Mortgages for first time buyers

Typically, you can borrow between 4 to 4.5 times your salary for a mortgage as a first time buyer. If you're buying with someone else, like a partner, this will be based on your combined salary. However, how much you are offered depends on your affordability, which is impacted by things like your credit score, existing loans and spending. There are schemes that allow first-time buyers to borrow more, for example a 5.5x Income Mortgage lets you borrow up to 5.5x your salary for a mortgage. While a Professional Mortgage lets you borrow up to 5.5 or even 6.5 times your salary. A specialist mortgage broker like Tembo can help you discover all the schemes which could allow you to boost your mortgage borrowing, or simply find the best mortgage deals for you from across the market.

Typically, first time buyers would be expected to put at least 5% of the full property price down as a deposit. Although some mortgage products may require you to put down more than this, sometimes as much as 15% or 20% of the cost of the home.

Yes, in most cases, first-time buyers do need a deposit to buy a home. A deposit is the upfront amount you pay toward the property price, while the rest is covered by a mortgage lender. Typically, you'd put down at least 10-20% of the full property price as a deposit. So for a £300,000 house, this would be between £30,000-£60,000. However, there are lenders and schemes that allow first-time buyers to purchase a property with just 5% saved, but eligibility depends on your income, credit history, and affordability. There are some schemes which allow you to purchase a home with no deposit, such as 100% mortgages and family-assisted options. We can help you work out if you are eligible for these, as well as the best mortgage options for you from across the market.

It’s estimated that house price growth should stay modest in 2026, while mortgage rates are expected to stay at their current level or rise further, depending on economic factors like whether inflation continues to rise. Despite this, for many, getting on the ladder is still affordable. If you are thinking of getting on the ladder in 2026, it’s worth seeking expert advice from a mortgage broker like Tembo to find out how you could increase your affordability to buy sooner or boost your buying budget.

As a specialist mortgage broker, we work with over 100 lenders and schemes, giving us access to thousands of mortgage products. This means we can find all the schemes you're eligible for and how much they could boost your budget by in an instant - saving you time, effort and money. Your dedicated mortgage broker will then walk you every step of your homebuying journey, right up to getting the keys to your new home.