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First time buyer mortgages
Thinking about buying your first property? Our range of first time buyer mortgage deals could help you get the keys to your new home.
We’re proud to support the Government’s mortgage guarantee scheme. You can apply for a first time buyer mortgage of up to 95% of the property’s value. Find out if you qualify.
No borrower deposit? Our Lend a Hand Mortgage could give a helpful lift to first time buyers and their families. Learn about the full Lend a Hand terms and conditions.
Start your mortgage journey online
Help getting on the ladder
Had an offer accepted? It’s time to apply
There are two ways to apply for a mortgage with Lloyds.
Current special offers
See if you could qualify for our current offers. You can qualify for one or both offers, if eligible.
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You can apply for a first-time buyer mortgage if one of the buyers involved has not owned a house or other type of property before.
If you have a deposit between 5% and 10%, you may be able to apply for the government’s Mortgage Guarantee Scheme as part of your Lloyds mortgage. This can give you a first-time buyer mortgage of up to 95%. The scheme is planned to run until 30 June 2025, though it can be closed sooner than this.
To apply, you’ll just need to follow the usual mortgage application process and make sure you meet the following requirements:
- You’re a first-time buyer.
- You want to borrow less than £570,000.
- You’re not buying a new build flat.
- The property you’re buying doesn’t fall under shared ownership, shared equity, right to buy or buy to let.
- You want to get a repayment mortgage, rather than interest-only.
Lending depends on assessment of your finances, personal circumstances such as employment and credit history and your mortgage application. You must also be at least 18 years old to apply. Learn more about how 95% mortgages work.
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A deposit should be at least 5% of the total value of your property. The only exception to this is a Lend a Hand mortgage, where a family member puts down 10% of your property purchase price.
It can help to pay a higher percentage upfront, to reduce the amount you borrow. This could make your interest rate and monthly mortgage repayments lower. So, you should try to save as much as you can towards a deposit on your first home. Read our tips on saving for a house deposit or see our range of savings accounts.
There are other costs to consider as part of your first-time home purchase, such as legal fees, valuation fees and buildings insurance. So, make sure you have the right amount of money to cover all the costs that come with the home buying
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You’ll need to find a conveyancer or solicitor during the mortgage application process. They can help cover the legal aspects of your property purchase, such as handling the contracts.
You’ll need to select a conveyancer from our approved list – so check with us before you pick.
You can use the Lloyds Bank Conveyancing Service to compare quotes from our panel of up to 200 conveyancing professionals. You can review the quotes and select a conveyancer based on what matters to you - the price, the firm's location or their service rating.
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An Agreement in Principle (AIP), also known as a Decision in Principle or Mortgage Promise, is a quote from a lender that gives you an idea of how much you could borrow before applying for a mortgage. It’s obligation-free and only involves a soft credit check. Some estate agents and sellers may want you to have an AIP in place before you view a house to prove you’re serious about buying.
It’s useful if there’s a house you’d like to buy but want to gather quotes as to how much you could borrow. The agreement is not a guarantee of any future mortgage deal. The amount offered is a quote and could change depending on your personal circumstances or changes in the market.
A lender issues a mortgage offer once they get your application and carry out necessary checks, such as a valuation. It sets out the terms under which the lender could offer you a loan. A mortgage offer also involves a full credit check.
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To apply for an Agreement in Principle with us, your property must be in the UK and must be your main residential home.
There are other mortgage options for different types of property, such as buy to let and shared equity.
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