First Time Buyer Schemes

First Time Buyer Schemes, also known as First Time Buyer Initiatives, have been created by the Government in order to help first time buyers secure a property with a minimum deposit to make it easier to get on the property ladder.

First Time Buyer Schemes allow eligible first time buyers to purchase a minimum 50 per cent share in a new house, with the Government making up the remainder and in many cases will also cover such things as deposits, stamp duty and estate agents' or solicitors' fees. However, when the owners want to sell up, they must repay the Government's contribution by way of a share of the sale proceeds.

Many First Time Buyer Schemes require you to have the following:

£2,500 commitment deposit which is non refundable in the event that you pull out of the sale
A mortgage offer in place or Decision in Principle (DIP)
Be over 25 years of age
Have a good credit history and have a single or joint income of more than £25k
Be prepared to exchange contracts within 4-6 weeks

See below for the latest first time mortgage deals or click the link for free first time buyer quotes and see who could offer you the most competitive deal.

Initial Rate	Type	Period To	Provider	The Overall Cost For Comparison APR	LTV
4.89%	Fixed	Oct 2010	Yorkshire Building Society	7.00%	75%	More
4.89%	Fixed	Nov 2010	Halifax	7.10%	75%	More
4.99%	Discount	Sep 2010	Lloyds TSB Scotland	7.20%	75%	More
4.99%	Fixed	Sep 2010	Principality Building Society	7.20%	60%	More
4.99%	Discount	Oct 2010	Cheltenham & Gloucester	7.20%	75%	More
4.99%	Fixed	Nov 2010	Cheltenham & Gloucester	7.20%	75%	More
4.99%	Fixed	Nov 2010	Lloyds TSB Scotland	7.20%	75%	More