Finding The Best Mortgage As A First-Time Buyer

You’re on your way to getting your foot on the property ladder and owning your first home – but first, you need a mortgage. Choosing the wrong mortgage lender could result in you paying high fees and getting ripped off. Here’s how you can secure the best mortgage as a first-time buyer.



Finding The Best Mortgage As A First-Time Buyer



Repair your credit score


You want to have a good credit score when applying for a mortgage. Some lenders may reject you if your credit score is bad. Whilst others may charge higher interest rates. Your credit score is largely affected by how well you make payments on time. But it can be affected by various other factors such as the amount of debt you’re currently in. Sites such as fix can help you to repair your credit score. Such sites offer advice on credit builder schemes as well as small tricks that could help to boost your score. 



Save up as large a down payment as you can


Scraping together a 5% down payment could limit you as to which mortgages you can take out. Often the lower the down payment percentage you’re willing to offer, the higher your monthly mortgage repayment rates will be. Try to save up as big a down payment as possible so that you’ve got more options. The bigger the deposit you can leave, the less you’ll pay in the long run.



Ensure you’re in a stable job


It’s worth also sticking at a job for at least a year before taking out a mortgage. This shows lenders that you’ve got a stable income and that you’re more likely to make repayments on time. It could allow you access to more deals and cheaper rates. There’s nothing to stop you switching jobs once your mortgage has been accepted!



Decide whether you want a fixed or a variable mortgage


Most first-time buyers choose fixed mortgages These ensure that you pay the same amount each month making them easier to budget for. Variable mortgages, as the name suggests, have variable rates. At first, your monthly repayments could be very low, but in the future, they could end up being very high. It’s personal preference as to which one you’d prefer. Knowing the difference is important and could prevent you from falling trap to a variable mortgage with high rates when ideally you wanted a fixed rate.

You may want to also compare a 15-year and a 30-year mortgage to see what would be best for you. This guide can help you decide.



Get help from an advisor


It can often be beneficial talking to a mortgage expert who can help you to find the best deal for you and guide you through the application process. You can find many advisors online at sites like Some advisors may charge for their service, whilst others won’t. Shop around online to find advisors that are based locally to you.


Now that you know how to find the best mortgage as a first-time buyer, you can make a better decision. You can possibly save yourself some time, money, and stress in the future.


For more information on buying your first home see 3 Hidden Costs of Buying Your Own Home. Also, you may be interested in Boost Your Mortgage Chances If You’ve Got Bad Credit.


  1. Great tips! Buying your first home can be such a stressful- and exciting – experience!

    1. Author

      You’re absolutely right! It’s exciting but the stress can be absolutely overwhelming! I’m glad you enjoyed the article!

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