Find a mortgage solution that suits your budget

First-Time Buyer Mortgages

First-time buyer mortgages offer many benefits, such as lower deposit requirements, more flexible lending criteria, and special incentives.

Buying Your First Home

Buying your first property can be stressful, and getting the right mortgage advice is crucial. At FR Mortgages, we remove the confusion and save you time and money by getting the right first-time buyer mortgage for you. We will be able to provide you with an agreement in principle which will provide you with the security of knowing you are in a position to proceed once you have found the right property for you.

Type of First-Time Buyer Mortgages

The best first-time buyer mortgage for you depends on your personal circumstances

Fixed-Rate Mortgages

The interest rate on your mortgage is fixed for an agreed period of time – the most common fixed period products are between two and five years.

Tracker Mortgages

Variable rate mortgages that go up or down in line with the Bank of England’s base rate. They’re typically set at a certain percentage above the base rate.

Discount Rate Mortgage

Track a lender’s SVR (at a lower level) by a set amount. For example, if the SVR is 7% and the discount is 1%, you’ll be charged an interest rate of 6%.

Capped Mortgage

Variable rate mortgages linked to a lender’s SVR, but with a fixed upper limit. And no matter how much interest rates rise, your payments won’t go above that limit.

Offset Mortgage

An offset mortgage is a type of mortgage that is linked to one of your savings accounts. The money in your savings isn't used to pay off your mortgage. Instead, it's used to lower the total interest you'll charge on your monthly repayments.

Standard Variable Rate

Track a lender’s SVR (at a lower level) by a set amount. For example, if the SVR is 7% and the discount is 1%, you’ll be charged an interest rate of 6%.

First-Time Mortgage Options

When it comes to first-time mortgage options, there are several choices you can consider

Help to Buy Equity

The Help to Buy Equity Loan scheme is designed to assist first-time buyers in purchasing a new-build property. The government provides a loan of up to 20% (40% in London) of the property's value.

Shared Ownership

Shared Ownership allows you to purchase a share (usually between 25% to 75%) of a property and pay rent on the remaining share owned by a housing association. Over time, you can increase your share.

First Homes Scheme

The First Homes Scheme is a government initiative designed to provide affordable housing for local first-time buyers. It offers newly built properties at a discount of at least 30% of the market price.