MortieFirst-time buyer mortgages in the UK: a complete guide
Buying your first home in the UK is exciting, expensive and a little baffling. This guide walks through the whole journey — from working out what you can afford to getting the keys.
How much deposit do you actually need?
Most lenders want at least 5% of the property's value as a deposit, but a 10% or 15% deposit usually unlocks much better interest rates.
On a £250,000 home, that's between £12,500 and £37,500 — plus a few thousand more for fees, surveys and moving costs.
What lenders look at
Affordability is based on your income, regular outgoings, credit history and any existing debts. Most lenders will offer somewhere between 4 and 4.5 times your annual income.
Self-employed? You'll usually need 2–3 years of accounts or SA302s. The Mortie app has lenders who specialise in self-employed applicants built in.
Schemes worth knowing about
Shared Ownership, the Mortgage Guarantee Scheme and the Lifetime ISA can all help first-time buyers stretch a smaller deposit further.
Each comes with trade-offs — a Mortie advisor can run the numbers with you in the app, free of charge.
What happens after you apply
You'll get a Decision in Principle (DIP) within minutes, then make an offer, get the property valued, and the lender will issue a formal mortgage offer — usually within 2–4 weeks.