First Time Buyer Mortgage Advice UK | Richmond Financial

Buying your first home is one of the biggest financial decisions you will ever make. At Richmond Financial, we specialise in guiding first time buyers through every stage of the mortgage process — from understanding how much you can borrow, to completing on your new home.

As a whole-of-market mortgage broker, we search hundreds of lenders to find the most suitable deal for your circumstances. Whether you have a 5% deposit or more saved, we will help you understand your options and make the process as straightforward as possible.

Your Trusted Partner for First Time Buyers in the UK

As a first time buyer, you deserve more than a one-size-fits-all mortgage. Richmond Financial provides tailored advice designed specifically for your financial circumstances, goals, and long-term plans. We help you understand:

• How much you can realistically borrow based on your income and outgoings

• Which mortgage products are most suitable for first time buyers

• How to access government schemes such as Shared Ownership or the Mortgage Guarantee Scheme

• What documents you will need for a full mortgage application

• How to strengthen your application and secure the most competitive rate

Our mission is to make homeownership accessible, straightforward, and stress-free for every first time buyer we work with.

Mortgage Options for First Time Buyers

Low Down Payment Mortgages

5% Deposit Mortgages A 5% deposit is enough to access a mortgage in the UK. Several lenders offer 95% LTV products, particularly through the Mortgage Guarantee Scheme, giving first time buyers a route onto the property ladder with a smaller deposit saved.

FHA Loans

Shared Ownership Shared Ownership allows you to purchase a share of a property (typically 25–75%) and pay rent on the remainder. You can increase your share over time through a process called staircasing. This is a popular and affordable route for first time buyers, particularly in higher-priced areas such as London.

Conventional First-Time Buyer Loans

Fixed Rate Mortgages Most first time buyers opt for a fixed rate mortgage, locking in their interest rate for 2, 3, or 5 years. This gives you predictable monthly payments and protects you from interest rate rises during the fixed period.

Government Assistance Programs

Government Schemes & Support We advise on all current UK government-backed schemes for first time buyers, including the Mortgage Guarantee Scheme, Shared Ownership, First Homes, and Right to Buy. Note: Help to Buy: Equity Loan closed to new applicants in March 2023.

Contact us today to schedule your free first-time home buyer consultation

Why First Time Home Buyers Choose Richmond Financial

Choosing the right mortgage advisor is just as important as choosing the right home. Here’s why first time home buyers trust Richmond Financial:

Personalized Guidance – We explain everything in plain language, no confusing jargon.
Access to Multiple Lenders – More options mean better rates and terms for you.
Fast Pre-Approvals – Get pre-approved quickly so you can shop with confidence.
Dedicated Support – A real advisor who stays with you from application to closing.
Transparent Process – No hidden fees, no surprises—just honest advice.

We take pride in building long-term relationships and helping first time home buyers make smart financial decisions from day one.