Here are answers to common questions first-time buyers in the UK might have in 2025:

What deposit do I need for a first-time buyer mortgage?
Most lenders require at least 10% of the property’s value—£25,000 for a £250,000 home. Some offer 95% LTV mortgages, needing just 5% (£12,500), but expect higher interest rates, like 4.5% instead of 4%.

Can I get a mortgage with bad credit?
Yes, but it’s harder. Lenders may charge higher rates or require a larger deposit (e.g., 15-20%). Specialist lenders like Precise Mortgages cater to bad credit, but improving your score first—by paying off debts and avoiding late payments—is a better option.

How long does the mortgage process take?
Typically 4-8 weeks from application to completion. A decision in principle takes a day, the full application 2-4 weeks, and legal work another 2-4 weeks. Delays can occur if the property valuation flags issues or if your paperwork is incomplete.

What’s the best mortgage type for a first-time buyer?
A fixed-rate repayment mortgage is often best, offering payment stability. A 5-year fixed rate at 4% on a £200,000 loan means £950 monthly, with no surprises if rates rise.

Do I need a mortgage broker?
Not mandatory, but recommended. Brokers can access exclusive deals and save you money—potentially £500 annually on a £200,000 loan by securing a 0.2% lower rate. They also simplify the process, especially if your finances are complex.

What government schemes are available in 2025?
Shared ownership lets you buy a share of a property (e.g., 25%) and rent the rest, reducing your deposit. The Lifetime ISA offers a 25% bonus on savings up to £4,000 annually, but the property must be under £450,000.