First Time Buyers Guides and Calculators

Welcome to the First Time Buyers area of our Mortgage section which have been carefully compiled to cover the holistic mortgage experience. This starts with the mortgage basics and slowly expands into key areas of mortgages with detailed mortgage tips to provide a solid financial and practical understanding of mortgages. Our aim is to ensure you are well informed before you commit to the biggest financial decision of your life.

Key questions you need to ask before taking a mortgage

First Time Buyer Mortgages. This image shows information relating to mortagegs and mortgage interest rate calculations using the mortgage calculator

Did you know that in 2013, the average household paid £666 per month in mortgages? In London, this average was £1,031 per month. In 2023 this figure has increased further but the key considerations and questions that first time buyers need to ask remain the same:

  1. What is my borrowing capacity?
  2. Which lender is offering me the best mortgage rate?
  3. Which mortgage type is best suited for me?
  4. How will I repay the mortgage?
  5. What if I cannot repay the loan?
  6. Is the lender providing me with an option to make lump sum payments?
  7. Do I have to pay a penalty if I redeem the mortgage earlier?
  8. Am I getting insurance along with this mortgage?
  9. Are there any additional charges?
  10. Are there any hidden clauses?

The First Time Buyers section guides you through specific mortgage articles and has free online mortgage and budgeting calculators embedded so you can work out everything you need to know as you progress.

Getting around the First Time Buyers Mortgage section

You may already be familiar with mortgages and our website but, if you're not, here's a quick guide to help you make the most of the mortgage information and tools that we provide.

Each mortgage section is specifically tailored to support different people in different situations who are commonly looking to secure a mortgage on a property. Each mortgage article can be read independently or as part of the mortgage package, just like reading a book. Each mortgage article will have a link to the previous article and the next in the series, there will also be featured links to calculators and supporting information for First Time Buyers.

Some people prefer to jump around our mortgage articles and tools rather than follow the mortgage article in sequence, that's fine with us. We have added a quick links box to the right which features Articles, Information and online calculators and tools for First Time buyers. Simple click on the topic to see a list of the most popular content. The quick links tool does not contain links to all our First Time Buyer articles and calculators, just the popular ones. If you are looking for something specific and can't find a link, use the search tool.

The "next" and "previous" mortgage article links will appear below each article, just like the one below. Click on the white box to get started with the first "First Time Buyers Mortgage Guide".

Let's get started: What is a Mortgage?