In order to get a mortgage, you’ll need a deposit. The total deposit you’ll need for a mortgage depends on the value of the home. Typically, you’ll need a minimum of 5% of a property’s total value.

Sometimes saving for a deposit can be tough. You may have financial help from your parents or grandparents, you may sell your car or simply may cut back on your spending. However you save, the bigger your first time buyer deposit, the better your mortgage options will be.

Credit checks play a big part when applying for a mortgage. If you have a poor credit score, your mortgage application will likely be rejected. Fortunately, there are lots of things you can do to boost your credit rating so make a point of doing your research.

Top tips:

• Get on the electoral roll
• Get a copy of your credit file
• Check the address on your file is up to date
• Scrutinise for any errors and have them corrected
• Delink joint finances from past relationships

For help improving your credit score, take a look at our guide to improving your credit rating.

Whether or not first time buyers pay stamp duty can vary depending on where in the UK the property is located and what the purchase price is. If the home you're buying is £300,000 or less, then there is no stamp duty for first time buyers.

To help you work out how much you’ll need to pay, take a look at Money Saving Expert’s handy stamp duty calculator.

Who is considered a first time buyer when paying stamp duty?
If you’ve never owned a property or land, then you’re classed as a first time buyer. Note that if you’re buying with a partner then you both need to be first time buyers to qualify for any stamp duty exemptions. If you’ve inherited property then you won’t be classed as a first time buyer.

Many first time buyers have help from parents or grandparents with their deposit. But family can also be more closely involved. There are mortgages that take your parents’ income into account as well as your own and this can help you get a bigger mortgage. This doesn’t mean they’ll jointly own your new home but they will be jointly liable for the monthly repayments.

If you’re self-employed or on a temporary contract, getting a mortgage can be tough. You’ll need hard evidence of your income in the form of two or three years of tax returns or business accounts.

While this can work for those in established businesses, it can mean those who have recently set up on their own might not be able to get a mortgage. If you’re self-employed and your partner isn’t, it may be only their income that counts.

Take a look at our self-employed mortgage guide for everything you need to know about getting a self-employed mortgage.

A broker is a qualified and regulated mortgage advisor. A broker will approach us on your behalf to find a suitable mortgage that fits your credit history, personal circumstances and affordability. You may feel confident enough to go it alone which is great but if not, brokers can offer valuable professional help.

Take a look at our guide to using a broker to understand the benefits of using a broker and how to get the most out of the relationship.

You need to have made an offer on a property and have had it accepted before making a formal mortgage application. Your mortgage loan uses the specific property you buy as security if you later can’t afford to make your repayments.

It’s a good idea to gather together all the information you'll need, so you don’t waste any time in the mortgage application process.

Typically this includes:

• Proof of income - last three months’ payslips or 2-3 years’ accounts if you’re self-employed.
• Proof of deposit - a bank statement and/or written confirmation from parents/grandparents that the deposit is a gift, not a loan.
• Bank statements - last three months’ worth.
• Latest P60 - showing income and tax paid from the last tax year.
• SA302 tax return forms - your self-assessment tax return if you’re self-employed.
• Identification - such as a passport.
• Proof of address for the last three years (if not on the electoral register).