Track Record mortgage for first time buyers, who are currently renting, with less than a 5% deposit
Making that first move is all about having the information you need to get started. Here you’ll find everything from our tool for finding a mortgage and affordability calculator to information about buying schemes and 4 top questions answered.
Use our tool to help you search our mortgage range for a deal that could be right for you.
Work out how much you could afford to borrow, based on your income and outgoings.
Ready to make an offer on a property? Request a Decision in Principle.
The amount you could borrow depends on how much you could afford to pay back based on your income and your outgoings. Use our affordability calculator to get an idea of what this might be – it only takes 5 minutes and it doesn’t affect your credit rating.
Affordability Calculator
It all depends on where you want to live, the type of home and how much you want to borrow. It's good to remember that if you are able to put down a bigger deposit, then you could get a better interest rate because of this.
A good starting point is that based on the average house price of £290,000 in January 2023, you’d need to save £14,500 for a 5% deposit or £29,000 for a 10% deposit.
Read our how much do I really need to save? article to find out more.
A fixed rate mortgage is one where the interest rate stays the same for an agreed period of time – this is usually two, three, five, seven or ten years. So even if other interest rates go up or down during that time, your interest rate won’t change.
A variable rate mortgage is one where the interest rates can go up or down, meaning your repayments may also go up and down. Rate changes can happen for a variety of reasons - some will be decided by your lender, others might be driven by what’s happening in the economy. Sometimes variable rate mortgages may be subject to a "floor" (below which the rate can never fall), or a "ceiling" (which the rate cannot go above).
Read our different types of mortgages article to discover what others are available.
Yes, if some or all of your deposit has been gifted to you by a member of your family. You would need to give us full details when you submit your mortgage application and the person giving you the money must be 18 years old or older, cannot reside in the property you are purchasing and will need to sign a gifted deposit declaration.
You’ve saved your deposit and you can’t wait to take the next step. But what is it? Our step-by-step home buying guide takes you through the whole journey, giving you the heads up on what to expect and when.
Take a closer look at the different schemes that could help you get on the property ladder to see if any of them could be right for you.
Our Life & Money section has lots of helpful information for first time buyers. Below is a selection of articles that we think could help you on your home buying journey.
Take a closer look at what a mortgage is and the different types you can get.
For some it’s proximity to schools. For others it’s the commute to work.
It's worth considering the things that might affect your savings.
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