First Time Buyers Mortgage Guide

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We have created a brief first time buyers guide

How To Apply For a Mortgage

As Mortgage Brokers, we’re here to assist you in getting a mortgage, we remain with you throughout the entire home buying process from the beginning to the end, making the process as straightforward and hassle-free as possible for you.

To buy your first property, you’ll need to apply for a mortgage. In this online guide, we’ll explain how a mortgage works for first time buyers and explain how to get started.

What is a mortgage?

A mortgage is a lump sum lent to you by a mortgage lender which is used to cover the remaining cost of your house or flat once you have paid your deposit.

Most mortgages fall into one of two categories:

  1.  Repayment mortgages – The most common type of mortgage, where you pay back a combination of both the capital (the money you borrowed) and interest each month. If you keep up with your repayments, you will pay your mortgage off in full by the end of your term. 
  2.  Interest only – A type of mortgage that allows you to pay off just the interest on your mortgage each month. You will have to repay the entire figure as a lump sum at the end of your mortgage term. The payments are lower than a repayment mortgage but you are not paying the mortgage off, you only pay the interest.

Establish how much you can borrow
As a first time buyer our initial conversation will involve a review of your borrowing capacity so we can establish how much you can borrow. We will review your deposit amount and perform a review of your credit file, we will be able to explain the monthly mortgage costs and interest rates available to you.

Different types of interest rates

Essentially there are 3 main types of mortgages 

  1. Fixed-Rate Mortgages –  your interest rate is guaranteed to stay the same for a set period. During this time, your repayments will be the same each month.  Eg Fixed-rate for 2-years.
  2. Tracker Mortgages – the interest rate is dictated by an external rate, usually the Bank of England’s base rate, plus a percentage. Your monthly payments and interest rates could rise and fall in line with the base rate. This means your repayments will be subject to change. 
  3. Discount Mortgages – mortgages which offer a discount off the standard variable rate (SVR).

We will explain the advantages and disadvantages of fixed-rate mortgage vs tracker mortgages etc, if you want to read more about the Different Types of Mortgages available to you, please visit What are the different types of interest rates available 

How much will the bank lend me? 

Anywhere between 4.75x income and 5x income. Some lenders will lend more such as 5.5 income, however overall it’s based on affordability taking into account your age, how many years you spread the mortgage over, how many dependents you have and your credit commitments, your mortgage adviser will calculate this for you.

What is a deposit?

To buy a property in your area you’ll need to pay a sum of money upfront – this is called a mortgage deposit. It’s usually the most expensive part of getting a mortgage Typically, first time buyer mortgages are available with a 5% deposit. Sometimes there may also be options for 100% mortgages, Subject to availability and individual circumstances, don’t hesitate to reach out to us for further information. Contact Us

How much deposit will I need?

Generally, it starts from 5% upwards of the property’s purchase price.  You put down 5%, 10% 15% and so forth. Typically, first time buyer mortgages are available with a 5% deposit. Sometimes there may also be options for 100% mortgages; don’t hesitate to reach out to us for further information. Subject to availability and individual circumstances. 

We will undertake a comprehensive mortgage assessment:

Your home may be repossessed if you do not keep up repayments on your mortgage.

Getting your mortgage application approved

Stewart Douglas is a mortgage broker based at Constantia Wealth and Finance which is a Partner Practice of St. James's Place Wealth Management PLC. Stewart assists a diverse range of mortgage clients including home movers, first time buyers and landlords.

Your home may be repossessed if you do not keep up repayments on your mortgage.


First time buyer mortgages available with a 5% deposit. (Sometimes there are 100% mortgages available too, please contact us to find out more) Subject to availability and individual circumstances

We handle the entire mortgage application process, including its submission to the mortgage lender and all associated mortgage paperwork, as well as managing follow-ups with the mortgage provider, all of which translates to time, stress, and hassle-free savings for you

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Your home may be repossessed if you do not keep up repayments on your mortgage. We offer a comprehensive range of first charge mortgages from across the market that are made available to mortgage intermediaries for which we are paid a procuration fee by the lender.