If you’ve been thinking about joining the property market and buying your first home, becoming a first-time buyer can feel like something that’s always just out of reach. Rising house prices, changing mortgage rates and confusing advice can make the goal of owning a home feel overwhelming. However each year brings new opportunities and for many aspiring buyers, this year could genuinely be the right time to take that first step.
At HFA Mortgage & Protection, we work with first-time buyers every day. We see the excitement, the uncertainty and the questions that naturally come with such a big decision. What we also see is that with the right preparation and advice, buying your first home is often far more achievable than people expect.
This article is designed to give you clarity. From deposits and affordability to credit scores, mortgage products and the buying timeline, we’ll walk you through what really matters and why starting now could put you in a stronger position than waiting.
Understanding Your Deposit: What First-Time Buyers Really Need
One of the most common reasons first-time buyers delay their plans is the belief that they need a large deposit to get started. While a bigger deposit can unlock better mortgage rates, it’s not always essential. Many lenders offer mortgages with deposits as low as 5%, depending on your circumstances and credit profile.
What matters most is understanding what deposit level is realistic for you. A smaller deposit may mean slightly higher monthly payments, but it could allow you to step onto the property ladder sooner rather than waiting years to save more. For many buyers, that trade-off is worth exploring.
It’s also important to remember that deposits don’t always have to come solely from savings. Gifted deposits from family members, long-term savings plans and other legitimate sources are all commonly accepted by lenders. With professional advice, you can quickly establish what’s possible and avoid unnecessary delays or uncertainty.
How Much Can You Borrow? Affordability Explained Clearly
Affordability is one of the areas first-time buyers find most confusing. Two people earning the same salary can be offered very different borrowing amounts depending on the lender they approach. That’s because lenders all assess affordability in slightly different ways.
Some lenders take a positive view of overtime, bonuses or commission, while others are more cautious. Monthly commitments such as car finance, student loans or childcare costs can also have a significant impact on how much you’re able to borrow.
At HFA Mortgage & Protection, we take a detailed look at your income, outgoings, credit profile, deposit size and future plans. This allows us to identify lenders who are more likely to view your circumstances favourably. Many first-time buyers are surprised by how much difference the right lender choice can make.
Your Credit Score: What Lenders Look For
Your credit score plays an important role in your mortgage application, but it doesn’t have to be perfect. Many first-time buyers worry that missed payments, limited credit history or past financial issues will automatically prevent them from buying a home. In reality, this isn’t always the case.
Different lenders have different levels of flexibility when it comes to credit history. Some specialise in helping applicants with minor credit issues or thin credit files, particularly first-time buyers who haven’t had many opportunities to build credit yet.
The key is understanding how your credit profile affects your options. We’ll review your credit report with you, explain what lenders are likely to focus on and guide you towards realistic, suitable solutions. In many cases, small improvements or simply choosing the right lender can make all the difference.
Choosing the Right Mortgage Product
For first-time buyers, the range of mortgage products available can feel overwhelming. Fixed rates, trackers and variable mortgages all work differently, and choosing the right option depends on more than just the interest rate.
Fixed-rate mortgages offer certainty, with payments staying the same for a set period. Tracker mortgages move in line with the Bank of England base rate and can offer flexibility. Variable rates may be competitive in certain market conditions but come with less predictability.
There’s no single “best” mortgage for first-time buyers. The right choice depends on your income stability, future plans and comfort with risk. As mortgage brokers, we compare a wide range of lenders and products to find a mortgage that genuinely suits your circumstances, not just one that looks attractive on paper.
The First-Time Buyer Timeline: What Happens and When
Another common concern is how long the buying process takes. While every purchase is different, having a clear idea of the typical timeline can make the journey feel far more manageable.
Most buyers start with a Decision in Principle, often issued the same day. This is followed by property searching, making an offer and submitting a full mortgage application once your documents are ready. Valuations and underwriting usually take one to two weeks, after which a formal mortgage offer is issued.
From there, solicitors handle the legal work, including searches, enquiries and contracts. Once contracts are exchanged, you’re legally committed, and completion follows shortly after — with keys in hand. Throughout the process, we stay in contact with you, your lender and your solicitor to keep everything moving smoothly.
Why First-Time Buyers Benefit from Professional Advice
Buying your first home is one of the biggest financial decisions you’ll make. Having an experienced adviser on your side isn’t just helpful, it’s reassuring. We explain everything clearly, manage the paperwork, liaise with lenders and solicitors, and keep you informed at every stage.
We also help protect what matters most. From life insurance to income protection, we’ll ensure you understand the options available to safeguard your home and your future.
Most importantly, we give you confidence. Confidence in your budget, your mortgage choice and your next steps.
Your First Home Starts with the Right Guidance
If you’ve been wondering whether this year could finally be the year you become a first-time buyer, the best place to start is a conversation. Early advice can save you time, reduce stress and help you move forward with clarity.
At HFA Mortgage & Protection, we’re committed to helping first-time buyers take their first steps with confidence and support. Start your first-time buyer journey today at https://hfassociates.uk.
Disclaimer
There may be a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £195 to £1500.
Your home may be repossessed if you do not keep up repayments on your mortgage.
