Care Financials

First Time Buyer

First Time Buyer Mortgage Advice

Are you considering getting first time buyer mortgage advice for your first-ever home? The property ladder can be complex, but don’t worry; We will provide you with free mortgage advice and have you covered. Our wide range of mortgage deals and rates can help you make the first step toward getting the keys to your new home.

We understand that stepping into the property world can be a daunting and nerve-wracking experience, as it is a substantial financial commitment. We would be pleased to assist you through this first time buyer mortgage process and provide you with the best support possible to help you achieve your home goals.

Here at Care Financial Services, our expert mortgage advisors will be at your side at every step of the process, answering any questions you may have along the way. Additionally, we are 100% free and always will be; we will never ask for anything from you for our service. 

You are free to decide how and when you want to work with us because of the flexible service we provide. We are available to assist you whenever you need us, whether online, on the phone, or in person over a hot cup of coffee.

NOTE: We work, as introducer, with a number of reputed, well established mortgage brokers to offer mortgage services at the best possible rates who will assist you in finding the ideal home and securing the right mortgage by utilizing their in-depth expertise in estate agency mortgage services.

Top First time Buyer Mortgage Options

Many mortgage options are available in the property market, and sometimes, it can be tough to choose the best option. We have identified some of the top mortgage options for you to make the decision-making process more manageable:

Fixed Rate Mortgages

As the name indicates, fixed-rate mortgages are deals with a fixed interest rate for the entire duration of your mortgage term; this can be a great way to plan or keep a budget as you have to pay the same amount each month. The time frame for a fixed-rate mortgage is two to ten years, and in rare cases, longer terms are also available. This type of mortgage option is usually for first-time buyers who want an accurate estimate of how much they will have to pay at the beginning of their term, even though your payments will not be affected if the Bank of England rate increases in your fixed-rate period, it would help if you have a stable financial stream because before we can lend, we will assess your financial circumstances.

Parental Support Mortgages​

Sometimes, parents use their savings to help their kids take their first step into the property market; this is called parental support mortgage. Many parents tend to put a share of their first bought property value into a bank account their lender holds for a short period. Some lenders also allow parents to take out extra money on their mortgage loans as a deposit for their children.

Discounted Mortgages

Discounted mortgages are also like tracker mortgages as they are a form of variable rate deals. Discounted mortgages give the applicant a discount from the lender’s SVR (standard variable rate), which can change as the SVR fluctuates.

Capped Rate Mortgages

Capped-rate mortgages are also a form of variable-rate deals. Yes, the payments may rise and fall in this mortgage option, but there is the involvement of a cap or a ceiling. The payment rate can not exceed the capped amount;  This can give First-time buyers peace of mind that their monthly instalments won’t cross a certain point even if the rates increase.

Tracker Mortgage

A tracker mortgage is a variable rate deal directly linked with the Bank of England rates. Hence if you choose this type of mortgage, your monthly payments may increase and decrease depending on the bank’s base rate situation.

Giving Future To Your Living

Stress-Free Advice

Our friendly & personable advisors offer you a free impartial mortgage advisory service from start to finish.

Market Flexibility

We ensure we'll find the best deal available for your circumstances regardless of which lender it comes from.

Choose your Mortgage

Our experienced financial advisors compare over numerous products to find the one best suited to your needs.

Quick and Simple

We can avoid many of the delays often encountered when searching for your own loans and get things processed quickly.

Why Care Financial Services

Care Financial Services is an organisation that puts its customers first. We try to give our customers the most honest and open advice. Our expert mortgage advisors will help you every step of the way to help you find the first time buyer mortgage for your perfect home. At Care Financial Services, the customer is the boss. Hence we will facilitate you with everything you need at every stage of the process to help you secure your first mortgage that suits your situation the best. Considering everything, our advisors will not leave you hanging if you cannot confirm your mortgage deal. We will show you the right course of action to improve your chances of securing the perfect mortgage in the future.

First Time Mortgage - Eligibility


You should be at least 18 years at the time of the mortgage.


You need at least 5 to 10% of the property value depending on the situation

Credit Score

You should have the bank specified credit score.

Frequently Ask Questions

If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.


A first-time buyer mortgage is a type of mortgage that has been formulated specifically for those who are trying to make their first step into the property market, whether by buying a new house or making your first ever property investment. A range of deals is available for first-time buyers and incentives such as cash-back schemes. Some companies may even offer you 95% mortgages under which you are only required to pay a 5% deposit, and in rare cases, there is no deposit at all. It is essential to remember that with such incentives, there is always a strict affordability criterion you must qualify.

The loan-to-value (LTV) ratio is a share of the property value that your lender is willing to give you. In other words, this is the amount you can borrow for your desired property. For example, if the value of a property is £300,000 and there is a £240,000 mortgage in the property value, this will mean that the LTV is 80%. While assessing the requirements for a loan, lenders consider LTV an essential factor. Most lenders have an 80% LTV available because they want to see buyers invest at least 20% of their savings into the mortgage. Of course, this is not possible for all buyers, especially first-time buyers who prefer to keep their personal investment limited. That is where 95% of mortgages come in handy.

