First time buyer
First time buyer

First-Time Buyer Mortgages

Buying your first home is an exciting milestone and understanding your options for First-Time Buyer Mortgages is a crucial part of the journey.

Purchasing your first home can also feel overwhelming with so much to think about – from understanding how much you can borrow to finding the right mortgage deal. At Square Mortgage, we’re here to make things clearer and easier. We offer expert, jargon-free guidance to help you navigate the journey.

Whether you're just starting to explore your options or ready to make an offer, we’ll walk you through every step with tailored advice that suits your situation. Let’s take the guesswork out of getting your first mortgage – and help you make confident decisions along the way.

Explore First time Buyer Mortgage Rates

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Low Deposit Mortgage Options for First-Time Buyers

Buying your first home doesn’t always require a large deposit. Depending on your circumstances, it may be possible to secure a mortgage with a 5%, 10% or 15% deposit. The amount you can borrow, the interest rate available, and your monthly repayments will depend on your individual situation.

5% Deposit Mortgages

A 5% deposit means you’re borrowing 95% of the property’s value.

Things to be aware of:

  • Monthly repayments are usually higher compared to mortgages with a larger deposit

  • Interest rates may be higher due to the increased borrowing level

  • Not all properties or buyers will qualify

Type: first-time-buyer
Term: 25 years
Property price: £300,000.00
Loan amount: £285,000.00
LTV: 95%
LENDER INITIAL RATE MONTHLY PAYMENT TOTAL FEES
Skipton B.Society 4.52% £1,587.36 £515.00
West Brom BS 4.54% £1,590.60 £499.00
Clydesdale Bank PLC 4.54% £1,590.60 £1,524.00

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

Rates shown are for information only and may change or be withdrawn at any time. Availability is subject to lender criteria and underwriting.

Rates sourced from mariannafs.co.uk (Valid as of 31 January 2026)

10% Deposit Mortgages

With a 10% deposit, you would borrow 90% of the purchase price.

This is a popular option for first-time buyers, as it often provides access to more lenders and better rates than a 5% deposit mortgage.

Things to be aware of:

  • Interest rates are often lower than 95% mortgages

  • Monthly repayments are typically more affordable

Type: first-time-buyer
Term: 25 years
Property price: £300,000.00
Loan amount: £270,000.00
LTV: 90%
LENDER INITIAL RATE MONTHLY PAYMENT TOTAL FEES
Furness B.Soc 3.97% £1,420.80 £1,019.00
Bank of Ireland 3.99% £1,423.67 £1,510.00
Furness B.Soc 3.99% £1,423.77 £1,019.00

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

Rates shown are for information only and may change or be withdrawn at any time. Availability is subject to lender criteria and underwriting.

Rates sourced from mariannafs.co.uk (Valid as of 31 January 2026)

15% Deposit Mortgages

A 15% deposit means borrowing 85% of the property value.

This level of deposit usually unlocks a wider range of mortgage products and more competitive interest rates.

Things to be aware of:

  • Lower interest rates are often available
  • Monthly repayments are usually lower
  • More flexibility in product choice
Important Information
  • The mortgage rate you receive will depend on your personal circumstances, including income, credit history, property type and lender criteria
  • All mortgages are subject to affordability checks and lender approval
  • Your home may be repossessed if you do not keep up repayments on your mortgage
  • Mortgage products, rates and criteria can change at any time

We’ll help you understand your options and guide you through the process, so you can make an informed decision about your first home.

Your 8 Key Steps to Buying Your First Home

  • Credit Score: Check your credit report through services like Experian, Equifax, or TransUnion.
  • Savings: Check how much you’ve saved for a deposit (usually 5%–20% of the property price). Besides the deposit, you’ll need funds for additional costs like solicitor fees, Stamp Duty (if applicable), and moving expenses.

A qualified mortgage adviser can help you understand your borrowing options and recommend suitable products based on your circumstances.

This may include:

  • Calculating how much you may be able to borrow
  • Reviewing different mortgage types (e.g. fixed vs. variable)

  • An Agreement in Principle shows how much you may be able to borrow, and it demonstrates to sellers that you’re a serious buyer.

  • Define Your Priorities: Location, property type, transport links, and amenities are crucial factors to consider.
  • Work with an Estate Agent: Local agents have insight into the market and can help arrange viewings.

When you find a property you wish to buy, your estate agent will submit your offer to the seller.

  • Offers are usually made "subject to contract" and "subject to mortgage approval"
  • Purchase process can begin once the offer is accepted.

If your offer is accepted, your adviser will help you submit a full mortgage application.

  • You’ll need to provide documents such as proof of income, ID, and deposit.
  • The lender will conduct a property valuation and assess your. application in detail
  • If approved, a formal mortgage offer will be issued.

  • Instruct a Conveyancer or Solicitor: They’ll handle legal aspects, including property checks, local searches, and drafting contracts.
  • Exchange Contracts: This is when the sale becomes legally binding, and you pay the deposit (usually 10%).

  • Completion Day: On completion day, the remaining funds are transferred to the seller, and you receive the keys.
  • Moving In: Arrange moving services, utilities setup, and home insurance.

If you want details on any of these steps or need help finding resources, feel free to ask!