First-time home buyer mortgages

Our answers to your problems

Buying a home has become harder than ever – and we get how frustrating this must be for you as a first-time buyer. So, after supporting 19,000 first-time buyers in 2023, we want to give you the opportunity to own your first home.

To help you onto the property ladder, we’re knocking down some of the barriers you might be facing right now.

Our first-time buyer range includes:

£1,500 cashback* on selected products
Extra £250 cashback for Skipton Lifetime ISA customers. (Terms and conditions apply [PDF])
Up to 5.5x loan to income (the amount you want to borrow against how much you earn)
Up to 40-year mortgage terms available
Income Booster (to help you borrow more)

Free standard valuation for mortgage purposes
No completion fees on selected products
Up to 95% loan to value, including on new build houses and flats (amount you want to borrow against value of property)
Fixed rate mortgage products
Discounted home surveys provided by Connells

*The £1,500 cashback is only on selected products, and you need to have a minimum loan requirement of £125,000. Cashback is paid following the completion of your home purchase. Mortgage valuations and home surveys are not regulated by the Financial Conduct Authority.

You could lose your home if you don't keep up your mortgage repayments.

Want to get started?

More of our lending than ever goes to first-time buyers, and we'd love to help you too.

Here are three steps to get you ready for your first mortgage.

Quick affordability check

Get an idea of how much you might be able to borrow towards a home. This won’t affect your credit score.

Find a mortgage product

We have a range of products for first-time buyers available. Use our quick and simple mortgage finder to see a selection of products that could be right for you.

Mortgage Decision in Principle

Take it to the next stage with a full affordability check and mortgage Decision in Principle. These won’t affect your credit score.

What is a Mortgage Decision in Principle?

A Mortgage Decision in Principle provides an idea of how much you could borrow from us. It’s important to have a Decision in Principle before applying for a mortgage – and many estate agents will ask to see it as assurance you could get a mortgage.

Get a DIP

Help and advice for first-time home buyers

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 £267,500 (average house price in September 2024). To pay a 5% deposit, you’d need to save over £13,000. And for a 10% deposit, you’d need almost £27,000. 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 mortgages. Through these 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).

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 live in the property you’re buying, 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.

Extra support for first-time buyers

Track Record Mortgage

Currently renting and looking to buy a home? You could get onto the property ladder with little or no deposit.

Income Booster

This allows you to add up to 3 extra people onto the mortgage – without making them an owner of the property.

Government schemes

Find out how government schemes could give you a helping hand onto the property ladder.

Make Your Move

Bec and Sam would love to be homeowners. Can they achieve their dream? Find out and get tips that could help you buy your first home.

Learn more

Not quite ready?

If you don't have enough deposit right now, our Cash Lifetime ISA and Home Deposit Saver could help boost your savings.

Cash Lifetime ISA

Tax-free savings to help you onto the property ladder or save for retirement.

Home Deposit Saver

Find out how this product could help you save the deposit you need.

Want to know more?

Discover how to apply for a mortgage, the costs involved, and other key information when it comes to buying a home.

Mortgage help

Need further support?

We appreciate that buying your first home can be scary. That’s why our team are here to answer your mortgage questions on 0345 607 9825.

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First-time home buyer mortgages

Our answers to your problems