Getting on the ladder

First-Time Buyer Mortgages

Buying your first home can feel complicated, especially when you're trying to understand deposits, affordability and what lenders look for. We help first-time buyers understand their options and find a mortgage that suits their circumstances, whether you're just starting to explore or ready to apply.

What is a first-time buyer mortgage?

A first-time buyer mortgage is simply a mortgage for someone who has never owned a property before.

While the core process is the same as any mortgage, lenders may offer products tailored to first-time buyers — including lower deposit requirements, cashback incentives, or fee-free packages designed to reduce the upfront cost of getting on the ladder.

How much deposit do you need?

Your deposit size shapes which lenders and rates are open to you. Here's what first-time buyers should know:

5% minimum deposit

Many first-time buyers can get a mortgage with just 5% of the property's value — that's £10,000 on a £200,000 home.

Bigger deposit, better rates

A 10% or 15%+ deposit can improve your chances of approval and unlock lower interest rates across more lenders.

Gifted deposits welcome

Most lenders accept gifted deposits from immediate family — usually with a simple declaration. We'll guide you through it.

How much could you borrow?

4–4.5×

Typical income multiple

Most lenders offer around 4–4.5 times your annual income, though some may stretch further in the right circumstances.

Buying with a partner? Your combined income is used, which can significantly increase your borrowing power. We'll give you a realistic picture based on your situation — not a generic calculator.

The process for first-time buyers

Six clear stages from first conversation to keys in hand:

1

Agreement in Principle

A preliminary check to see how much a lender might offer you. Useful when making offers on properties.

2

Find a property

Once you know your budget, you can search with confidence.

3

Full mortgage application

We submit your application with all the necessary documentation.

4

Valuation

The lender values the property to confirm it's suitable security for the loan.

5

Mortgage offer

If everything checks out, the lender issues a formal offer.

6

Completion

Your solicitor handles the legal side, and you pick up the keys.

We'll be with you at every stage, answering questions and making sure things keep moving.

Do you need a mortgage broker?

You don't have to use a broker — you can go directly to a bank or building society. But here's the difference it can make:

Going direct

You're limited to that single lender's products and criteria. If they say no, or their rate isn't right, you start again from scratch with the next bank.

Through Monday Mortgages

  • Access to 190+ lenders, not just one
  • Plain-English explanations at every step
  • We handle the paperwork and chase things on your behalf
  • Often-exclusive deals you won't find on the high street

Our advice is tailored to your situation — we don't just point you to the cheapest rate; we find the right deal overall.

How we help

"We know buying your first home is a big deal, and we take the time to explain things clearly so you feel confident at every step."

From initial questions right through to completion — getting your Agreement in Principle, submitting your application, and keeping everything on track until you collect your keys.

Common scenarios we help with

Whatever your circumstances, there's a good chance we've helped someone in a similar position:

Small deposits (5% or less)Gifted deposits from familyBuying with a partnerSelf-employed or contract incomePast credit issuesShared ownershipGovernment schemes

Ready to take the next step?

Speak to one of our expert advisers today. No obligation, no jargon — just honest, expert advice.

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