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First Time Buyer Mortgages

Name: YesCanDo Money - Mortgage Services
Brand: YesCanDo Money
Rating: 5.0 (1984 reviews)

Congrats, you’re buying your first property! If you’re wondering what happens next, we are here to offer FREE, friendly mortgage advice. From confirming how much you can borrow, to liaising with mortgage providers and even completing your application, we’ll take it all on so you can focus on the more exciting stuff.

Start your journey today with our free advice service. If you have already found a property and need a mortgage in principle, get in touch now.

We work with over 90 Mortgage Lenders

First-time buyer mortgage brokers and advice with YesCanDo Money

There’s a lot to think about when you’re getting onto the property ladder, but having a friendly mortgage expert on hand can make everything simpler. The YesCanDo Money team is here to listen, explain your options in plain English, and manage the whole mortgage process for you.

It gets better – our service is fee FREE! That means you save money to spend on your new home.

We are independent mortgage advisers, so we can search hundreds of providers and thousands of products to find one that’s right for you.We’ll help you compare mortgage rates, work out your monthly payments and explain the fees involved to help you make an informed choice.

Your dedicated mortgage adviser will keep your mortgage journey on track, from completing paperwork to chasing estate agents and solicitors. We’ll keep you posted so you’re never wondering what’s next. That way, you can focus on the big move with confidence.

Want a friendly chat to get started? WhatsApp us and we can talk about how much you could borrow and what to do next.

What is a first-time buyer mortgage?

First-time buyer mortgages are simply loans for people buying a home for the first time. Some lenders have products with features tailored to first-time buyers to help them onto the property ladder sooner, like smaller deposits, longer mortgage terms, higher loan-to-value, and cashback.

Our friendly mortgage advisers will help you weigh up the options without the annoying jargon. That includes information about government-backed schemes, such as Shared Ownership.

Ready to explore your choices? Book a call and we’ll talk through your first mortgage options in minutes.

Use our mortgage calculators

Affordability calculator

Our online mortgage calculator can give you a rough idea of how much you may be able to borrow. While this is a really useful tool for planning, it’s still important to get advice tailored to your circumstances. There are many different types of mortgages available, and eligibility criteria apply.

Read more about mortgage affordability or call us today for advice.

Repayment calculator

Once you have an idea of how much you could borrow, use this calculator to get an idea of how much your monthly repayments might be. First, work out your expected loan amount (the purchase price minus your deposit) and look up a typical interest rate. Pop the details in, and see how payments shift if you tweak the interest rate or mortgage term.

For a more accurate mortgage calculation, talk to one of our mortgage brokers today.

IMPORTANT: This information is generated by a computer and is based on many assumptions. It should be used as a rough guide only. For a more accurate figure, speak to a lender or broker before making any decisions. We hold no responsibility for any potential errors that may occur in the figures presented.

The 10-step first-time buyer's mortgage process

Here’s our simple, step-by-step route from the first chat to keys in hand. It may seem like a long journey, but remember: we’re here to keep things moving, answer your questions, and stay with you every step of the way to completion.

Step 1: Work out how much you can borrow

Most buyers start with two questions: how much deposit do I need, and what can I borrow? We’ll look at income, outgoings and credit rating to work out a comfortable budget.

We can advise as to whether you are eligible for any current government first-time buyer schemes, like stamp duty relief, and work this into your affordability calculation.

We’ll also explain typical costs like valuation fees, conveyancing fees, stamp duty, and the insurance you’ll need for a residential property.

Get a rough idea of how much you could borrow with our mortgage calculator.

Step 2: Get a mortgage in principle (MIP)

Also called an agreement in principle or mortgage promise, this proves to estate agents that you’re a serious buyer. We can arrange this quickly and make sure it lines up with your realistic budget. It’s not a full mortgage offer, but it’s proof to sellers and agents that you’re ready to go.

Step 3: Get house hunting

Where the fun begins! With your agreement in principle in hand, it’s time to view properties. When you’ve found “the one” and had an offer accepted by the estate agent, let us know right away, and we’ll get working on finding the best mortgage deal for you.

Step 4: Choose the mortgage that's right for you

We’ll compare first-time buyer mortgages across the market and present you with the best options, based on your circumstances and budget. We’ll talk you through the pros and cons of different types of mortgages, such as fixed/variable/tracker and repayment vs. interest-only options. We’ll show you how each choice affects your monthly mortgage repayments and highlight any fees you need to budget for.

If you’re buying with someone else, we’ll advise on your joint mortgage options. Buying alone? We help lots of single buyers get the ideal first mortgage.

Read more about different types of mortgages

Step 5: Find a conveyancing solicitor

A solicitor will conduct searches (to check for legal, planning, environmental, or financial issues that could affect the property), handle contracts and manage funds. You can rely on regular updates from us so you always know where things stand. Be sure to check that your legal professional is regulated by an appropriate body.

