First Time Buyer Boost mortgage

Your first home is closer than you think. Borrow up to 5.5x your income with our First Time Buyer Boost mortgage. Conditions apply.

What is a First Time Buyer Boost mortgage?

Designed to help first-time buyers borrow more than they could with a standard mortgage.

 

First Time Buyer Boost in action

You could borrow up to 5.5x your yearly household income with a 10% deposit or more.

Here's an example, using a household income of £50,000.

  • With a standard mortgage, you could borrow up to £224,500.
  • With First Time Buyer Boost, you could borrow up to £275,000.

This gives you a significant increase in your buying power.

This example is for illustrative purposes only. You’ll need to complete an Agreement in Principle (AIP) to get an idea of how much we could lend you.

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Find out how much you might be able to borrow and how much your mortgage could cost.

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Before you go ahead

Applying for a First Time Buyer Boost mortgage

You may qualify if the following applies to you:

  • At least 1 applicant is a first-time buyer.
  • You have a deposit of 10% or more.
  • The total household income of everyone applying is more than £40,000.

Things to consider

While there are benefits to a First Time Buyer Boost mortgage, it may not be right for everyone. Here are a few things to think about before you apply:

  • Higher Loan to Value (LTV) ratio may lead to higher rates.
  • Higher monthly payments.
  • Risk of negative equity if your property value drops. 
  • You can't use the First Time Buyer Boost mortgage with affordable home ownership schemes. This means it doesn't apply to shared equity or shared ownership.

How to apply for First Time Buyer Boost mortgage

Looking to apply? Follow these 3 simple steps.

Agreement in principle

An agreement in principle (AIP) can help you understand how much you might be able to borrow. The final amount will depend on your full mortgage application when you're ready to buy your home.

It's useful to have an AIP before you start viewing properties, so you know what’s in your price range.

Agreement in principle

Make an offer on a home

With your AIP in place, you can start looking for a property. Search online or in estate agents, book a few viewings and find your new home.

Once you’ve landed on a property, it’s time to make an offer.

Making an offer

Apply for your mortgage

Once you have your AIP and the offer on your new home accepted, you can then apply for your mortgage. We’ll guide you through the process from start to finish.

Applying for your mortgage

You could lose your home if you don’t keep up your mortgage repayments

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