At HFA Mortgage & Protection, we provide mortgage advice for first-time buyers every year. We with hundreds and understand the questions, the worries and the excitement that come with taking this step. Whether you’re just starting to save for your deposit or already searching for your perfect home, the right guidance can give you confidence from day one.

This guide will walk you through the key things first-time buyers need to know. From deposits and credit scores to affordability, mortgage products and solicitors. Consider it your clear, straightforward introduction to buying your first home.

Understanding Your Deposit: What Do First-Time Buyers Really Need?

One of the biggest misconceptions we hear is that you need a huge deposit to buy your first home. In reality, many lenders offer mortgages with a deposit as low as 5%, depending on your circumstances. While larger deposits can unlock better rates, a smaller deposit can still make homeownership achievable sooner than you might think.

It’s also worth exploring other deposit sources. Gifted deposits from family, savings built over time, and government-backed schemes have helped many first-time buyers secure their first property. The most important thing is understanding what’s possible for you and that’s something professional advice can help clarify quickly.

How Much Can You Borrow? Affordability Explained Clearly

Every lender assesses affordability differently. Some are more flexible with overtime or bonuses, while others take a more cautious approach. This means two different lenders could offer you very different borrowing amounts, even with the same income.

When you speak to us, we look at your:

  • Income
  • Outgoings
  • Credit profile
  • Existing commitments
  • Deposit size
  • Future plans

This helps us match you with lenders who will view your situation most favourably. First-time buyers are often surprised at how much difference this can make.

Your Credit Score: What Lenders Look For

Your credit score matters, but it doesn’t have to be perfect. Many first-time buyers worry that a few blips on their credit file will stop them from buying a home, but this isn’t always the case. Some lenders specialise in working with those who have limited credit history, missed payments, or past financial challenges.

What’s important is understanding how your credit profile affects your mortgage options. At HFA, we can review your credit report with you, identify any issues, and guide you towards lenders who are best suited to your circumstances.

Choosing the Right Mortgage Product

From fixed-rate mortgages to tracker and variable options, the choice can feel overwhelming. Each product type has its own benefits depending on your goals, financial situation and risk preference.

  • Fixed-rate mortgages give you payment certainty.
  • Tracker mortgages can move with the market and offer flexibility.
  • Variable products can sometimes be competitive, depending on conditions.

There is no “one size fits all” answer and that’s why advice matters. As mortgage brokers, we compare a wide range of mortgage products to help find the most suitable option for you, not just from a limited number of mortgage products.

The First-Time Buyer Timeline: What Happens and When

Many first-time buyers want to know how long the process takes. While timescales vary, here’s a helpful overview:

  • 1. Decision in Principle (DIP): Usually same day
  • 2. Property Search: Depends on you
  • 3. Offer Accepted: Your solicitor begins initial checks
  • 4. Full Mortgage Application: Submitted once all documents are ready
  • 5. Valuation & Underwriting: Usually completed within 1–2 weeks
  • 6. Mortgage Offer Issued: You receive your formal approval
  • 7. Solicitors Complete Legal Work: Searches, enquiries, contracts
  • 8. Exchange: You become legally committed
  • 9. Completion: Keys in hand and you’re officially a homeowner

Throughout this process, we stay in contact with you, your lender and your solicitor to keep everything moving.

Why First-Time Buyers Benefit from Professional Advice

For first-time buyers, having a knowledgeable adviser on your side isn’t just helpful, it’s incredibly reassuring. Here’s how we support you at HFA:

  • We explain everything clearly, without jargon.
  • We compare a wide range of lenders, not just one or two.
  • We handle the paperwork for your mortgage application.
  • We guide you on what documents you need and why.
  • We keep in touch with the estate agent and solicitor to avoid delays.
  • We protect your home and family with suitable insurance options.

Think of us as your team throughout the entire journey.

Your First Home Starts with the Right Guidance

Whether you’re months away from buying or already viewing properties, speaking to an adviser early could save you time, stress and money. You’ll understand your borrowing potential, your deposit options and the mortgage products most suited to your circumstances.

At HFA Mortgage & Protection, we’re committed to helping first-time buyers take their first steps with confidence. With expert advice, clear communication and ongoing support, getting the keys to your first home may be closer than you think.

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.