First-Time Buyers · The whole journey, in plain English

Your first mortgage. Without the panic.

I will explain every stage before it happens. No surprises, no jargon, no 'the lender needs another bank statement by Tuesday' panic. Just an eight-step process that ends with keys in your hand.

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In brief

Working out what you can actually borrow
Picking the right deposit / rate / fee combination
Schemes — Lifetime ISA, shared ownership, JBSP, family deposit
Self-employed first-time buyers (often refused by banks)
Holding your hand from offer to keys — without overwhelming you

CeMAP qualified

Appointed Representative of HLP

On the FCA Financial Services Register

Access to 90+ lenders

The whole process

From first call to keys in your hand. Eight stages.

The bit nobody tells you: most of these stages are short and uneventful. The whole thing typically takes 12–16 weeks. Here's exactly what happens.

30 mins

Free first call

You tell me your situation, your savings, your income, your timeline. I tell you roughly what you can borrow, what your monthly payment looks like, and what to do next. No paperwork, no commitment.

48 hours

Affordability + product search

I run real lender criteria across the panel. You get a written summary: three or four lender options, the rate, the fee, the LTV band, the deposit needed. Plain English.

1 week

Decision in Principle (DIP)

A soft credit check that proves to estate agents you are a real buyer. Most agents won't take you seriously without one. Valid for 90 days.

Variable

Find a property and have your offer accepted

This is the hard part — and the bit I cannot do for you. Tip: when you find one, tell the agent your DIP is from Ask Alan Mortgages and your full application is ready to fire. Agents prefer offers that won't collapse.

1 week

Full mortgage application

Now we apply formally. Hard credit search, full underwriting, document upload. I package the application the way each lender wants it. Most clean cases get an offer in 7–14 days.

2 weeks

Survey + valuation

Lender values the property. You decide whether to upgrade to a HomeBuyer or full structural survey (for older or unusual properties — usually worth it). Down-valuations happen; I will negotiate with the lender or seller if so.

4–8 weeks

Conveyancing

Your solicitor does searches, contracts, enquiries. The slowest stage and the one I have least control over. I will recommend solicitors I trust who actually answer the phone, and I will chase weekly.

Day of

Exchange and complete — keys in hand

Exchange (legally committed, deposit released) and completion (money transfers, you collect keys) — usually 1–2 weeks apart, sometimes same day. Champagne is encouraged.

Alan's Tip

The single thing most first-time buyers underestimate: solicitor responsiveness. The mortgage offer is the fast bit. Conveyancing is where chains break. Pick a solicitor who answers their phone — every time, I will know one for your area.

The deposit ladder

What size deposit gets you what kind of rate.

The single biggest lever on your mortgage cost is your loan-to-value (LTV) band. Here's how the rates change as your deposit grows. £250k property, 25-year term, illustrative rates.

Deposit

LTV

Typical rate

Monthly

Notes

£12,500 (5%)

95%

5.45%

£1,453

Hardest band. Limited lender pool. Often needs a clean credit profile and a bigger lender (Halifax, Nationwide, Skipton).

£25,000 (10%)

90%

4.85%

£1,295

Significantly more lenders, modestly better rate. The first meaningful step up.

£37,500 (15%)

85%

4.55%

£1,225

A strong band. Good rates, lots of lenders, no premium pricing.

£62,500 (25%)Sweet spot

75%

4.25%

£1,165

The 'sweet spot' for rates. Most lenders price their best rates at 75% LTV and below.

£100,000 (40%)

60%

4.15%

£1,142

Marginal rate improvement over 75%. Beyond this point, more deposit rarely buys you cheaper money — better to keep cash for emergencies.

Alan's Tip

Don't drain your savings to push from 90% to 85% if it leaves you with no buffer. The rate saving is real but small. The peace of mind from an emergency fund is bigger. I'll model this with you on the call.

Schemes & schemes-that-aren't-schemes

Help you may or may not have heard of.

Lifetime ISA

Save up to £4,000/year, the government adds 25% on top — up to £1,000 free per year. Must be used for a first home (under £450k) or held until 60. The single best first-time-buyer mechanism. Worth opening even if you do not yet have savings.

⌂

Shared Ownership

Buy 25–75% of a property and pay subsidised rent on the rest. The deposit and mortgage are calculated on your share only. Useful in expensive areas, but the small print on staircasing and resale is non-trivial.

👥

Joint Borrower Sole Proprietor (JBSP)

A parent or relative joins your mortgage application — their income boosts your borrowing — but does not go on the property deeds. They are not buying a second home, no extra stamp duty, you own the house outright. Underrated and growing.

💼

Family Springboard / Family Deposit

Lloyds, Barclays and others offer products where a family member ringfences savings as security against your mortgage instead of gifting. They get the savings back after 3–5 years if you make payments. 100% LTV without an actual gift.

📄

First Homes (England)

New-build properties sold at 30–50% discount to first-time buyers. The discount stays with the property forever. Very limited stock — but if there is one in your area, the maths can be remarkable.

🛡

Mortgage Guarantee Scheme

Government-backed scheme that lets lenders offer 95% LTV mortgages with reduced risk. Active at most major lenders. Not a separate product — usually invisible to you. Mention it on enquiry to confirm 95% LTV options.

Self-employed first-time buyers

Buying your first home with self-employed income? Different rules. Different lenders.

High-street banks ask for two or three years of accounts. Specialist lenders accept one year of accounts. Some use the latest year only. Some treat retained profit as income for directors.

Self-employed mortgages, in detail

FAQs

What first-time buyers actually ask me.

For most employed applicants, 4.5× your gross salary is the standard multiple, with up to 5–5.5× available for higher earners or specialist lenders. Joint applicants combine. Self-employed applicants vary more. Affordability also factors in debt, dependants, regular outgoings — these can pull the number down meaningfully.

Start with a 30-minute call. End with a real number.

What you can borrow, what your monthly looks like, what to do this week. Free, no commitment, no chase-up unless you want me to.

Book a free call