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The Right Mortgage, Found For You

Buying your first home is one of the most exciting milestones in life, but it also comes with a language of its own. Fixed rates, variable rate, LTV, AIP... It can feel like a lot. That's where we come in. At Alexander Southwell Mortgages, our advisers take the time to understand your personal circumstances, calculate exactly how much you can borrow, and walk you through every step of the process in plain English, no jargon.

This page explains how our first time buyer mortgage broker service will be able to help you. Buying your first home is an exciting prospect, but figuring out how to get onto the property ladder can feel overwhelming.

From the moment you begin your mortgage search, you will encounter numerous unfamiliar terms. Terms including fixed rate, variable rate, tracker rate, repayment mortgage, interest-only, mortgage term, deposit, and loan-to-value (LTV).
People may assume that you already understand this jargon. By consulting Alexander Southwell Mortgage Services Ltd, you can rest assured that you will receive a mortgage deal that is appropriate for your specific requirements, circumstances, and preferences.

We will calculate exactly how much you can borrow, how much everything will cost. We will walk you through the entire purchasing process from start to finish.

"We will never charge you a penny for our service — we're 100% Fee-Free Mortgage Brokers."

Helping You Buy Sooner

Government Schemes for First-Time Buyers

The UK government has introduced a number of schemes specifically designed to help first-time buyers get onto the property ladder with a smaller deposit or at a lower cost. Your adviser will walk you through every option relevant to your situation.

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Government-Backed Scheme
Shared Ownership

Shared Ownership allows you to buy a share of a property (typically between 25% and 75%) from a housing association, and pay rent on the remaining share they retain. This significantly reduces the amount you need to borrow — and means you only need a deposit on the portion you're purchasing, not the full property price.

Minimum Share
25%

Typical Deposit
5% of your share

Max Share Purchase
Up to 75%

Over time, you can increase your ownership stake by buying additional shares from the housing association — a process known as staircasing. You can do this by borrowing more from your mortgage lender or by making a cash payment. Eventually, you can staircase to 100% ownership.

Your monthly costs under Shared Ownership include both a mortgage payment (on your share) and a rent payment (on the housing association's share) — but the total is often lower than a full market rent, and you're building equity in the property.

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New Build Properties
Help to Buy: Equity Loan

The Help to Buy Equity Loan scheme was designed for first-time buyers purchasing a new build home. Under the scheme, the government lent buyers up to 20% of the property value (40% in London) as an equity loan, meaning you only needed a 5% deposit and a 75% mortgage.

The Help to Buy Equity Loan scheme closed to new applications on 31 October 2022. If you were an existing Help to Buy customer looking to remortgage or repay your equity loan, speak to our advisers for guidance.

While the original scheme has closed, the government continues to introduce new affordability initiatives. Your adviser will always inform you of any current schemes relevant to your situation.

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Affordable Housing
Local Authority & Affordable Housing Schemes

Many local councils and housing authorities offer their own affordable housing schemes, often allowing eligible buyers to purchase at below market value or with a smaller deposit than standard. These vary by region and property availability. Your adviser can help identify what's available in your target area.

Additionally, the First Homes scheme offers properties to eligible first-time buyers and key workers at a discount of at least 30% below market value in certain areas.

What Is an Agreement in Principle?

An Agreement in Principle (also called a Mortgage in Principle or Decision in Principle) is effectively a pre-approval from a lender confirming they are willing to lend you a certain amount, subject to a full application and valuation.

To obtain an AIP, your broker approaches a suitable lender, who carries out a credit check and reviews the financial information you provide. The lender confirms the amount they're willing to lend, and your broker gives you an indicative monthly repayment figure.

Why it matters: Estate agents and sellers take offers significantly more seriously when you have an AIP in hand. It demonstrates you're a credible buyer who has already been assessed by a lender.

Step by Step

How the Mortgage Application Process Works For First Time Buyers

For first-time buyers, the mortgage application process can feel complex — but broken into steps, it's very manageable. Here's what to expect:

Initial Consultation

Your adviser reviews your income, outgoings, credit profile, and goals. They calculate how much you can borrow and explain your mortgage options in plain English.

Agreement in Principle

Your broker approaches a suitable lender for an AIP. The lender runs a credit check and confirms the lending amount. You're now ready to make offers on properties.

Property Search & Offer

You find the home you want and make an offer. The estate agent verifies your AIP. Once your offer is accepted, you proceed to full application.

Full Mortgage Application

Your broker helps you complete the full application, gathering documents (payslips, bank statements, ID, etc.) and submitting to the lender. The lender also arranges a property valuation.

Mortgage Offer Issued

Once approved, the lender issues a formal mortgage offer. Your broker and solicitor review it with you. This typically takes 2–4 weeks from application.

Exchange & Completion

Your solicitor handles exchange of contracts (at which point the sale becomes legally binding) and then completion — the day the funds are transferred and you receive your keys.

How Long Does It Take?

The total time from initial advice to completion can vary enormously — from as little as a few weeks to several months — depending on the lender, property chain, vendor situation, and how quickly documents are provided. On average, buyers should plan for 2–4 months from application to completion.

FAQ

First Time Buyer Mortgage FAQs

First Time Buyer
Mortgage Broker.

The Right Mortgage, Found For You

Government Schemes for First-Time Buyers

How the Mortgage Application Process Works For First Time Buyers

What Is a First Time Buyer?

Never Owned Property Globally

Joint Applications

Exclusive Mortgage Deals

Declare Your Status Honestly

Everything You Need to Know

First Time Buyer Mortgage FAQs

First Time BuyerMortgage Broker.

The Right Mortgage, Found For You

Government Schemes for First-Time Buyers

How the Mortgage Application Process Works For First Time Buyers

What Is a First Time Buyer?

Never Owned Property Globally

Joint Applications

Exclusive Mortgage Deals

Declare Your Status Honestly

Everything You Need to Know

Deposit, Borrowing & Costs

Mortgage Types Explained

Government Schemes & The Application Process

Special Circumstances

Solicitors, Insurance & Protection

Ready to Take the First Step?

Speak to one of our fee-free mortgage advisers today. We'll calculate your affordability, explain your options, and help you move forward with confidence.

First Time Buyer Mortgage FAQs

What is a first time buyer in the UK?

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

Can I get a mortgage if I'm self-employed or have bad credit?

What is an Agreement in Principle?

First Time Buyer
Mortgage Broker.