First time buyers

We know that buying your first home is really difficult and sometimes confusing. That's why we've created a range of mortgages specifically for First Time Buyers.

To be eligible to apply for one of our First Time Buyer mortgages, at least one applicant must not have had a mortgage within the last 3 years.

Features include:

• A deposit of at least 5% is required
• Fixed monthly payments during the fixed term

Our First Homes mortgages are for properties purchased through the First Home scheme. Properties are purchased at a discount of between 30% and 50% of their open market value. This is available for those who meet the scheme’s eligibility criteria, are First Time Buyers with a combined annual income of no more than £80,000 (£90,000 in Greater London) and where the price of the home after the discount is applied is no more than £250,000 (£420,000 in Greater London).

Features include:

• Discounts of up to 50%
• “No fee” products

Purchasing a shared ownership property means part buying, part renting your property. You’ll only be buying a share of your property at first, and pay rent to a housing association or landlord for the rest. And, you only need to pay a deposit on the part of the property you are initially buying, keeping things as affordable as possible for your first home.

Features include:

• lower initial deposit required
• option to buy more shares as and when you can afford to
• online or telephone applications only

With one of our shared equity mortgages you will own 100% of your home, but only pay a percentage of the full open market purchase price. The balance of the purchase price is provided by an equity sharing lender. Your legal adviser will need to confirm that our shared equity requirements are met when you apply.

Features include:

• lower initial deposit required