Your options as a First Time Buyer

Your options as a First Time Buyer

If you are a First Time Buyer, the whole process can be especially daunting. From the terminology used to the options available to you everything can be a little overwhelming.



  • The different types of mortgage are listed here, many of them require deposits of over 10% and the best deals may require deposits of 25% or more.

    Means to a Lend can connect you with an independent broker experienced with the needs of the First Time Buyer, just fill out the enquiry form here and tell us what it is you need. In the meantime, here are a few things that the First Time Buyer should consider.

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    Some lenders may consider a deposit as low as 5%. Depending on your circumstances a 95% mortgage maybe the right thing for you.

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    A low start mortgage might be useful for the early years of your mortgage, especially if you are on a tight budget.

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    You may be able to enlist the help of a guarantor for your mortgage. Simply put, a family member offers to act as a guarantor on the loan so that if for any reason you are unable to meet the monthly payments, they will step in and pay them until you are able to do so again.

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    A Gifted Deposit Mortgage may help you overcome the need to save for a bigger deposit and therefore help you get on the property ladder faster. It is becoming quite common for a parent or grandparent to give the deposit to a younger member of the family. For it to be acceptable, it has to be a real gift as they will usually have to sign to say that they do not expect to get the money back. Increasingly, homeowners over the age of 55 are using Equity Release to take the money from their own property and give it to their children and grandchildren to use as a deposit.


    Further details on how Equity Release can be used in this way can be found by clicking here.

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    Shared Ownership properties are a half way solution between renting and buying and provide an affordable route into home ownership. Not all lenders will offer a mortgage on a Shared Ownership property, but many will. Using a broker familiar with these products will greatly increase your chances of finding a mortgage that suits your individual requirements.

Have a question?

Whether it is just a query about something you have read, or you wish to move on to the next stage of your process, drop us an email and we will be happy to help. Easy, free, and with no obligation

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