https://www.alliance-mortgages.co.uk/portfolio First Time Buyers | Alliance Mortgages

Get in touch

Social 

  • LinkedIn Social Icon
  • Facebook Social Icon

Alliance Mortgages Limited is an Appointed Representative of Ingard Financial Ltd which is authorised and regulated by the Financial Conduct Authority No 450731. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

first time buyer

CALL us free on 

01933 448005

Helping first-time buyers to get their foot on the property ladder

We’re here to support first-time buyers every step of the way; from working out how much you can borrow to helping you understand the application process.

Getting a mortgage for the first time can be a daunting experience. Thanks to steep property prices, first-time buyers generally speaking have smaller deposits. Consequently, this means they need to borrow more which limits the number of products and lenders available to them. In recent years, some lenders have introduced new product ranges to help more people take their first step onto the property ladder. This has created an abundance of 95% loan to value mortgages, in addition to products which allow a parent or close family member to act as a guarantor.

For many people, a mortgage is the largest investment they will ever make. So it’s crucial that you speak to an experienced Mortgage Broker who can search through the mortgage maze to advise you on the best product available to suits your needs.

Why you should contact us

You who have never had a mortgage

You want a close family member to be a guarantor on your mortgage

Your deposit will be gifted cash or equity from a close family member

You are a contract worker or on a zero hours contract

You have some current or historic adverse

You are self-employed

You only have a 5% deposit

You have already been turned away by high street lenders

CALL US ON: 01933 448005

How it works for first-time buyers buying a property worth up to £500,000

If you're a first-time buyer buying a property in England or Northern Ireland worth up to £500,000. You'll pay zero stamp duty on the first £300,000 of any home costing up to £500,000 (and only 5% on any proportion between £300k and £500k).

This means the new stamp duty rates for first-time buyers are:

Up to £300,000 purchase price: 0% stamp duty

£300,000.01 to £500,000: 5% (on that portion of the purchase price only)

Using the example above, for a first-time buyer purchasing a property worth £500,000, the calculations will be slightly different:

You pay nothing below £300,000, which is £0.
You pay 5% on the value of the property above £300,000, which is £10,000.

So in total this means you'll pay £10,000 (£0 + £10,000).

If you buy a first home costing more than £500,000, you won't benefit from any change and will be buying under the standard system 

How much Stamp duty do I need?
Government schemes for first time buyers
Different survey types?
Switch to a better rate
Free Expert Advice

We compare every lender in the marketplace, which means we can access lenders who only deal directly with qualified advisers.

Our qualified advisers, so you can be sure that you are receiving the best impartial advice.

We promise that you won’t be passed from pillar to post. One of our qualified advisers will deal with your application from start to finish.

Your initial consultation is completely free. We will only charge you a fee if you decide to proceed with your application.

Need Help?
Speak to an Expert
Call us today on
  01933 448005