First time buyer mortgages

Taking your first step on the property ladder is an exciting experience. However, we understand it can also be overwhelming.

If you have never owned a property before, then you will qualify as a first-time buyer. Although the process may seem unfamiliar, there are a few benefits of being a first-time buyer:

We’re here to offer guidance on the range of mortgages we offer for first-time buyers like you. See if you can borrow the amount you need for your dream home.

You can use our mortgage calculator to find out how much we could lend you, as well as how much your monthly repayments might be. 

Mortgage Calculator

Find out how much I can borrow

Find out how much we could lend you as well as how much your monthly repayments might be.

These monthly payments are estimated based on the information you provide and will not take into account any mortgage fees and charges that may also be incurred and need to be paid.

What do you want to do?

Request a call back from a Mortgage Expert who can arrange a convenient time to discuss your mortgage needs via video, telephone or face to face.

Find out what information you’ll need to have to hand
 

You can start your application online and a qualified Mortgage Expert will give you a call to go through the details. Subject to status and lending criteria.

For first-time buyers, getting onto the property ladder can seem like a long and complicated process. That’s why we’re here to talk you through the key considerations for when it comes to buying your dream home:

  1. Planning to buy a home – When planning to buy your first home, you’ll need to start saving for a deposit, decreasing debts, improving your credit rating and start searching for a property.
  2. Mortgage adviser – Choosing your first mortgage can seem confusing. A mortgage adviser can help you find the right type of mortgage for you and give you an Agreement in Principle.
  3. Formal mortgage agreement and legal process – Once you’ve found your dream home and have had an offer accepted, you can start to look at surveying the property and exchanging contracts.

When you are finding out how much you can borrow, you might be given an online mortgage promise. This is an Agreement in Principle which is based on your personal circumstances. It gives you an estimate of what you could borrow and shows estate agents of your intention to buy a home. You can apply here.

You can use our mortgage calculator to get an idea of how much you may be able to borrow, as well as how much your monthly repayments could be. 

An Agreement in Principle is a written estimate that gives you a good indication of how much money you could borrow from TSB. While it is not necessary to have an Agreement in Principle to view homes, some estate agents will insist that one is obtained. Also known as a Decision in Principle, an AiP can also give you a better chance that an offer on your dream home will be accepted as you will be taken more seriously by sellers.

Once you’re ready to put an offer in for your new home, there are lots of important costs for you to consider. Some of these include deposits, mortgage fees, stamp duty costs, conveyancing fees and more. You can see our guide on the cost of buying your first home for advice on saving for and covering these costs. 

When you’re ready to apply for a mortgage, you will also need to consider the type of mortgage you will need for your new home. For guidance on choosing the right type of mortgage for you and for mortgage advice and eligibility, you can see our advice on getting a mortgage

Mortgage deals for first time home buyers

All our First Time Buyer mortgages revert to a follow-on tracker rate at the end of the agreed period for the remainder of the mortgage term

2 year fixed rate

After your first payment, your regular payments will stay the same each month for the agreed period with a 2 year fixed rate.

2 year tracker rate

With the 2 year tracker you’re free to leave at any time. This rate tracks a percentage above the Bank of England Base Rate (BBR), so your monthly repayments will go up or down depending on how the BBR moves.

3 year Fix and Flex

The three year fixed rate mortgage where you’re free to leave after two.

Could help you manage your payments in the long-run, without the long-term tie-in.

5 year fixed rate

After your first payment, your regular payments will stay the same each month for the agreed period with a 5 year fixed rate.

10 year fixed rate

After your first payment, your regular payments will stay the same each month for the agreed period with a 10 year fixed rate.

Before you apply

Did you know you:

 
  • Must be at least 18 years old to apply for a mortgage

  • Can apply for a mortgage on your own, even for a joint mortgage application

  • Can get an agreement in principle before you've found the place you want to buy

  • Lending limits are subject to the availability of suitable products at any given time and the ability to undertake either an Automated or Desktop Valuation whilst it is not possible for valuers to gain access to properties

How to apply

We need to talk you through your mortgage application, but you can save time by starting the process online. It'll take about 20 minutes, and then one of our mortgage experts will call you back at a time to suit you to complete the process. Or you can call us and speak to an advisor directly, or book an appointment to see one of our advisors at your nearest branch.

You'll need to have the following details to hand:

  • Your last three months' payslips

  • Your last three months' bank statements if you want any other income to be considered (for example rental or investments) and as a reminder of your outgoings

  • If you already have an existing mortgage elsewhere, your last year's mortgage statements

  • If you're applying for an interest-only mortgage, any repayment vehicle details that you want to use (e.g. endowment policy, investments, ISAs)

  • If you're self-employed, minimum 2 years’ finalised figures

  • If your mortgage is to extend past your stated or state retirement age, up-to-date forecasts for any state, company and personal pensions

  • And, if you've already got your heart set on a property, bring along the sales particulars

  • Details of any loans you currently hold, including student loans and car payments

 

Learn about Stamp Duty Land Tax and understand how to calculate it with our complete Stamp Duty Guide.

First time buyer guide

A detailed guide to buying - from saving for a deposit and applying for a mortgage to making an offer and appointing a solicitor.

Mortgage jargon buster

There's no need to make looking into a mortgage more confusing than it needs to be. You can read our mortgage jargon buster for more.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.