A mortgage for first-time buyers is for people who have never had a mortgage before. They tend to come with a low deposit of 5% to 10%. Many different mortgage lenders offer first-time buyer mortgages at 90% loan-to-value (LTV) rates or even 95%.

Credit card companies will tell you how much you can borrow and how long it’ll take to pay off the debt. If you make only the minimum payment, the interest rates can be high. New customers sometimes receive 0% interest rates in the first months of their business credit cards – this is to attract new sign-ups.

Most first-time buyer mortgages require you to never have had a mortgage or other form of property ownership before. They also generally ask for an initial deposit of at least 5% of the property value. There are other criteria as well, which you can read about in detail on the lender’s website.

A remortgage is when you swap your mortgage for another one. You can apply to your current lender or a new one. Some people may want to remortgage:

• To get a better rate
• To get a deposit to buy another property
• To pay off other debts
• To make home improvements

It depends on your situation, but it usually takes a few weeks to a few months to remortgage with the right lender. It’s important to start looking for a new deal 4-to 5 months before you need one in order not to disrupt plans. You can start your remortgage by checking our lenders here.

To get a first-time buyer mortgage, you usually need a 5% – 10% deposit.

The government created the Help to Buy scheme to help with buying a property. You can buy a house with a small deposit. The government will lend you up to 40% of the purchase price if they believe you have intentions to stay in the property for at least three years.

In England, you must be a first-time buyer to get Help to Buy. In Scotland, Wales, or Northern Ireland, there are no restrictions but buyers who are purchasing an additional home are not eligible.

Finding the right first-time buyer mortgage can be difficult, with the average interest rates for different types of mortgages varying. We compare a range of different deals so you can find the one that’s best for you. Find the best deal for you here.

You can apply for a mortgage online and the application process for a mortgage can vary depending on the lender, but most of them will ask for the same documents:

• Proof of ID: such as a current passport or the full UK driving license photocard, to verify your identity.
• Proof of Income: Bank statement, payslips, or other documents to show that you have the necessary income to afford your home and current level of outgoings.
• Proof of deposit: statements for your savings account containing the amounts owed, or if you have been gifted a deposit you will need to provide the person who gave you the money with certain information about their contribution.
• Household bills: You may need to provide utility bills or council tax bills to prove your identity

Apply for a mortgage today and find out whether you qualify without impacting your credit score here.