First-Time
Buyer Mortgages
First-time buyer mortgage advice in Bournemouth & Dorset
Clear, step-by-step mortgage advice to help you understand what you can afford and feel confident buying your first home.
Buying your first home is exciting, but there's a lot to get your head around — from deposits and affordability to Decisions in Principle, mortgage applications and what happens after your offer is accepted.
We will guide you through the process from the beginning, helping you understand how much you may be able to borrow, what your mortgage options are and what to expect at each stage.
You'll deal directly with your broker throughout, with evening and weekend appointments available when you need them.
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Understanding your deposit and mortgage options
Your mortgage options will depend on factors including your deposit, income, outgoings, credit history and the property you're buying. We'll help you understand what may be available and which options could suit your circumstances.
5% and 10% deposits
Buying with a smaller deposit? Mortgages may be available with deposits starting from 5%, subject to lender criteria and affordability.
We'll explain how the size of your deposit can affect the mortgage options, rates and monthly repayments available to you.
Gifted deposits
If some or all of your deposit is being gifted by a family member, we'll help you understand how different lenders treat gifted deposits and what information or documentation may be required.
Shared Ownership
Shared Ownership can offer another route onto the property ladder by allowing you to buy a share of a property and pay rent on the remaining share. Mortgage options and criteria differ from a standard purchase, so we'll help you understand the lending side of the process.
Guarantor and family-supported mortgages
Family support doesn't always have to mean gifting a deposit. Depending on your circumstances, some lenders offer mortgages that allow a parent or family member to support your application in other ways. We'll explain the options available and how different lenders assess them.
How your deposit affects your mortgage (loan-to-value explained)
Your deposit affects your loan-to-value (LTV) — the percentage of the property's value that you're borrowing. For example, if you're buying a £300,000 home with a £30,000 deposit, you'd need to borrow £270,000, giving you a 90% LTV.
Mortgage products are available at different LTV levels. Generally, a larger deposit and lower LTV can give you access to a wider range of mortgage options and may result in more competitive interest rates.
But your deposit is only part of the picture. Lenders will also consider factors such as your income, regular outgoings, existing credit commitments, credit history and the property you're buying when assessing your application.
What should you do before you start viewing properties?
Before you start seriously looking at homes, it helps to understand your budget, get the right information together and know what lenders may look at.
A little preparation can make the process much clearer and help you avoid surprises later.
Understand what you can afford
The maximum amount a lender may be prepared to offer is only part of the picture. We’ll look at your income, deposit, regular commitments and circumstances to help you understand how much you may be able to borrow and what your monthly repayments could look like.
This can give you a more realistic idea of the price range you’re comfortable with before you start making offers.
Get your documents together
Lenders will usually ask for evidence of your income, bank statements, identification and information about your deposit, although requirements vary depending on your circumstances and the lender.
We’ll explain what’s likely to be needed for your mortgage application and help you get the relevant information together, so you're better prepared once you find a property.
Check your credit position
Your credit history can influence which lenders and mortgage options may be available to you. Checking your credit reports before applying can help identify any errors or issues that may be worth addressing early.
If there’s something on your credit history you’re concerned about, talk to us before assuming it means you can’t get a mortgage. We can look at your circumstances and how different lenders may approach them before recommending a suitable
way forward.
Get a Decision in Principle
Once we’ve discussed your circumstances and identified a suitable approach, we can arrange a Decision in Principle (DIP) with a lender for you.
This gives you an initial indication of how much the lender may be prepared to lend based on the information provided. It isn’t a mortgage offer or a guarantee that your full application will be approved, but having a DIP in place can give you a clearer idea of your position when you’re ready to start making offers.
Budget for the other costs of buying
Your deposit isn’t the only cost to plan for. Depending on your circumstances and the property, you may also need to budget for things such as legal fees, surveys, mortgage-related fees, moving costs and any taxes that may apply.
We’ll explain the mortgage-related costs you’re likely to encounter so you have a clearer idea of what to budget for.
Ready to find out where you stand?
You don’t need to have found a property before speaking to us.
We can help you understand your budget, mortgage options and what you may need to have in place before you start making offers.
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What if your circumstances aren't straightforward?
Not every first-time buyer fits neatly into standard lending criteria. You might be self-employed, a company director or contractor, have recently changed jobs, receive bonuses or commission, have income from more than one source, be buying an unusual property, have previous credit problems or simply have circumstances that need a little more explanation.
Different lenders assess these situations in different ways. A “no” from one lender doesn't necessarily mean you have no options elsewhere.
We'll take the time to understand the full picture, look at how different lenders may approach your circumstances and recommend a suitable way forward.
