First Time Buyer Guides

The Mortgage Scout goal is to make first-time buyers feel confident enough to ask our mortgage advisers absolutely anything to do with buying their first property. We’re here to take the hard work out of finding your money saving mortgage. Make a start with our first-time buyers’ mortgage guide.

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A mortgage is a large loan that is secured against a property. The mortgage provider (lender) will lend you money which you will add to your deposit and this will allow you to purchase the property. The loan is held against the property until it’s paid off. You pay back the mortgage over time, in a manner that will depend on the specific mortgage product taken out.

It's much easier to navigate the mortgage process when you have a broker who really understands your situation and budget. The best mortgage brokers will pull together all the information you need, spending time with you to get everything perfect.

A broker will ask you questions like:

What are your plans for the future?
What type of job do you do?
What's your income and pay structure?
What are your family circumstances?

A broker will then research the mortgage rates on offer and look at the market to provide you with clear, relevant first time buyer mortgage advice you can use with confidence. That way, when you're ready to make a decision, you can do so knowing that you've got all the facts.

When buying a property, you will need to pay a deposit. This is a significant amount of money that goes towards the cost of the property you’re buying.The more deposit you have, the lower your interest rate could be.

When talking about mortgages, you might hear people mentioning “Loan to Value” or LTV. This might sound complicated, but it’s simply the amount of your home you own outright, compared to the amount that is secured against a mortgage. For example, with a £20,000 deposit on a £200,000 property, the deposit is 10% of the price of the property, and the LTV is the remaining 90%. The mortgage is secured against this 90% portion.

The lower the LTV, the lower your interest rate is likely to be. This is because the lender takes less risk with a smaller loan. The cheapest rates are typically available for people with a 40% deposit.

Yes, although it can be complicated and you should expect to pay a higher interest rate. There are mortgage lenders out there who specifically help people in a less than perfect financial situation and this is where professional mortgage services, like Mortgage Scout, can help you compare mortgage rates to find the most competitive deal.

Congratulations, you have just received your mortgage offer, however, there’s still some work to do! You should now be speaking to your broker about the necessary protection, such as Life cover & buildings insurance.

It is your solicitor who takes over from this point. The solicitor will have received a copy of your mortgage offer, and will be applying for your local searches, speaking to your seller’s solicitors and satisfying the conditions on the mortgage offer. Your solicitor will also be asking you to provide them with various documents.

Mortgage Calculators

Moving forward with your mortgage plans depends on how much you can borrow. Whether you’re a first time buyer, moving home, remortgaging or buying to let, our industry standard mortgage calculators gives you a quick and reliable calculation of monthly repayments. There’s a handy tool for calculating stamp duty too. So once you have your answers, ask Mortgage Scout to find you a money saving mortgage that matches your maths – simple.

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Why people choose us?

Mortgage Scout provide a trusted professional service. Our mortgage advisers love what they do, and their dedication to finding money saving mortgages lets our clients live the life they’ve always wanted.

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Because we play by the book we want to tell you that...


You may have to pay an early repayment charge to your existing lender if you remortgage.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice.
The actual amount you pay will depend upon your circumstances.
The fee is up to 1%, but a typical fee is 0.3% of the amount borrowed.

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As soon as you're ready to talk things through, just give us a call on 0800 144 4744 or fill out your details below.

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