How much deposit do I need as a first-time buyer?

Some lenders require at least a 5% deposit, though putting down more can unlock better rates and lower monthly payments. The Mortgage Guarantee Scheme helps make 95% loan-to-value mortgages more widely available for first-time buyers.

Are there any schemes for first-time buyers in 2026?

Yes. Depending on your circumstances you may qualify for the First Homes scheme in England, Shared Ownership, the Mortgage Guarantee Scheme, or a Lifetime ISA. Help to Buy is no longer available in England. Eligibility varies by area and changes regularly.

How much can I borrow as a first-time buyer?

This depends on your income and expenses. Lenders typically offer 4 to 4.5 times your annual income, though some stretch further depending on your profession and overall affordability.

Do I pay fees to WIS Mortgages?

A fee may be payable for mortgage advice, which will always be disclosed clearly and in advance before you proceed.

Do I pay stamp duty as a first-time buyer?

In England, eligible first-time buyers pay no stamp duty on properties up to 300,000 pounds, and 5% on the portion between 300,001 and 500,000 pounds. Above 500,000 pounds, standard rates apply with no first-time buyer relief. Wales and Scotland have their own systems.

First-Time Buyer Mortgages

Buying your first home is a big milestone—and while exciting, it can also feel overwhelming. At WIS Mortgages, we make the process clearer, smoother, and stress-free. Our team is here to guide you through every step with honest, expert advice tailored to first-time buyers.

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Key Benefits

Low Deposit Options:

Access mortgage products with as little as a 5% deposit.

Exclusive Schemes:

We help you explore government-backed initiatives designed specifically for first-time buyers.

Step-by-Step Guidance:

From mortgage in principle to completion, we’ll explain the process in plain terms.

Whole-of-Market Access:

We search across a wide range of lenders to find the most suitable deal for your needs.

How Much Deposit Does a First-Time Buyer Need?

The good news for first-time buyers is that you don’t need a huge deposit to get on the property ladder. Some lenders offer mortgages with as little as a 5% deposit, and the government-backed Mortgage Guarantee Scheme helps make these 95% loan-to-value mortgages more widely available. A larger deposit usually unlocks better interest rates and lower monthly payments, but it isn’t essential to get started. It’s also worth remembering that a 5% deposit mortgage tends to carry a higher rate, so monthly costs can be higher, which is why affordability should always be checked carefully.

WIS Mortgages helps first-time buyers find the right balance between deposit size, rate, and monthly payment, based on your budget and circumstances.

First-Time Buyer Schemes in 2026

There are several government schemes designed to help first-time buyers, and the right one depends on your deposit, income, and where you’re buying. The main options in 2026 include the Mortgage Guarantee Scheme, which supports 5% deposit mortgages on properties up to £600,000; the First Homes scheme in England, which offers eligible buyers new-build homes at a discount of at least 30% below market value; and Shared Ownership, which lets you buy a share of a home and pay rent on the rest. A Lifetime ISA can also boost your savings with a government bonus towards your first home.

It’s worth noting that Help to Buy is no longer available in England, though a version continues in Wales. Scheme eligibility rules change regularly and vary by area, so WIS Mortgages helps you understand which schemes you genuinely qualify for before you apply.

Stamp Duty for First-Time Buyers

First-time buyers in England benefit from stamp duty relief, but the thresholds changed in April 2025 and catch many buyers by surprise. As it stands, eligible first-time buyers pay no stamp duty on properties up to £300,000, and 5% on the portion between £300,001 and £500,000. If the property costs more than £500,000, you pay stamp duty at the standard rates with no first-time buyer relief. Rules differ in Wales and Scotland, which operate their own systems. Because these thresholds directly affect your total buying budget, WIS Mortgages makes sure you factor the real cost, including stamp duty, into your plans from the outset.

How Much Can a First-Time Buyer Borrow?

Most lenders offer first-time buyers around 4 to 4.5 times their annual income, though some will stretch further depending on your profession, income type, and overall affordability. What you can actually borrow depends on your income, your regular outgoings, any existing credit commitments such as student loans or car finance, and the deposit you have available. Getting a Mortgage in Principle early gives you a clear idea of your borrowing power and shows estate agents you’re a serious buyer. WIS Mortgages assesses your full picture and matches you to lenders most likely to offer the borrowing you need at a rate you can afford.

Eligibility Criteria and Requirements.

Who Can Apply?

You may be eligible if you:

Are buying your first residential property in the UK
Have a minimum deposit (usually 5%–10%)
Meet the lender’s credit and affordability criteria
Plan to live in the property as your main residence

What are the Requirements?

You may be eligible if you:

Proof of income (3 months of payslips or latest self-employed accounts)
Photo ID and proof of address
Bank statements (typically last 3–6 months)
Proof of deposit (savings, gifted deposit letter, etc.)
Credit check consent

Please note: Meeting these criteria does not guarantee mortgage approval. All applications are subject to underwriting and affordability checks by the lender.

The Challenges

Saving for a deposit while managing rent or other living expenses
Lack of understanding about the mortgage process
Limited credit history affecting lender assessments
Anxiety over affordability or securing the right deal

How we help you

We help identify mortgage products that allow for low or 5% deposits.
We walk you through every stage of the mortgage process in clear terms.
We assess your eligibility and suggest practical ways to improve your credit standing.
We tailor our advice to your budget, ensuring you borrow within affordable limits.

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Use the quick and simple quotation system to get a mortgage quote in seconds.

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How the Application Process Work?

Applying for a mortgage through our service is straightforward

Book an Appointment

Book an appointment with one of our advisers to discuss your mortgage requirements. Be transparent about your situation so we make the whole journey much smoother for you.

Download MortgagX app

Download MortgagX app, fill in a few key details, select the recommended mortgage product, upload your documents and relax till we get your mortgage sorted.

Completion

Enter your new dream home!

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Processing times vary depending on lender efficiency and individual case complexity.

Important Information And Regulatory Disclosure

Risk Warning

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

FCA Authorisation

This service is provided by WIS Mortgages, which is authorised and regulated by the Financial Conduct Authority.

Fee & Commission Disclosure

We act as a mortgage intermediary and may receive commission from lenders. A fee may be payable for mortgage advice, which will be disclosed clearly in advance.

Adviser Disclosure

This content is for informational purposes and does not constitute personalised financial advice. Mortgage advice will be provided after assessing your individual circumstances.

Frequently Asked Questions

Find answers to some of the most common questions about mortgages, applications, and our services.

Some lenders require at least a 5% deposit, though putting down more can unlock better rates and lower monthly payments.

Yes. You may qualify for the First Homes Scheme, Shared Ownership, or the Mortgage Guarantee Scheme depending on your circumstances.

This depends on your income and expenses. Typically, lenders offer 4 to 4.5× your annual income, though some stretch further with certain criteria.

An Agreement in Principle is a conditional statement of how much you may be able to borrow. A mortgage offer is a formal, approved loan from the lender.

No, we provide expert advice throughout your mortgage journey.

Yes. Some lenders accept applications during probation, especially if the job is permanent and your income is stable.

Not necessarily, but lenders may factor in your available credit limits, so it's worth reviewing your credit profile beforehand.

Yes. Monthly student loan repayments are considered part of your outgoings and may slightly reduce your borrowing amount.

Yes. Many lenders accept a gifted deposit or allow family support without needing full guarantor status.

Yes. You can get a Mortgage in Principle first to understand your borrowing power and show estate agents you’re serious.