How it works: the first-time buyer journey
- Get a mortgage in principle. Before you start viewing properties seriously, you need to know what you can afford. A mortgage in principle is a written statement from a lender confirming how much they'd be prepared to lend, subject to a full application. Most estate agents will ask for one before accepting an offer.
- Find your property. Once you know your budget, you can search with confidence. Register with local agents and online portals — and if you're buying new build, visit developments that interest you.
- Make an offer. When you find the right property, make your offer. If it's accepted, we move straight to a full mortgage application.
- Full mortgage application. We submit your application to the lender, who will carry out a credit assessment and instruct a surveyor to value the property.
- Mortgage offer issued. Once approved, the lender issues a formal mortgage offer. Your solicitor receives a copy and can proceed with the legal work.
- Exchange and completion. Your solicitor manages the exchange of contracts (at which point you're legally committed) and then completion, when the mortgage funds are released and you get the keys.
Deposits: how much do you actually need?
The minimum deposit for a standard residential mortgage is 5% of the purchase price. So on a £250,000 property, that's £12,500. However, some lenders have a minimum cash requirement — often £5,000 — regardless of the percentage.
A larger deposit means access to lower interest rates and therefore lower monthly payments. Even moving from 5% to 10% can make a meaningful difference to the rate you're offered.
If saving a full 5% is a challenge, there are schemes designed to help — including the Family Springboard mortgage and Deposit Unlock on new builds. For a full breakdown of every option, see our dedicated guide: small deposit mortgages for first-time buyers.
The Family Springboard mortgage
The Barclays Family Springboard (and similar products from other lenders) allows a first-time buyer to purchase with no deposit at all, provided a family member puts 10% of the purchase price into a linked savings account for 5 years. After 5 years, assuming all mortgage payments have been made, the family member gets their full savings back with interest. The buyer owns the property throughout and builds equity normally.
Another no-deposit route worth knowing about is a Joint Borrower Sole Proprietor mortgage above 95% LTV, where a family member's income supports the borrowing without them taking any ownership share or appearing on the deeds.
It requires a family member willing to tie up capital for five years, but the money isn't given away — it's saved on the buyer's behalf.
We can go through all of these options with you and help you work out which makes most sense for your situation. The right answer depends on your family circumstances, how much you have saved, and what you're buying — there's no one-size-fits-all.
How much can I borrow?
Lenders use affordability calculators rather than a fixed income multiple, but as a general guide, most buyers can borrow between 4.5x and 5x their gross income. With the right lender and circumstances, this can stretch to 5.5x or occasionally 6x.
Joint applications combine both incomes, which can significantly increase borrowing capacity. Our mortgage calculator gives you a rough figure, and we can give you a proper assessment once we understand your full picture.
What about new builds?
New build properties are particularly popular with first-time buyers — they're typically low maintenance, come with a 10-year NHBC warranty, and are often available with smaller deposits through the Deposit Unlock scheme. However, they come with specific considerations around offer periods, developer incentives and — if you're buying a flat in a taller building — high-rise lending restrictions.
See our dedicated new build mortgages page for a full explanation of everything involved.
We help first-time buyers every week. No jargon, no pressure — just clear advice.
FAQs
The minimum is 5% of the purchase price, though some lenders require a minimum of £5,000 in cash regardless of the percentage. Schemes like the Family Springboard and Deposit Unlock can help if saving a full deposit is difficult.
The Barclays Family Springboard allows a first-time buyer to purchase with no deposit, provided a family member places 10% of the purchase price in a linked savings account for 5 years. After 5 years the family member gets their money back with interest, and the buyer owns the property throughout.
Yes, in specific circumstances. A Joint Borrower Sole Proprietor mortgage above 95% LTV allows immediate family members to add their income to the application without taking any ownership share, and can go up to 100% loan to value on qualifying cases.
On properties up to £100,000, a £5,000 deposit represents 5% and is accepted by most 95% LTV lenders. On more expensive properties, £5,000 may fall below the minimum cash requirement some lenders apply, so the property price matters. Speak to us and we'll tell you exactly what's achievable.
Yes — you'll need a conveyancing solicitor to handle the legal side of the purchase. Budget around £1,000–£2,000 for fees plus disbursements. We can recommend solicitors we've worked with.