First Time Buyer Mortgages

Stepping onto the property ladder is one of the most significant financial milestones you will ever reach, but it is rarely a straightforward path. Between fluctuating mortgage rates, varying deposit requirements, and complex eligibility criteria, many first time buyers feel overwhelmed before they have even viewed their first house.

The complexity of the current market often leads to common anxieties. Does this sound like you?

• Unsure how much you could borrow based on your current salary and outgoings?
• Confused by stamp duty relief or which government schemes you actually qualify for?
• Worried your credit score isn’t high enough to secure a competitive rate?
• Struggling to find the right mortgage among thousands of available mortgage options?

At Alfa Mortgages, we believe that buying your first home should be an exciting milestone, not a source of stress. We provide a tech-enabled, human-led approach that combines cutting-edge tools with the personalised care of an expert mortgage advisor. Our goal is to ensure you don’t just get a first time buyer mortgage, but also the specific mortgage product that aligns with your long-term financial health.

We go beyond simply searching the market. We provide end-to-end mortgage first time buyer guidance that prepares you for every stage of the journey. Whether you are a UK resident looking for a traditional house or a self-employed individual worried about proving your income, our team has the solutions and the expertise to help.

Credibility is everything when dealing with your finances. Alfa Mortgages is proud to be recognised as the Best Mortgage Broker at the 2025 Finance Awards. This accolade reflects our commitment to transparency, innovation, and client success.

Led by owner and expert broker Adam Smith, our team prioritises your goals over lender commissions. We understand that for first time buyers, this isn’t just a property. It’s your future.

By offering a no-obligation initial consultation, we remove the risk, allowing you to explore first time buyer mortgages with expert guidance to avoid rejections.

Understanding Stamp Duty and First Time Buyer Relief

• One of the biggest questions we hear is: “Do I have to pay stamp duty?” Currently, there is significant first time buyer relief available. In many cases, if the property value is below a certain threshold, you may not pay any tax at all. Understanding stamp duty and how stamp duty relief applies to your purchase in Northampton is vital for your initial budgeting.

Deposits and Government-Backed Schemes

• Saving for a deposit is often the hardest part of buying your first home. However, you might not need as much as you think. While a 10% deposit is standard, there are options for a smaller deposit, including 5% schemes.
• In some rare cases, we can even discuss 100% mortgages if you have a family member willing to provide a guarantee. We will also guide you through government-backed schemes designed to help first-time buyers bridge the gap.

Improving Your Financial Readiness

• Before you apply for first time buyer mortgages, it is important to look at your credit rating. A higher credit score can unlock better mortgage rates and lower monthly payments.
• We recommend checking your report early and avoiding new credit applications before you start searching for a home.

Comparing Options: High Street Banks vs Independent Brokers

Our clients choose Alfa Mortgages because we deliver outcomes that automated comparison sites simply cannot. We recently supported a landlord in Northampton who had been declined by several high-street banks due to their existing buy to let portfolio size. By restructuring their borrowing through a Special Purpose Vehicle (SPV), we secured a competitive buy to let mortgage that allowed them to release equity and fund their next two acquisitions.

How much deposit do I need for a first time home buyer mortgage?

• Generally, you need a minimum of 5% of the property value. However, having a 10% or 15% deposit often grants access to much better mortgage rates and lower monthly repayments.

What is an Agreement in Principle (AIP)?

• An agreement in principle (AIP) is a document from a lender stating they are likely to lend you a certain amount. It gives you a rough idea of your budget and is essential to show estate agents when making an offer.

Can I get a joint mortgage with a family member?

• Yes, a joint mortgage is a common way for first time buyers to increase their borrowing power. We can help you navigate the legal and financial implications of this arrangement.

Does Alfa Mortgages help with home insurance?

• Yes, we provide guidance on building insurance to ensure your new property is fully protected from the moment you exchange contracts.