The best mortgages for first time buyers in the UK

Getting onto the property ladder remains an ambition for a lot of people rather than a real hope but if you’re heading in that direction and you’ve saved enough money for a decent deposit, who currently offers the best mortgages for first time buyers in the UK?
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Rising house prices

With house prices rising, saving for a deposit is becoming harder than ever before but that’s not the biggest stumbling block for first time buyers. Searching for a suitable starter home, negotiating with the estate agent, commissioning the right surveyor and budgeting for legal and removal costs are still to come but getting a mortgage is the most important thing to do.

Help is at hand

The government’s Help to Buy Scheme has officially launched. It gives home movers and first-time buyers who can only raise 5% of the asking price as a deposit a far better chance of getting their foot on the property ladder. You should check out helptobuy.org.uk when you’re ready to take advantage of the scheme.


The Halifax is one of the many lenders offering tailored first time buyer mortgages. The Halifax first time buyer mortgage offers up to £600,000 on a 5% deposit. You have to be a Halifax account holder who is 18 or over and a resident in the UK to be considered, but if you are given a mortgage you’ll also benefit from a £150 cash back scheme.


This is another lender who advertise a dedicated Help to Buy mortgage. You’ll have to contribute the 5% deposit but it has to equate to at least £10,000 so you’ll need to be looking at a property that’s valued at least £200,000 to qualify. The mortgage ceiling with this lender is £400,000 and the loan can be over a maximum term of 25 years.

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