Tired of scrolling through Rightmove? We specialise in helping first time buyers get a mortgage faster and for less. Find out how much you could borrow by creating a Tembo plan and book a free appointment with one of our award-winning advisors who can guide you through buying your first home
The best type of mortgage for first time buyers depends on whether you can borrow what you need without any additional help. With house prices on the rise, many first time buyers find they can't afford to buy using a standard residential mortgage. At Tembo, we specialise in helping buyers discover how they could afford to get a place of their own through a range of budget boosting schemes.
Not everyone can get family help when buying their first home. But that doesn't mean homeownership is out of reach. Read about some of the specialist mortgages for first time buyers below. To see which you could be eligible for, create a free Tembo plan.
Borrow up to 4-4.5x your income with a standard repayment mortgage. You’ll put down a house deposit and borrow the remainder from a lender, then you’ll pay off the loan by making monthly repayments.
If you meet the qualifying criteria, you could borrow up to 5.5 times your income for a mortgage, significantly increasing your buying budget by 20%. Plus, you only need to put down a 5% deposit.
If you work in a qualifying profession, you could borrow up to 5.5 times or even 6.5 times your salary for a mortgage, significantly increasing your total buying budget. You only need to put down a minimum 5% deposit, too.
Buy a property with up to five others and track your individual contributions through a home agreement. Together, you can boost your buying budget and buy sooner.
Purchase a new-build property from a participating home builder with just a 5% house deposit through the Deposit Unlock scheme.
If you are a serving military personnel, borrow up to 50% of your annual salary to boost your house buying budget with the Armed Forces Help To Buy scheme.
If you're struggling to build a deposit or get a big enough mortgage to buy a home, purchase a share of a property through a private Shared Ownership scheme.
Buy a share of a home with the government’s Shared Ownership scheme and pay rent on the rest. Over time, staircase your way up to full ownership.
Use your track record of paying rent each month in lieu of a deposit to get a 100% mortgage. So you can stop renting, and start building up equity in your a home of your own.
If you do have family who want to help you buy your first home, there are various ways they could do this. From guarantor mortgages to co-buying together, explore some of the buying schemes and family assisted mortgages for first time buyers below. To see which you could qualify for, create a free Tembo plan
Add some or all of your loved one's earnings to your mortgage application as a guarantor. With a larger combined income, you can boost your borrowing power while still being the sole owner.
If you have a loved one whose a homeowner and wants to help you buy, they can use a Deposit Boost to unlock money from their property. The proceeds will be added to your house deposit, or can be used as your entire down payment.
If you have a relative with cash savings who'd like to help, they can deposit them into a special account held by the lender as security for the mortgage. This means you won't have to put down any deposit, and your loved one will get their savings back after a set term, as long as you make your repayments.
Add some or all of your loved one's earnings to your mortgage application as a co-owner. They'll contribute to the mortgage repayments, in return for a share of your home. With a bigger combined income, you can borrow more or buy your first home sooner.
Your loved ones can contribute to your house deposit to bolster your down payment, in return for equity in your home. With a bigger deposit, you can get access to lower mortgage rates or even afford a bigger property.
4 simple steps to buying your first home
Check your eligibility for a range of first time buyer mortgages and buying schemes, and get a personalised recommendation with interest rates and repayments in under 10-minutes.
Book a call with our experts to complete the qualification process, and we’ll cover off any questions you might have about any of the budget boosting schemes we advise on.
Once you’ve found a property, your dedicated advisor will undertake full affordability checks to prepare the mortgage application. Then we’ll submit it on your behalf!
During conveyancing, we’ll liaise with the seller and your solicitors to ensure a smooth purchase. We’ll also provide a free protection review for your insurance needs.