective.

Regular mortgage reviews help ensure your borrowing remains appropriate as market conditions and personal circumstances change.

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

Shared Ownership

Shared ownership allows buyers to purchase a share of a property, typically between 25% and 75%, while paying rent on the remaining share owned by a housing association.

Key considerations include:

• Deposit requirements based on the purchased share
• Monthly costs including mortgage payments, rent, and service charges
• Lender availability for shared ownership mortgages
• Staircasing options and valuation requirements
• Restrictions on resale and eligibility

Most shared ownership schemes allow staircasing, enabling buyers to increase their share over time, subject to scheme rules and affordability at the time.

Shared ownership is not suitable for everyone. Understanding the long-term costs, restrictions, and responsibilities is essential before proceeding.

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

Help to Buy and Affordable Housing Schemes

Affordable housing schemes are designed to support buyers who may struggle to purchase on the open market. Availability and eligibility depend on local authority rules and housing provider criteria.

These schemes may involve:

• Shared ownership or discounted market value homes
• Income and residency eligibility requirements
• Restrictions on resale or letting
• Limited mortgage lender availability
• Additional legal processes

While these schemes can reduce initial purchase costs, they often include conditions that affect flexibility in the future.

Understanding how a scheme works over time is essential to ensure it supports long-term home ownership goals rather than creating unexpected limitations.

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

New Build Mortgages

New build mortgages are used when purchasing newly constructed properties, including off-plan homes. These mortgages often have stricter criteria than those for existing properties.

Key factors include:

• Higher deposit requirements, particularly for new build flats
• Time-limited mortgage offers
• Potential construction delays
• Disclosure of developer incentives
• Lender-specific new build criteria

Buying off-plan may require mortgage offers to be extended or reassessed closer to completion. Changes in income or lending criteria can affect approval.

Declaring developer incentives is essential, as these can influence valuation and mortgage terms.

Careful planning helps ensure mortgage funding remains in place when the property is ready to complete.

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