Buying your first home is exciting, but it can also feel confusing when you’re faced with new terminology, lender requirements, and financial decisions. That’s why we’ve created this clear, straightforward guide: first time buyer mortgages explained in simple, practical steps.
At Empire Mortgages, we help first time buyers across Dunfermline and Fife understand their options, secure the right mortgage, and move confidently towards owning their first home.
A first time buyer mortgage is designed for people purchasing their first-ever home. If you have never owned property before — in the UK or abroad — you are classed as a first-time buyer.
These mortgages are similar to standard mortgages but often come with:
This guide gives you first time buyer mortgages explained clearly, so you understand how lenders work, what you need to prepare, and what to expect at every stage.
Lenders assess affordability based on several key factors. Understanding these early will help you avoid surprises later.
Income: Most lenders use income multiples — typically 4 to 4.5 times your annual salary, though some may go higher depending on circumstances.
Outgoings: Lenders look at:
Credit History: Your credit score plays a key role. Missed payments, high credit use, or recent borrowing can reduce your borrowing amount.
Job Type: Full-time, part-time, contract, and self-employed applicants are all considered, but requirements vary.
Future Affordability: Lenders assess whether your finances would cope if interest rates rise.
Empire Mortgages will complete a full affordability review before you start viewing properties, so you know exactly where you stand.
Most first time buyers secure a mortgage with a 5% deposit, although having more opens the door to better interest rates and lower monthly payments.
Example deposits:
There are several types of mortgages available, and each has different advantages depending on your situation.
Fixed-Rate Mortgages: Your interest rate stays the same for a set period, giving you predictable monthly payments.
Tracker & Variable Mortgages: These follow the Bank of England base rate, so your payments may go up or down.
Guarantor & Family Assist Mortgages: Family members can help first time buyers boost affordability or access lower deposit options.
Low-Deposit & High LTV Mortgages: Designed to help buyers with small deposits, usually 5% to 10%.
Joint Mortgages: Buying with a partner, friend, or family member can increase borrowing power.
Empire Mortgages will explain each option clearly, helping you choose the right product based on your income, deposit, and long-term goals.
There are several government-backed schemes that may help first time buyers:
Shared Ownership – buy a share of a property and pay rent on the remainder.
First Homes Scheme – discounted homes for eligible first time buyers.
Guarantor Mortgages – family support to increase affordability.
We can explain how these work, who qualifies, and whether any of them suit your situation.
Here’s what to expect when buying your first home:
Initial Affordability Check: We analyse your income, deposit, and credit profile to confirm how much you can borrow.
Agreement in Principle: We secure your AIP so you can view homes and make offers confidently.
Property Search: With your budget confirmed, you begin viewing suitable properties.
Full Mortgage Application: Once your offer is accepted, we handle the full application and required documents.
Valuation & Underwriting: The lender checks the property value and reviews your financial documents.
Mortgage Offer: Once approved, your solicitor begins the final legal work.
Completion: Your mortgage completes and you get the keys to your first home.
Many new buyers fall into avoidable traps. These include:
With over 60 years of combined experience, Empire Mortgages provides first time buyers with:
We take the stress out of the process so you can focus on finding the right home.
As a trusted local mortgage broker, we support first time buyers across Dunfermline, Kirkcaldy, Glenrothes, Cupar, St Andrews, Leven, and the wider Fife area. We understand the local market and provide clear, reliable advice tailored to your location and budget.
Buying your first home doesn’t have to be complicated. With expert guidance from Empire Mortgages, you’ll understand your options, avoid confusion, and move confidently through each step of the process.
They work similarly to standard mortgages but offer extra options for those who have never owned a home before.
We assess your income, deposit, outgoings, and credit profile to give an accurate affordability figure.
An AIP shows how much a lender is willing to let you borrow before you make an offer on a property.
Yes. Brokers compare deals across the market, often finding better rates than going direct.
Typical fees include solicitor costs, surveys, valuation fees, and moving expenses. We’ll explain these clearly upfront.
Recommend a friend who is new to Empire Mortgages and if they then take out their mortgage with us, you’ll each receive £50 worth of vouchers.
The guidance provided within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
Empire Mortgages Ltd is an Appointed Representative of PRIMIS Mortgage Network, a trading name of TenetLime Ltd. TenetLime Ltd is authorised and regulated by the Financial Conduct Authority. Tenet Lime Ltd is entered on the Financial Services Register (www.fca.org.uk/register) under reference 150643.
Empire Mortgages Ltd may charge a fee for mortgage advice. The amount of the fee will depend on your circumstances and will be discussed and agreed with you at the earliest opportunity. Our typical fee is £295 payable on receipt of a full mortgage offer.
Registered in Scotland under reference SC545434
Registered office address: Unit 9, Flexspace, Pitreavie Business Park, Dunfermline, KY11 8UU
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
© Copyright 2025 Empire Mortgages Ltd. All Rights Reserved
