First-time buyer mortgages

This depends on what you’re able to afford to pay back each month, based on your monthly income and outgoings. To give you an idea, why not try our Affordability Calculator? It only takes a few minutes and doesn’t affect your credit rating.

This mainly comes down to the price of a property, as well as the mortgage deal you choose. The minimum deposit for a mortgage is usually 5%.

Let’s say you found a house worth £281,913 (average house price in December 2023). To pay a 5% deposit, you’d need to save around £14,000. And for a 10% deposit, you’d need around £28,000. The bigger the deposit you put down, the better the initial interest rate – which could lower your monthly payments.

If you’re currently renting, you may be eligible for our Track Record Mortgage. Through this product we’ll accept less than 5% deposit – or no deposit. The minimum age is 21 years, and you must have paid rent for 12 months in a row over the last 18 months.

A fixed rate mortgage - the interest rate stays the same for an agreed timeframe, which is usually two, three, five, seven or ten years. So, if other interest rates move up or down in that time, your interest rate won’t change.

A variable rate mortgage - your mortgage repayments can move up and down along with interest rates. Rate changes can happen for several reasons. Some will be decided by your lender, others might be driven by what’s happening in the economy. Sometimes, variable rate mortgages may be subject to a ‘floor’ (which the rate can’t fall below), or a ‘ceiling (which the rate can’t go above).

Find out more about the different types of mortgages.

Yes - some, or all, of your deposit can be gifted to you by a member of your family.

You’d need to give us full details when you submit your mortgage application. The person giving you the money must be 18 years or older, can’t reside in the property you’re purchasing, and will need to sign a gifted deposit declaration.

Loved ones may also be able to help you borrow more with our Income Booster. This means sharing responsibility for paying the mortgage – without being named on the mortgage.

Yes – Lifetime ISAs (LISAs) can be ideal for people saving towards their first home or retirement.

You can save up to your LISA allowance every tax year (currently £4,000). On top of your contributions, the government will give you a 25% bonus each year. Saving for a deposit isn’t easy – so our Cash Lifetime ISA could be a handy boost to help you onto the property ladder.

A LISA is only available if you’re between 18 and 39 years old. You can take money from your LISA to buy your first home after 12 months from your first payment in. Other withdrawals before the age of 60 would incur a 25% government withdrawal charge, which would mean you’d get back less than you paid in.

A valuation is done to check if the home you want to buy is worth the amount we’ll lend. A house survey is an inspection of the property’s condition – to see if there are any faults before you buy it.