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First Time Buyer Mortgages

Buying your own home is likely to be the biggest investment you make – and also one of the most exciting!

To help you get onto the property ladder, we offer a choice of First Time Buyer Mortgages. These include fixed rate and discounted variable rate mortgages, with low deposits.

Did you know you only need a 5% deposit for some of our first time buyer mortgages?

Do I have enough money to buy a house?

This tends to be one of the first questions we’re asked! While we’ll help you work out what you can afford, it’s important to remember that there are other costs involved with buying your first home. Things like solicitors’ fees, stamp duty and maintaining your home. It all starts with getting the right first time buyer mortgage and this is where getting advice is so valuable.

Can I apply for a first time buyer mortgage?

If you’ve never owned a property before, you should be able to apply for a first time buyer mortgage. A few rules apply.

  • You must be a UK resident
  • Your property must be in the UK
  • You must be at least 18 years of age

What’s the best first time buyer mortgage?

There is no one size fits all answer; it all depends on your financial situation. The good news is that you will have some options, including variable and fixed rate mortgages, shared ownership and low deposit.

With self-build increasing in popularity, we’ve developed a Family Assist Self-Build mortgage where parents provide the deposit and have it returned as a final stage payment on completion of the build. We will lend to purchase the land as well as the build costs.

Useful tips for first time buyers

  • Show lenders that you’re in a great position for a mortgage. Having a good track record of saving will help and our Melton Online Homesave account is perfect for this. It helps you put away regular monthly amounts towards a deposit on your first home. What’s more, you could then be eligible to apply for a Melton mortgage without having to pay an application or completion fee. Take a look at our Notice Savings Accounts which give better rates of interest if you don’t need easy access and are also ideal for saving for a deposit on a house.
  • The amount you can borrow depends on your personal circumstances with affordability based on your income as a major consideration. However, outgoings are equally important in assessing how much you can afford to borrow, so restricting your spending is a good thing when preparing to buy your first home.
  • Shared ownership is popular with many first time buyers as you can buy a share in a property and rent the rest. Check out the benefits here

Concerned about credit scoring?

At the Melton, we look at each case on an individual basis and don’t use credit scoring.

You’ll find our current first time buyer mortgages below:

Mortgage Product Maximum Loan to Value Initial Rate Followed by our Standard Variable Rate The overall cost for comparison Product Fees Deposit amount
3 Year Discounted Rate 2.29% 85% 2.29% 4.99% 4.5% APRC £398

Based on a £131,092 mortgage, secured by first charge on your main residential property, repaid on a repayment basis over a 26 year term: 36 monthly payments at a variable rate of 2.29%, (£557.98) £20,087.28. 276 monthly payments at standard variable rate (currently 4.99%), (£729.56) £201,358.56. Valuation fee on property of £167,200, payable when you apply £240 (scale applies). Application fee payable when you apply £199. Completion fee payable at time of legal completion £199. Telegraphic Transfer fee payable when you apply £25. Solicitors fees payable to your conveyancer (estimated) £360. Mortgage Discharge Fee payable at the end of your mortgage £150. Total Amount Payable £222,618.84

3 Year Discounted Rate 2.59% 90% 2.59% 4.99% 4.6% APRC £398
3 Year Discounted Rate 2.79% 95% 2.79% 4.99% 4.6% APRC
3.25% 3 Year Fixed Rate 95% 3.25% 4.99% 4.7% APRC
Shared Ownership – 3.69% Fixed Rate to 31 December 2024 95% 3.69% 4.99% 4.7% APRC
Shared Ownership – 3.59% Fixed Rate to 28 February 2023 95% 3.59% 4.99% 4.8% APRC
Shared Ownership – 3.19% Fixed Rate to 28 February 2022 95% 3.19% 4.99% 4.8% APRC
Shared Ownership – 2.79% Discounted Rate for Term 95% 2.79% n/a 2.9% APRC
3.39% Fixed Rate to 31 December 2024 95% 3.39% 4.99% 4.5% APRC