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First-time buyers
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Steven Hargreaves talks all about first-time buyer mortgages.
First-time buyer questions
I don’t actually think it’s any different to a second-time buyer or somebody buying a buy to let — the only difference is that a first-time buyer has never gone through it before, so everything is new to them.
First-time buyers often apologise for asking silly questions, but there are no stupid questions. I tend to take things a little slower than I would with a second-time buyer, who would know a lot of the phrases and the steps in the process — for first-time buyers we’re starting from scratch.
An Agreement in Principle, or Mortgage in Principle, is when you approach a specific lender and they say that, based on the information you’ve provided, they are prepared to lend you a certain amount.
That gives you the ability to start looking at properties because you know how much you can borrow and how much deposit you have — you know your maximum price.
But very few checks are done at this stage. One lender doesn’t even do a credit check. We tend to use a lender that does, and we usually ask for payslips and bank statements so we know in advance if there’s going to be a problem. That way the Agreement in Principle is correct.
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Why Energise Mortgages?
01
It’s all based on income and expenditure, so we’ll look at your basic salary and your outgoings — loans, HP finance, credit cards and so on. We have calculators for each specific lender, through a system that gives us access to all the providers.
It’s incredible how they differ. One lender might offer one amount and another a completely different figure based on the same information. I recently spoke to a first-time buyer where one lender would lend £450,000 and another £525,000 — a huge difference. That’s where a mortgage broker comes into their own: we can quickly work out how much each will lend.
With deposits, there is a set percentage. If you’re buying a house at £100,000, the maximum you could borrow is £95,000. You would need a 5% deposit — in that example, £5,000.
02
I tend to get clients to run a credit check with Checkmyfile.com because it covers Experian, Equifax and TransUnion — the three main agencies a lender would use.
As far as improving your score, a lot depends on where you are in your journey. I like seeing first-time buyers very early, while they are still saving for a deposit. Then we can get the report, know what we’re up against and deal with any issue — that could mean getting on the electoral roll. Some clients have a very thin credit file because they’ve never had a credit card or loan; in those cases I’ve recommended getting a credit card to build their score.
If I get a call from a first-time buyer who has already had an offer accepted, it’s too late to start working on the credit score.
03
Unfortunately you can’t open a new Help to Buy ISA. If you already have one, you can still use it up to November 2029. You can pay up to £200 a month into it, and the government tops up your savings by 25% — up to £3,000 — when you buy your first home.
There are price limits: up to £450,000 in London and £250,000 elsewhere in the country. For a first-time buyer it’s effectively free money — 25% extra on your deposit.
04
Shared ownership is where you buy a percentage of a property and pay rent on the balance. If you can’t reach a £200,000 asking price, you could buy half and rent half — borrowing only £100,000, or even £50,000 in some cases.
Joint borrower sole proprietor replaced the guarantor mortgage, letting parents, grandparents, aunts or uncles join you on the mortgage to increase what you can borrow. It’s particularly good if your income is on a fast track. One client’s income was due to double within two years, so we added his father to the mortgage — and in a couple of years we’ll likely take his dad off.
With the Deposit Unlock scheme you only need a 5% deposit to buy a new-build property. There are a number of other schemes too, which we can explain when you come in.
05
First-time buyers currently pay no stamp duty on properties up to £425,000 — quite a saving. Stamp duty rules change regularly, so we’ll always confirm the current position with you.
You’ll need to pay search fees, which vary by council — in Leeds currently around £240. These make sure there are no planning applications that affect your new home.
You’ll most likely arrange a valuation or survey to check the roof, damp, heating and electrics. If you choose a more detailed survey, we’ll book a separate Zoom appointment and go through it together.
Solicitors’ fees vary significantly by location — from around £700 in the north to close to £2,000 in London. Solicitors work for you and make sure you’re buying what you think you’re buying.
There are also protection costs — buildings and contents insurance, and life and critical illness cover. I do a separate appointment on this with all first-time buyers so they know exactly what they’re covered for. I see people in bite-size appointments of around 45 minutes — never three hours of jargon.
06
When you’re using Rightmove and Zoopla, look at everything. A lot of people rule out an area, a street or a type of garden — but often those things don’t matter when you find a great property.
You walk through a house and get the feeling that this is where you want to live, and it might be the opposite of your search criteria. Look at as many properties as you can — good, bad and indifferent — and you’ll get a feel for what you do want.
Related guides
Your home may be repossessed if you do not keep up repayments on your mortgage.
Meet the adviser
There’s more to me than just mortgages. I also have a love for the countryside and a unique venture — my alpaca farm. Nestled in the countryside near York, my alpacas are not just my furry friends, but also a testament to my dedication to diverse interests.
Alpacas, much like mortgages, require careful attention, understanding and a keen eye for detail. Just as I meticulously evaluate mortgage options, I apply the same diligence to caring for my herd — a blend of financial acumen and agricultural expertise that sets me apart.
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Google reviews
“I had a fantastic experience with Steven as my mortgage broker. He was professional, knowledgeable and incredibly helpful throughout the whole process.”
Arnaldo KB
Google review · August 2026
“Steven gets it. He’s been round the block and knows all the things you hire a mortgage adviser for. It’s a no-brainer — save yourself time, money and effort.”
Matt Chappell
Google review · August 2026
“Working with Steven was easily the best decision we made during our home-buying journey. As first-time buyers, he made the process feel simple.”
Kirsty
Google review · August 2026
