First-Time Buyer Mortgages

Key points on who qualifies (and who doesn't)

The exact criteria can vary slightly depending on the context — such as government tax relief (e.g., Stamp Duty Land Tax relief in the UK), mortgage lender rules, or schemes like Help to Buy:

• Strict definitions (e.g., UK HMRC for stamp duty relief or Irish Central Bank rules): You must never have acquired a major interest in a dwelling anywhere in the world (including inheriting or receiving one via divorce settlements in some cases). Owning non-residential/commercial property usually doesn't disqualify you.
• Mortgage lenders: Many treat you as an FTB if you haven't owned property recently (e.g., some may allow it if ownership was years ago or if you've never had a mortgage in your name). This can differ between lenders.
• Does not qualify: If you've previously owned any residential property (even abroad, jointly, or briefly), inherited one in a way that counts as ownership, or had a mortgage advanced to you before.

First-time buyer mortgages are designed for people purchasing their first home with no previous property ownership. Lenders assess affordability, credit history, deposit size, and the type of property you’re buying. The main options include:

• 100% Mortgages (No-Deposit Mortgages) — These allow you to buy without a deposit. They usually require a strong credit profile and often come with additional conditions such as a guarantor or proof of consistent rental payment history.

• 95% Mortgages — You provide a 5% deposit, and the lender provides the remaining 95%. These are among the most common first-time buyer products and are available from many high-street lenders.

• New-Build Mortgages — Some lenders restrict loan-to-value on new-builds (especially flats), but there are dedicated products for new-build homes, sometimes with incentives from developers.

• Guarantor / Family-Assisted Mortgages — A parent or close family member supports your application by offering savings or property equity as security. This can help you borrow more or access better rates.

• Shared Ownership Mortgages — You buy a share of a property (usually 25–75%) and pay rent on the remainder. This lowers the deposit and mortgage required.

• Joint Borrower, Sole Proprietor Mortgages — A family member’s income can be added to your application without adding them to the property deeds, helping increase affordability.