First Time Buyer

What Is a First Time Buyer Mortgage?

A First Home Buyer Mortgage is a home loan aimed at helping people with financial support when buying their first property. Unlike other types of home loan options on the market, a first time home buyer mortgage facility involves benefits from government-backed schemes and smaller deposits, sometimes as low as 5% of the property price, which can make buying your first home more affordable.

A first time home buyer mortgage is not a specific category, but a classification used by lenders across the UK who are planning to enter the property market for the first time. As a first time home buyer, you may be eligible for lower interest rates, lower fees and many other benefits from government-backed schemes.

AWS Private Finance is your trusted mortgage broker, where we aim to match you with a mortgage that fits your budget and long-term goals.

First Time Buyer Mortgage Process

Once the application for a first time home buyer is submitted to the lender, there are a few key stages:

• Get a Mortgage in Principle to understand how much you can borrow.

• Find a property and make an offer. Lenders will arrange a valuation.

• Once approved, contracts are exchanged and a completion date is set.

Stamp Duty for First Time Buyers in the UK

Stamp Duty Land Tax (SDLT) is a tax that is applicable for property buyers in England and Northern Ireland. In 2025, the rules were changed, so potential buyers must know the details of first time buyer stamp duty​ and how this impacts their total costs.

Applicable Stamp Duty Rates for First-Time Buyers:

• £0 to £300,000: 0% SDLT

• £300,001 to £500,000: 5% on the portion above £300,000

• Over £500,000: No relief; standard rates apply

So, if the property’s value goes above £500,000, the buyer is not eligible for the relief in stamp duty​.

Let’s get started with AWS Private Finance

Are you planning to buy your first home in the UK and don’t know where to begin? AWS Private Finance is here to help you make the right decision. 

Speak with our experts about your first-time buyer mortgage options and start your journey today.