Buying your first home is one of the most exciting milestones in life — but it can also feel overwhelming. Between mortgage rates, deposits, and ever-changing government schemes, it’s easy to feel lost.
At Prestige Mortgage Solutions Ltd, a family-run mortgage broker in East Kilbride and Glasgow, we specialize in guiding first-time buyers across Scotland and the UK through every step of the process. Whether you’re a contractor, self-employed, or facing credit challenges, our expert team helps turn your dream of homeownership into reality.
This complete guide breaks down everything you need to know about first time buyer mortgages, mortgage rates, deposit requirements, and UK first-time buyer schemes — all explained clearly and simply.
What Is a First Time Buyer?
A first time buyer is someone purchasing a property for the first time — someone who has never owned a home or had a mortgage before.
In Scotland, first-time buyers benefit from Land and Buildings Transaction Tax (LBTT) relief, meaning you pay no tax on properties up to £175,000. In England, Stamp Duty relief applies to homes up to £425,000 (as of 2024).
If you’re unsure whether you qualify, our mortgage advisors in Glasgow can confirm your eligibility and help you access available tax savings and incentives.
How Much Can I Borrow?
Your borrowing power depends on your income, existing financial commitments, and credit history. Most lenders will offer around 4 to 4.5 times your annual income, though this can vary.
You can use a first time buyer mortgage calculator to get an initial idea.
📞 Call 01355 209333 to request your free report today.
Understanding the First Time Buyer Deposit:
Your deposit is one of the most important parts of your mortgage application.
- 5% Deposit: Possible through select lenders or government-backed schemes.
- 10%–20% Deposit: Gives you access to better interest rates and more lenders.
- First Time Buyer Mortgage No Deposit: 100% mortgages are rare but may be available with a guarantor or family support.
💡 Tip: Regular saving and checking your credit score can improve your eligibility and increase your borrowing power.
First Time Buyer Mortgage Schemes & Help (UK):
Navigating government mortgage schemes can be confusing, but they’re designed to make buying your first home easier. Here’s a quick overview:
Help to Buy ISA
Though closed to new applicants, existing holders can still use their ISA savings and government bonuses toward a deposit.
Lifetime ISA (LISA)
Open to anyone aged 18–39, allowing you to save up to £4,000 annually with a 25% government bonus — ideal for building your deposit.
Help to Buy: Equity Loan (England Only)
The government lends up to 20% of the property’s value (40% in London), reducing the deposit needed. Scotland currently offers similar assistance via other schemes.
Shared Ownership
Buy a share (typically 25–75%) of a home and pay rent on the rest. You can increase your share later through “staircasing.”
First Home Fund (Scotland)
Previously a major scheme for Scottish buyers, though paused, alternatives continue to emerge for first time buyers in Scotland.
Guarantor Mortgages
Ideal if your deposit or credit score is low. A family member uses their savings or property as security to help you qualify.
At Prestige Mortgage Solutions, we’ll identify the best first time buyer mortgage scheme for your circumstances.
Finding the Best First Time Buyer Mortgage Deals:
Not all mortgages are created equal. When comparing first time buyer mortgage rates, consider:
- Interest Type: Fixed, variable, or tracker.
- Fees: Some “low-rate” deals have higher arrangement fees.
- Flexibility: Overpayment options or no early repayment penalties.
As a whole-of-market mortgage broker, Prestige Mortgage Solutions can access exclusive rates not available on comparison sites — ensuring you get the best mortgage deals for first time buyers.
The Step-by-Step Mortgage Process:
- Initial Consultation: Discuss your goals and finances.
- Research: Find out how much you can borrow.
- Decision in Principle (DIP): Secure a provisional lender agreement.
- Property Search & Offer: Find your home and make an offer.
- Full Mortgage Application: We handle all the paperwork.
- Valuation & Underwriting: The lender reviews your case.
- Mortgage Offer Issued: You’re approved!
- Completion: Collect your keys and celebrate your new home.
Our team manages this entire journey for you — from the first enquiry to moving day.
Common First Time Buyer Mortgage Challenges (and How We Help):
I’m Self-Employed
We specialise in self-employed mortgages in Glasgow. We work with lenders who understand fluctuating incomes and contractor pay.
I Have Credit Issues
A poor credit history doesn’t end your dream. We connect clients with bad credit mortgage lenders who look beyond your credit score.
I Have Complex Income
From commission-based jobs to zero-hour contracts, we’ve helped countless clients with non-standard incomes secure approval.
Why Choose Prestige Mortgage Solutions?
- Family-run business with a people-first attitude
- Appointments available until 8pm
- Years of experience helping clients across the UK
- Tailored mortgage and insurance advice
We proudly serve first-time buyers in:
East Kilbride, Glasgow, Newton Mearns, Hamilton, Paisley, Livingston, Cumbernauld, Kilmarnock, Coatbridge, Airdrie, Falkirk, Motherwell, Rutherglen, Cambuslang, Wishaw, Bearsden, Bathgate, Giffnock, and Bellshill.
📞 Call us on 01355 209333 or visit our website to book your free, no-obligation mortgage consultation.
First Time Buyer Mortgage FAQ:
What are the current first time buyer mortgage rates?
Rates vary daily, but as of late 2024, most first time buyer mortgage rates range between 4% and 6%, depending on your deposit size and credit score.
How much deposit does a first time buyer need?
You’ll typically need at least 5–10% of the property value, though higher deposits unlock better rates.
Can I get a mortgage as a first time buyer with bad credit?
Yes, several lenders offer bad credit mortgage deals for first time buyers. A broker like us can match you with the right one.
What are the mortgage requirements for first time buyers in the UK?
You’ll need proof of income, a good credit record (or explanation if not), bank statements, and ID verification.
Getting your first time buyer mortgage doesn’t have to be confusing. With the right guidance, you can secure an affordable, flexible mortgage tailored to your situation.