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Your Guide to Getting Your FirstMortgage in the UK: What You Need to Know - ArkMortgages - 17 April 2025
Buying your first home is an exciting milestone—but navigating the mortgage market for the first time can feel overwhelming. If you're searching for your FirstMortgage, it's essential to understand the process, prepare your finances, and choose the right lender. At Ark Mortgages, we specialise in guiding first-time buyers like you through every step of the journey.
What Is a FirstMortgage?
A FirstMortgage refers to the initial loan you take out when purchasing your first property. Unlike remortgages or buy-to-let loans, a FirstMortgage is designed specifically for those who are entering the property ladder for the first time. Lenders often offer special rates or incentives for first-time buyers, such as lower deposit requirements or cashback deals.
How to Qualify for Your FirstMortgage
Before applying for your FirstMortgage, there are a few key factors lenders will assess:
- Credit History: A clean credit report increases your chances of approval and may help secure better interest rates.
- Income & Employment: Stable income, whether through employment or self-employment, demonstrates your ability to repay the loan.
- Deposit Amount: Most lenders require at least a 5-10% deposit. The more you can put down, the more favourable your mortgage terms may be.
- Affordability Check: Lenders will assess your monthly expenses, outstanding debts, and lifestyle to determine how much you can afford to borrow.
As a first-time buyer, you’ll find a range of mortgage products tailored to your needs:
- Fixed-Rate Mortgages: Ideal if you want consistent payments and stability over a set term.
- Tracker Mortgages: These move in line with the Bank of England base rate, which means your payments could go up or down.
- Help to Buy & Shared Ownership Schemes: Government-backed programs can help reduce your upfront costs and make owning a home more achievable.