{"id":581035,"date":"2026-09-30T09:21:26","date_gmt":"2026-09-30T08:21:26","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?p=581035"},"modified":"2026-10-06T13:54:20","modified_gmt":"2026-10-06T12:54:20","slug":"how-to-get-a-mortgage","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/mortgages\/first-time-buyer-mortgages\/how-to-get-a-mortgage","title":{"rendered":"How to get a mortgage as a first-time buyer"},"content":{"rendered":"

Buying your first home is an exciting step, but the mortgage process can feel overwhelming! Every first-time buyer\u2019s journey will look a little different, but below you can find our step-by-step guide to the typical process:<\/p>

  1. Build up your deposit<\/a><\/li>
  2. Get to know your credit file<\/a><\/li>
  3. Sign up with a broker or adviser
    <\/a><\/li>
  4. Check schemes and government support<\/a><\/li>
  5. Work out your budget
    <\/a><\/li>
  6. Choose your mortgage <\/a><\/li>
  7. Apply for your mortgage <\/a><\/li><\/ol>

    Step 1: Build up your deposit<\/h3>

    Figures from the mortgage broker Tembo show that the average first-time buyer deposit currently sits at \u00a342,324<\/a>, but this varies massively depending on location. <\/p>

    Some schemes let you get a mortgage with a 5% deposit (or sometimes even lower). However, putting down a larger deposit means you borrow less and typically unlock lower interest rates \u2013 meaning the amount you pay back each month should be less. Therefore, saving up a larger chunk, such as between 10% and 25%, can be beneficial. <\/p>

    Using the most recent average first-time buyer house price in the UK \u2013 \u00a3228,140 \u2013 and average mortgage rates, here\u2019s a breakdown of how the average monthly mortgage payment can vary depending on the deposit you put down.<\/p>
    Deposit %<\/th>Deposit amount<\/th>Average mortgage rate (2-year fix)<\/th>Monthly mortgage payment<\/th><\/tr><\/thead>
    5%<\/th>\u00a311,407<\/td>6.01%<\/td>\u00a31,398<\/td><\/tr>
    10%<\/th>\u00a322,814<\/td>5.61%<\/td>\u00a31,274<\/td><\/tr>
    15%<\/th>\u00a334,221<\/td>5.44%<\/td>\u00a31,184<\/td><\/tr>
    25%<\/th>\u00a357,035<\/td>5.37%<\/td>\u00a31,037<\/td><\/tr><\/tbody><\/table>

    While saving your deposit, you might find it useful to look for an all-in-one savings and mortgage platform like Tembo<\/a>, which has specific savings accounts for first-time buyers. These include Lifetime ISA options and accounts with a bonus interest rate if you use Tembo as a mortgage broker. Most high-street banks like Lloyds, Nationwide, NatWest and others also offer both savings and mortgage support.<\/p>

    Lifetime ISAs: Quick overview<\/h4>

    A Lifetime ISA<\/a> can be a useful tool when you\u2019re saving up a deposit on your first home. Whatever you deposit, the government will also contribute a 25% bonus, and you can earn interest on your savings. <\/p>

    For example, Tembo calculates that if you put \u00a34,000 a year into their Cash lifetime ISA for 5 years, you would have \u00a327,826 (figure correct as of September 2026). That\u2019s a boost of almost \u00a38,000 on top of what you\u2019ve saved. <\/p>

    However, there is a penalty if you withdraw your money without meeting the criteria and house purchases are capped at \u00a3450,000. So, a Lifetime ISA is only suitable if you\u2019re likely to buy a house that\u2019s \u00a3450,000 or less \u2013 otherwise it\u2019s probably not the right scheme for you.<\/p><\/div><\/article>

    Step 2: Get to know your credit file<\/h3>

    It\u2019s not the most exciting prospect, but getting familiar with your credit file means that you can understand if there\u2019s anything you need to improve before applying for a mortgage. Lenders will generally look at the last 6 years of your credit history to see how reliable you are as a borrower.<\/p>

    So, how do you actually check your credit score? You can often do this with your bank \u2013 for example, I have a current account with Monzo and I can track my credit score each month in the app. Otherwise, there are free online services available which have options to show you scores from the 3 main credit agencies: Experian, Equifax and TransUnion. <\/p>

    Important things to check and fix in your report are:<\/p>