Generally, buyers should have at least 5% saved for purchasing their new home. For instance, if the property you want to buy is priced at £150,000, you will have at least £7500 (5%) saved up as a deposit. However, having more than 5% saved for your deposit can give you access to more exclusive mortgage deals on lower interest rates. Hence, if you can afford up to a 10-20% deposit, it will give you access to better mortgage deals and lower your overall risks. Lenders usually have some of their best deals saved for people who can offer a 30-40% deposit.

The most common costs you need to keep in mind when getting your first mortgage are:

  • Mortgage arrangement fees (sometimes charged by lenders )
  • Legal fees
  • Valuation fees

However, sometimes lenders may offer you to cover some of these costs, so depending on which deal you choose, you may not have to pay all of these. Please talk to our professional advisors about the costs of buying a house to find out more.

If you are considering buying your first home in the UK but are not sure if you are eligible enough to apply, then you should consider discussing your case with one of our mortgage advisors at Care Financial Services.

Mortgage applications start with lenders checking your financial situation to check if you can afford the property you want; this includes checking your annual income and other outgoing income sources you may have

Our first-time buyers commonly ask questions about how much they can borrow for their mortgage. Our website does consist of a calculator available, but it doesn’t give you the exact figure. It is always an estimated value. By contacting our mortgage advisors and explaining your situation to them, you can get an accurate value of the maximum loan you can borrow. 

Secondly, they will access your credit history/credit score to see if you can handle the financial responsibilities of purchasing a property. All these factors will, in the end, determine how much you can borrow for your mortgage. How much amount of deposit you can put down will also determine which mortgage deals you can access. 

Here at Care Financial Services, we have honest and hardworking mortgage advisors who possess the knowledge of a variety of lenders and mortgage deals available. This knowledge helps us look into your income, credit history, and expenditure and allows us to provide you with thousands of suitable deals. 

We understand the importance of being up to date with the fast pace of the property world. Our expert mortgage advisors at Care Financial Services are always up to date with all the government schemes. They try to get you the best systems that suit your situation so that they can answer any queries you may have regarding government schemes. Many government schemes help first-time buyers get on the property ladder. Some of these are listed below:

Help-to-buy – equity loan: This scheme was launched to aid first-time mortgage buyers. You should be over eighteen years old to qualify for this scheme,, the property at hand must be sold to you by a ‘help-go-buy’ registered builder, and it must solely be the only home you live in. This scheme is valid till March 2023. See Help-To-Buy

Shared ownership scheme: This allows buyers to purchase a percentage of the property while paying rent on the remaining portion. The buying share can range from 25% to 75% of the property value; however, some sellers may allow you to buy the property at just 10%. To be eligible for the shared ownership scheme, you will have to prove that you cannot afford to pay the entire deposit and mortgage payments, and your annual income must also be less than £80,000. 

The mortgage guarantee scheme: Due to the pandemic, there was a considerable demand increase in the property market, as many people wanted to purchase their own homes. In April 2021, the UK government instructed lenders all over the county to reintroduce mortgages on less than 10% deposits, giving buyers a better chance to get on the property wagon. This scheme encourages potential buyers to secure mortgages on a 5% deposit. This scheme is open till 31st December 2022. 

Lifetime ISA:  You can open a Lifetime ISA (Individual Saving Accounts) if you are aged between 18 to 39. These accounts offer a government bonus of £1 for every £4 you save, which can be put towards buying your first home or retirement. If you save a maximum of £4,000 a year, you will get a bonus of £1,000 ( 25% on the contribution made during the tax year), giving you a total of £5,000. This bonus is paid back to the Lifetime ISA every month.

An AIP is usually obtainable within 24 hours of your initial appointment.  We will advise you to have an AIP before making the offer this will show your lender that you are serious about buying and in a good position to proceed. 

We come across many applicants who have been rejected for a mortgage by their banks; this is where we can help. Some other factors may also lead to your bank declining your application. We at Care Financial Services can look into the situation and recommend the right lender and route to take to get the keys to your new home. 

As a mortgage advisor, Care Financial Services work with an extensive range of lenders with thousands of deals to find you the right solution that suits your situation the best. On the other hand, if you were to approach a bank, they would limit your choices to just their lenders and not any outside lenders. We have also come across some clients that have previously approached a bank first and have been declined due to strict criteria by their lenders. On the other hand, we provide our clients with lenders who offer specialist products with different standards so that we can meet the needs of each customer individually. 


The content on this page is based on our understanding and knowledge at the time of publication. It may be subject to change and may not be applicable to your circumstances, so should not be relied upon. Please contact us if you require further information about the content included on this page.

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