First-Time Buyer Mortgages

What is a First-Time Buyer Mortgage?

These are mortgages specifically aimed at those buying their first home with a mortgage.

Why should I get a mortgage?

Unless you are in the extremely fortunate position of being able to buy a property outright for cash, it’s likely that you’ll need to save up a deposit and arrange a mortgage to finance the rest of your first home purchase.

How much can I borrow?

Lenders will look at how much you earn and your outgoings. As a general rule, multiply your income by 4.5 and you’ll get that magic number.

When should I start?

Speak to us as soon as you’re thinking of buying your first home. We can provide you with a more accurate indication of how much you can borrow, which type of property you can afford and an idea of the costs involved for buying your first home. Even if you are not in a position to buy straight away, we’ll give you some very useful advice to help get your banking and savings in order, which means that by the time you’ve saved enough for your deposit and associated costs, your finances and credit scores are good enough to help your get the best mortgage offers available. We’ll also be able to explain about any government schemes to help with your deposit saving or house purchase.

We’ll use our wealth of experience to help you buy your first home help you at every step of the way


A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

How can Plato help?

We have over two decades of experience as property investors and as mortgage brokers. This means we can give you practical step-by-step guidance and useful tips at every stage of your house buying journey. One of the biggest satisfactions we have is in helping people move from renting to owning their own home.

As Independent Mortgage Brokers, we can help you find the most appropriate type and length of loan to suit your objectives and budget. We have experience in knowing which lenders to approach based on your individual circumstances and property type. We also have access to First-time Buyer mortgage products which are not available directly to the public.

How much of my time will this take?

Just 3-4 hours (approximately) over two meetings (phone or face to face) will save you many more hours of work. You won’t need to try and speak to every lender yourself, or try to establish who will lend to you and under what terms: we do all of this for you. This means you are free to spend your time doing what you do best.

How Long Does a first time house purchase take?

Typically 3-6 months, but every house purchase differs. The biggest advantage you have as a First Time Buyer is that you’re not dependent on selling another home to purchase the new one, so you are in effect ‘chain free’. Whilst there are lenders who can produce a mortgage offer in a matter of days, it’s the work undertaken by the buyer’s and seller’s solicitors which tends to add the most time to completing the transaction. We will provide useful guidance to help ensure your case doesn’t sit at the bottom of your solicitor’s workload.

We have access to more that 100 lenders and thousands of mortgage products to find one just right for you

We endeavor to remain in contact throughout the term of your mortgage to ensure you always benefit from the best rates

What is the First-Time Buyer process?


We have an initial discussion to establish how much of a deposit you’ll require (typically 5-20% of the house purchase price) and explain all other costs involved to ensure you have sufficient funds in place, and to provide a rough indication of your realistic purchase price.


When your deposit and funds are in place, we can assess your financial circumstances, start speaking to lenders and obtain an ‘Agreement in Principle’.


With our useful tips, you can go house hunting to find your new home.


Once your offer to buy at a price has been accepted by the seller (vendor), you can contact us so that we can complete and submit a mortgage application to the most suitable lender.


Solicitors are also instructed to start their work at this stage.


The lender will send a Surveyor to the prospective new home to ensure that the purchase price agreed upon is indeed a true reflection of the property’s market value. For an additional cost, the surveyor can also undertake a more detailed survey of the property’s condition and / or structural condition. (This is often recommended for older properties).


Once the lender is satisfied with the property being purchased and the information you’ve provided with your application form, they’ll issue a Mortgage Offer Letter which typically remains valid for 6 months.


Once both seller and buyer’s solicitors are happy with all legal aspects for the property, the seller and the buyer will then ‘Exchange Contracts’ and typically undertake ‘Sale Completion’ a few days thereafter.


Once the property sale completes, you can walk to the Estate Agents and collect the keys to your new home!


Congratulations, you are now the King / Queen of your own castle, it’s time to move in and make the place your own.

Important information

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Contact us

  • Call us 020 3773 1210
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  • Meet us 1 Beauchamp Court, 10 Victors Way, Barnet, EN5 5TZ
  • Office hours Mon-Fri 8am-6pm

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