First Time Buyer Mortgages in South Wales
Buying your first home is exciting but can feel overwhelming. We'll guide you through every step — from understanding your budget to getting the keys to your new home.
Your First Mortgage, Made Simple
As a first-time buyer, there's a lot to learn — deposit requirements, how much you can borrow, what the different mortgage types mean, and how the buying process works. That's where we come in.
Our advisers specialise in helping first-time buyers navigate the mortgage process with confidence. We'll explain everything in plain English, answer all your questions, and find you the best mortgage deal from over 90 lenders.
We also help you understand the total costs involved — not just the deposit, but stamp duty (which first-time buyers may be exempt from on properties up to £425,000), legal fees, surveys, and moving costs.
How Much Can First Time Buyers Borrow?
Most lenders will let you borrow 4-4.5 times your annual income, though some specialist lenders go up to 5.5 times for certain professionals. Your borrowing capacity also depends on your outgoings, credit history, and the size of your deposit.
With as little as a 5% deposit, you can get on the property ladder. However, having 10% or more typically gives you access to better interest rates, which means lower monthly payments.
During your free consultation, we'll calculate exactly how much you can borrow and what your monthly payments would look like, so you can house-hunt with confidence.
- 95% LTV mortgages available (5% deposit)
- Borrowing up to 5.5x income with select lenders
- Government schemes including shared ownership
- Stamp duty exemption on properties up to £425,000
Government Schemes for First Time Buyers
There are several government-backed schemes designed to help first-time buyers get on the property ladder. These include shared ownership (where you buy a share of a property and pay rent on the rest), the mortgage guarantee scheme, and various local authority programmes.
We'll help you understand which schemes you're eligible for and whether they're the right option for your situation. In many cases, a standard mortgage with a competitive rate may actually be more cost-effective than a government scheme.
Frequently Asked Questions
How much deposit do I need as a first time buyer?
The minimum deposit is typically 5% of the property value. So for a £200,000 property, you'd need at least £10,000. Having a larger deposit gives you access to better rates.
Do first time buyers pay stamp duty?
First-time buyers in England are exempt from stamp duty on properties up to £425,000. On properties between £425,001 and £625,000, you pay a reduced rate on the portion above £425,000.
Can I use gifted deposit from family?
Yes, most lenders accept gifted deposits from immediate family members. The person gifting the money will need to sign a declaration confirming it's a gift, not a loan.
How long does it take to buy a first home?
From having your offer accepted to getting the keys typically takes 8-12 weeks, though it can vary. We work to keep things moving as quickly as possible.
What credit score do I need for a mortgage?
There's no single credit score requirement — different lenders have different criteria. We'll check your credit profile and match you with lenders most likely to approve your application.
Book a free consultation · Contact us