First-time home buyers

A first-time buyer is someone who has never owned a property. If you’re a first-time buyer, you can get exclusive mortgage deals to support buying your first home and help you get on the property ladder.

Once you’ve owned a home, even if it’s sold, you can’t get any more first-time buyer benefits. 

You’ll typically need at least a 5% deposit. A larger deposit (10% or more) could give you access to better mortgage rates. Depending on your deposit size, we can offer flexible options to help you buy your first home.

Stamp duty varies across the UK:

• England and Northern Ireland: There’s no stamp duty on properties up to £425,000. You’ll need to pay 5% on properties between £425,001 and £625,000
• Scotland: You won’t need to pay Land and Buildings Transaction Tax (which is the Scottish equivalent of stamp duty) on properties up to £175,000 
• Wales: You won’t need to pay Land and Buildings Transaction Tax on properties up to £225,000. 

We check property records and your financial history. We also check your application details, so you’ll need to make sure you provide accurate information on your mortgage application to get first-time buyer benefits.

This relief reduces stamp duty or equivalent taxes for first-time homebuyers to help make buying more affordable. How much you save depends on where the property’s located in the UK. 

If you’re a first-time buyer and you’re planning to buy a home to live in as your main or only residence, you could buy a home for up to 50% less than its market value with the first-time buyer scheme.

We offer mortgages compatible with first-time buyer schemes like Help to Buy, which can help you access lower deposits and government-backed mortgages.