Question 1

How much deposit do I need as a first-time buyer in the UK?

Accepted Answer

Most UK lenders ask for a minimum 5% deposit for first-time buyers, which means a 95% loan-to-value (LTV) mortgage. A larger deposit (10–25%) typically opens access to lower interest rates and a wider lender panel. Government-backed schemes such as the Mortgage Guarantee Scheme support some 95% LTV deals.

Question 2

What is the stamp duty for first-time buyers in 2025/2026?

Accepted Answer

From 1 April 2025, first-time buyers in England & Northern Ireland pay 0% stamp duty up to £300,000 and 5% on the portion between £300,000 and £500,000. If the property costs more than £500,000, the relief is withdrawn and standard rates apply. Try our stamp duty calculator for an instant estimate.

Question 3

How much can I borrow as a first-time buyer?

Accepted Answer

A common rule of thumb is 4–4.5× annual income, though some lenders go up to 5.5× for higher earners or specific professions. Affordability is also assessed against your monthly outgoings, existing debt, and a stress-test rate. Use our affordability calculator for a quick estimate.

Question 4

Do I need a perfect credit score to get a first-time buyer mortgage?

Accepted Answer

No. Many UK lenders accept fair-to-good credit scores, and specialist lenders consider applicants with past missed payments, defaults, or CCJs depending on age and severity. The wider the credit issue, the larger the deposit usually required.

Question 5

How long does it take to buy your first home in the UK?

Accepted Answer

From mortgage application to completion typically takes 8–12 weeks. The fastest stage is getting an Agreement in Principle (often same day). Underwriting, valuation, conveyancing and exchange make up the rest of the timeline.

Question 6

What is the First Homes Scheme and am I eligible?

Accepted Answer

First Homes is a government scheme offering new-build homes at a 30–50% discount to first-time buyers in England, capped at £250,000 (£420,000 in London) after discount. Eligibility includes being 18+, a first-time buyer, and meeting income limits. The discount is preserved for future buyers when you sell.

Question 7

Can I buy a home in the UK if I am self-employed?

Accepted Answer

Yes. Most UK lenders ask for 2 years of self-employed accounts, though some accept 1 year, especially with strong income evidence (SA302s, tax overviews). Specialist lenders also consider day-rate contractors and limited-company directors using salary + dividends or net profit.

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First-Time Buyer Guide 2026

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