First Time Buyer Schemes

Compare first time buyer mortgages...

First Time Buyer 2 Year Fixed Rate - 5% Deposit »NatWest Mortgages

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4.09%Reverts to 3.75% after 2 years


Overall Cost for Comparison 3.90% APRC. This is the cost of the mortgage over the full term. Early redemption charges may apply.

Compare latest mortgages - use our mortgage tables below to see a selection of market leading mortgage deals.

Provider

Type

Initial Interest Rate

Initial Term

Max LTV*Product Fee 
Fixed

2.41%

Reverts to 3.75%

2

Years

90%

YesMore Info >
Early redemption charges may apply. Overall Cost for Comparison 3.90% APRC. This is the cost of the mortgage over the full term.
Fixed

2.58%

Reverts to 4.54%

3

Years

90%

YesMore Info >
Early redemption charges may apply. Overall Cost for Comparison 4.00% APRC. This is the cost of the mortgage over the full term.
Fixed

2.84%

Reverts to 3.75%

2

Years

90%

NoMore Info >
£500 Cashback. Early redemption charges may apply. Overall Cost for Comparison 3.70% APRC. This is the cost of the mortgage over the full term.
Fixed

3.89%

Reverts to 3.75%

5

Years

90%

NoMore Info >
Early redemption charges may apply. Overall Cost for Comparison 4.10% APRC. This is the cost of the mortgage over the full term.
Fixed

3.94%

Reverts to 4.70%

3

Years

95%

NoMore Info >
£250 Cashback. Early redemption charges may apply. Overall Cost for Comparison 4.70% APRC. This is the cost of the mortgage over the full term.
Fixed

3.94%

Reverts to 4.70%

3

Years

95%

NoMore Info >
£250 Cashback. Early redemption charges may apply. Overall Cost for Comparison 4.70% APRC. This is the cost of the mortgage over the full term.
Fixed

4.04%

Reverts to 4.54%

2

Years

95%

NoMore Info >
£300 Cashback. Early redemption charges may apply. Overall Cost for Comparison 4.50% APRC. This is the cost of the mortgage over the full term.
Fixed

4.04%

Reverts to 4.54%

2

Years

95%

NoMore Info >
Early redemption charges may apply. Overall Cost for Comparison 4.50% APRC. This is the cost of the mortgage over the full term.
Fixed

4.34%

Reverts to 4.54%

3

Years

95%

NoMore Info >
£300 Cashback. Early redemption charges may apply. Overall Cost for Comparison 4.50% APRC. This is the cost of the mortgage over the full term.
Fixed

4.33%

Reverts to 3.75%

2

Years

95%

NoMore Info >
Early redemption charges may apply. Overall Cost for Comparison 3.90% APRC. This is the cost of the mortgage over the full term.
Fixed

4.33%

Reverts to 3.75%

2

Years

95%

NoMore Info >
Early redemption charges may apply. Overall Cost for Comparison 3.90% APRC. This is the cost of the mortgage over the full term.
Fixed

4.54%

Reverts to 4.54%

3

Years

95%

NoMore Info >
£300 Cashback. Early redemption charges may apply. Overall Cost for Comparison 4.50% APRC. This is the cost of the mortgage over the full term.
Fixed

4.81

Reverts to 3.75%

5

Years

95%

NoMore Info >
Early redemption charges may apply. Overall Cost for Comparison 4.30% APRC. This is the cost of the mortgage over the full term.
Fixed

4.81%

Reverts to 4.00%

5

Years

95%

NoMore Info >
Early redemption charges may apply. Overall Cost for Comparison 4.30% APRC. This is the cost of the mortgage over the full term.
Fixed

1.94%

Reverts to 3.69%

2

Years

90%

YesMore Info >
Early redemption charges may apply. Overall Cost for Comparison 3.50% APRC. This is the cost of the mortgage over the full term.
Fixed

2.13%

Reverts to 4.54%

2

Years

90%

YesMore Info >
Early redemption charges may apply. Overall Cost for Comparison 4.20% APRC. This is the cost of the mortgage over the full term.
Fixed

2.41%

Reverts to 3.75%

2

Years

90%

YesMore Info >
Early redemption charges may apply. Overall Cost for Comparison 3.90% APRC. This is the cost of the mortgage over the full term.
Fixed

2.58%

Reverts to 4.54%

3

Years

90%

YesMore Info >
Early redemption charges may apply. Overall Cost for Comparison 4.00% APRC. This is the cost of the mortgage over the full term.
Fixed

2.84%

Reverts to 3.75%

2

Years

90%

NoMore Info >
£500 Cashback. Early redemption charges may apply. Overall Cost for Comparison 3.70% APRC. This is the cost of the mortgage over the full term.
Fixed

2.81%

Reverts to 3.75%

5

Years

90%

YesMore Info >
Early redemption charges may apply. Overall Cost for Comparison 3.50% APRC. This is the cost of the mortgage over the full term.

Representative Example:


A repayment mortgage of £120,000 payable over 28 years and 1 month initially on a fixed rate for 2 years at 1.99% and then on the lender current variable rate of 3.69% (variable) for the remaining 26 years and 1 month would require 24 monthly payments of £465.20 and 312 monthly payments of £565.39 and one final payment of £565.19.


The total amount payable would be £189,357.67 made up of the loan amount plus interest (£68,161.67), booking fee (£999), completion fee (£30) and valuation fee (£197).


In this example the overall cost for comparison is 3.7% APRC representative.


YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Compare First time buyer schemes

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. You can learn more about first time buyer schemes and initiatives on the Government's website.

See the table above for the latest first time buyer mortgage deals or click on the link and fill in our quick enquiry form - an adviser will contact you with free first time buyer quotes to see who could offer you the most competitive deal.

For prospective homeowners, getting a foot on the property ladder may seem like a difficult task, luckily however, there are a number of first time buyer schemes that may make this process easier.Borrowers should also researching mortgage deals as when it comes to a financial obligation of this magnitude the detail is very important.

Although there are several different types of first time buyer schemes available, they may generally require customers to take out a suitable mortgage agreement.

The following is a brief explanation of some of the first time buyer schemes that may be available:

Equity Loan

In order to be eligible for an equity loan, prospective borrowers must ensure that they meet with one of the following criteria:

  • They must either under £60,000 a year or less
  • Or they must be unable to afford to buy a home in their area

Generally speaking, equity loans are intended for people who either rent council houses, or are first time buyers attempting to get on the property ladder.

Shared Ownership Agreements

Under this first time buyer schemes, the borrower can take out a mortgage that will pay for a portion of the property, and will then continue to pay rent on the remainder of the property that is owned by the council authority.

It should be remembered however that partially owning a share of the property does come with one or two restrictions. The party that part owns, part rents the property may be subject to one or two restrictions, and they may not for example be permitted to decorate or change the exterior or interior decorations or furnishings of the property.

This type of agreement may be particularly useful for first time property owners, as it allows them to gradually increase their share in the property, until hopefully, they own it completely.

If you are searching for a suitable first time buyer scheme, you may wish to see our comparisons table for more information on the various mortgage deals that are available. 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

The above mortgage products highlighted on this website are available directly through lenders who will be able to provide further information about the product you are interested in. If you are unsure about what mortgage product is suitable for you, we suggest you speak to an independent mortgage broker