Step 6: Apply for a mortgage

Once you’ve picked the right mortgage, we’ll take care of your mortgage application and gather the documents the lender needs, including proof of income (payslips or tax returns), bank statements, ID, and details of any credit commitments.

We’ll make sure everything is complete and in the right format before it goes across, to help avoid delays. We’ve done this thousands of times and can save you a lot of time and hassle.

Step 7: Valuations and surveys

Your lender will arrange a mortgage valuation to confirm the home is suitable for the loan. You may also choose a home survey to check the condition of the property, especially if it is an older home. We’ll explain the survey types, the fees involved, and advise on what to do if something unexpected comes up.

Step 8: Get your mortgage offer

Next, you’ll receive a formal offer. We’ll check the details carefully and ensure you fully understand the mortgage terms and conditions.

You will need to take out buildings insurance as part of the conditions of your mortgage. Other insurance cover, like contents insurance, life insurance and income protection, is also well worth considering.

View our mortgage protection services

Step 9: Exchange contracts

Around 8 to 12 weeks after your offer has been accepted, your solicitor will manage the exchange with the seller’s solicitor. You’ll usually pay your deposit now and set the completion date.

Step 10: Completion and moving into your first home

Almost there! Usually, 1 to 2 weeks after exchange, you will complete, and your solicitor will transfer the mortgage funds. It’s time to pick up your keys and move in!

Use our mortgage calculator

Our mortgage calculator can give you a quick idea of how much you could borrow and if a new deal could save you money.

Enter your sole or joint income below and see how much you can borrow.

Total income

If you are submitting a joint application, it is advisable to use the combined income of both applicants.

Most lenders would be willing to lend

To determine how much you can borrow, most mortgage lenders use a standard calculation of 4.5 times your household income. For larger loans, however, it's best to connect with a qualified mortgage broker who has access to specialized lenders that may offer higher loan amounts based on your financial profile and personal circumstances. Before making any decisions, be sure to consider what fits within your budget and review the potential consequences if monthly payments aren't made in full or on time.

Some lenders may be willing to lend

Obtaining a mortgage with an income multiple of 5 times your household salary may be out of reach without the help of a mortgage broker. When applying directly to a mortgage lender, this type of loan might not be obtainable. Fortunately, employing the services of an experienced and knowledgeable mortgage broker can assist you in finding one that will take into account your unique financial situation when contemplating offering such large amounts for mortgages.

A small number of lenders may be willing to lend

Acquiring a mortgage based on 6 times your household income may seem challenging without the help of an experienced broker. Banks have stringent responsible lending rules which often make it difficult to secure these types of loans directly from lenders. But with the aid of a professional, you can obtain access to potential lenders that will consider approving high-income multiple mortgages for you. Always remember to remain within your means and ensure timely payments are made in order to avoid any repercussions down the road.

For a more detailed and personalised mortgage affordability, book a free call with our expert mortgage advisers.

Proudly Boasting a 5-Star Trustpilot Rating

Our clients’ satisfaction speaks volumes about our service quality. YesCanDo Money is proud to have earned a 5-star rating on Trustpilot, reflecting our dedication to providing top-notch, personalised mortgage advice and services.

Worked with us before? Feel free to leave us a review on either Google or TrustPilot.

Frequently asked questions - first-time buyer

Is an agreement in principle the same as a mortgage in principle?

Agreement in principle, mortgage in principle, and mortgage promise all mean the same thing. It’s a quick check from a lender that gives you an idea of what you might borrow, subject to full checks later. It’s not a guarantee or a mortgage offer, but it helps you look like a serious buyer when viewing homes and making offers.

Get a mortgage in principle

How long does it take to get a first-time buyer mortgage?

If you gather your documents promptly, many applications move from submission to mortgage offer within a few weeks. Using a broker like YesCanDo can help speed the process along – we live and breathe mortgages and can manage the whole process efficiently.

Will I get better mortgage rates as a first-time buyer?

The mortgage rates available depend on your deposit size, credit profile, income, the wider housing market and the economy. Some lenders offer incentives for first-time buyers, like higher income multiples and high loan-to-value mortgages. But the best rate for you comes down to your circumstances. We compare interest rates and the total cost, including fees, so you can choose the right mortgage with confidence.

Do first-time buyers pay stamp duty?

Whether you pay stamp duty as a first-time buyer depends on the value of the property and the current rules. In many cases, first-time buyers benefit from some form of stamp duty relief, meaning you may pay less tax or none at all. The exact threshold and rates are subject to change, so it’s best to check with your mortgage broker.

How is your service free?

We never charge our customers a fee. When your mortgage completes, the lender pays us a commission. This allows us to give you full expert advice, handle your application, and support you through the whole process at no cost to you.

Start your home-buying journey with YesCanDo Money today

If you want friendly, plain-talking help from a team that genuinely cares, you’re in the right place. Whether you’re just starting to browse or you’ve had an offer accepted, we’re ready when you are – and our service is FEE FREE!