Self-employed or a company director?
Being self-employed can make mortgage affordability a little less straightforward, particularly if your income varies or is structured through salary, dividends or retained profits.
Different lenders can assess self-employed income differently, so we'll look at your circumstances and how your income may be treated across the market.
Take a look at our self-employed mortgage guide →
Worried about your credit history?
Missed payments, defaults or other issues on your credit history don't necessarily mean home ownership is out of reach. What happened, when it happened and your circumstances now can all be relevant, and lenders take different approaches.
We'll look at your situation before recommending a suitable way forward rather than assuming that a previous credit problem means you have no options.
Find out more about mortgages with a low credit score →
First-time buyers we've helped
Buying your first home can feel daunting when you haven't been through the process before. Our first-time buyer clients often tell us that having someone explain each stage clearly and being able to ask questions along the way made a real difference.
★★★★★
“Incredibly helpful for us as first time buyers figuring everything out and securing the best deal. Super responsive to all my questions, can't fault Georges service from start to finish!”
★★★★★
“George at Bournemouth Mortgages did a fantastic job in arranging my daughter’s first mortgage. He was super helpful and informative. George put my daughter and her boyfriend’s minds at ease being first time buyers and made the process really straight forward. Highly recommend.”
★★★★★
“George Christou is a real life superhero! George has been super patient, professional and speedy. We couldn’t recommend George enough. Thank you so much with all your help getting us our first home 🏠”
First-time buyer mortgage FAQs
1. How much can I borrow as a first-time buyer?
There isn't one income multiple that applies to every first-time buyer. Lenders have their own affordability calculations and may consider your income, regular outgoings, existing credit commitments, dependants, mortgage term and other circumstances.
We'll look at your circumstances and compare how different lenders may assess your affordability to help you understand how much you may be able to borrow.
2. Should I speak to a mortgage broker before I start viewing properties?
You don't need to wait until you've found a property. Speaking to a broker earlier can help you understand your likely budget, deposit and mortgage options before you start seriously looking.
We can also arrange a Decision in Principle when appropriate, so you have a clearer idea of your position when you're ready to make an offer.
3. Can I get a mortgage if I've recently started a new job?
Potentially. Starting a new job or being in a probationary period doesn't automatically prevent you from getting a mortgage. Lenders have different criteria around employment history, start dates and probation periods, so we'll look at your circumstances and identify lenders that may be suitable.
4. Does getting a Decision in Principle affect my credit score?
It depends on the lender. Some lenders may use a soft credit search when providing a Decision in Principle, while others may carry out a hard search. We'll explain the approach being taken before arranging your DIP.
5. What's the difference between a mortgage valuation and a survey?
A mortgage valuation is primarily for the lender's benefit. It helps the lender assess whether the property provides suitable security for the mortgage and isn't the same as a detailed survey of the property's condition.
A separate survey can provide you with more information about the condition of the property and may identify defects or repairs you should know about before proceeding.
6. What happens if my mortgage application is declined?
A decline from one lender doesn't necessarily mean another lender will reach the same decision. Lenders have different criteria and may take different approaches to income, credit history, affordability and the property itself.
Before making another application, we'll look at why the application may have been declined and consider which lenders may be more suitable for your circumstances.
7. How long does it take to get a mortgage for your first home?
There isn't a fixed timescale. How long the mortgage takes can depend on the lender, your circumstances, the property, the valuation and whether the lender needs any additional information.
We'll keep you updated as your application progresses and deal with lender queries as they arise.
First-time buyer mortgage advice across
Bournemouth, Poole & Christchurch
We help first-time buyers across Bournemouth, Poole, Christchurch and the surrounding areas understand their mortgage options and take their first step onto the property ladder.
If you're deciding where to buy your first home, explore our local residential mortgage guides for more information about some of the areas we serve.
Boscombe Boscombe East & Pokesdown
Residential mortgage calculator
Want to explore the numbers?
If you're at an early stage, our mortgage calculator can help you explore borrowing figures and potential monthly repayments. It's designed to give you a useful starting point, helping you understand what may be realistic before you begin viewing properties or making offers.
Home buyer success stories
See how we've helped other home buyers
Reading about how other buyers have navigated the process can be reassuring when you're buying for the first time. Our case studies share real buyer journeys and some of the different circumstances we've helped with along the way.
Ready to take your first step?
You don't need to have everything figured out before speaking to us. Whether you're just starting to think about buying or you're ready to make an offer, we'll help you understand your mortgage options and what to do next.
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Looking for something else?
Explore our residential mortgage advice or view all mortgage services from Bournemouth Mortgages.