First-Time Buyer Mortgages

Buying your first home is one of the biggest financial decisions you'll ever make — and one of the most exciting. At TLD Wealth Management, we help first-time buyers across Stockport and Greater Manchester understand exactly what they can afford, find the right mortgage deal, and move through the process with a clear plan and no jargon.

What is a first-time buyer mortgage?

A first-time buyer mortgage is simply a mortgage taken out by someone who has never owned a residential property before, either in the UK or abroad. Lenders often have specific products, lower deposit requirements, and incentives aimed specifically at first-time buyers, which is why getting advice tailored to your situation — rather than a generic comparison site — makes a genuine difference to what you're offered.

How much can you borrow?

Most lenders use an income multiple, typically around 4 to 4.5 times your annual salary, combined with an affordability assessment that looks at your outgoings, credit commitments and how you'd cope if interest rates rose. As independent mortgage advisers, we don't rely on a single lender's calculator — we compare across a comprehensive range of lenders to find who'll offer you the most for your circumstances. If an application has already been turned down, our mortgage refusal page explains what typically happens next.

• Deposit requirements typically start from 5%, though a larger deposit usually unlocks better rates.
• Government schemes such as Shared Ownership may be available depending on your circumstances.
• Gifted deposits from family members are common and can usually be incorporated into your application.

The first-time buyer journey with TLD

Why first-time buyers choose TLD

• Independent advice — we're not tied to any one lender, so we compare across a comprehensive range to find what's right for you.
• Local knowledge — based in Stockport, we understand the Greater Manchester property market.
• 12,800+ plans arranged and £1.07bn+ in cover placed since 2015 — a genuine track record, not just a sales pitch.
• Named Stockport's Three Best Rated Insurance Services, 2022 to 2026.
• One adviser, start to finish — no call centres, no being passed between departments.

Frequently Asked Questions

How much can I borrow as a first-time buyer?

Most lenders will offer between four and four-and-a-half times your annual income, though this depends on your outgoings, credit commitments and the lender's individual affordability model. As independent advisers, TLD compares across more than 90 lenders rather than applying a single calculation — different lenders assess income differently, which means the maximum borrowing available to you varies by lender. The mortgage calculators on TLD's website give an instant estimate, and a free consultation will give you a far more accurate, personalised figure.

How much deposit do I need as a first-time buyer in Stockport?

The minimum deposit for most first-time buyer mortgages is 5% of the purchase price. For a property priced at £200,000 in the Stockport area, that equates to a £10,000 deposit. A larger deposit — 10% or above — typically unlocks better interest rates and a wider choice of lenders. Government schemes such as Shared Ownership may allow you to purchase a share of a property with a smaller upfront commitment, depending on your circumstances.

Can I use a gifted deposit from my parents for a mortgage in Stockport?

Yes — gifted deposits from parents or other family members are accepted by most lenders, provided the gift is genuine and the donor confirms in writing that it does not need to be repaid. Most lenders require a signed gifted deposit letter from the donor and will want to see the source of the funds. TLD will guide you through this process and ensure your application is submitted correctly to avoid unnecessary delays.

What is a mortgage in principle and do I need one?

A mortgage in principle — also called an agreement in principle or decision in principle — is a written indication from a lender of how much they would be prepared to lend, subject to a full application and valuation. Most estate agents in Stockport and Greater Manchester will expect you to have one before accepting an offer on a property. TLD can arrange a mortgage in principle quickly as part of the initial process, typically using a soft credit search that does not affect your credit file.

What government schemes are available to help first-time buyers in Greater Manchester?

Shared Ownership allows first-time buyers to purchase a share of a property and pay rent on the remaining share, which reduces the deposit and mortgage required compared with buying outright. The share available and the terms depend on the individual scheme and the property. Availability of any particular scheme depends on the property and your circumstances — TLD will identify which options apply to your situation during your free consultation.

How long does a first-time buyer mortgage take to complete?

For a straightforward first-time buyer purchase with no chain complications, the process from application to completion typically takes eight to twelve weeks. This includes the time for the lender to process and approve the application, a property valuation, and the conveyancing process handled by your solicitor. TLD manages lender communication proactively and liaises with solicitors and estate agents on your behalf to keep the process moving.

Can I get a first-time buyer mortgage if I am on a fixed-term employment contract?

Yes — many lenders will accept applications from employees on fixed-term contracts, particularly where the contract has been in place for some time or there is evidence of renewals. The specific criteria vary between lenders, which is why independent advice matters here. TLD will identify which lenders are most likely to view a fixed-term employment contract favourably for your specific situation.

Do I need life insurance when taking out a first-time buyer mortgage?

You are not legally required to take out life insurance as a condition of your mortgage, though most advisers recommend considering it. If you died during the mortgage term, life insurance would pay out a lump sum or provide an ongoing income for your family to cover mortgage payments and living costs. TLD can arrange life cover and family income benefit alongside your mortgage at no separate advice fee, ensuring your new home is protected from day one.

What credit score do I need for a first-time buyer mortgage?

There is no universal minimum credit score for a mortgage — different lenders use different credit reference agencies and scoring models, and assess credit history in different ways. What matters more than a specific score is the overall picture: missed payments, defaults or CCJs in recent years will restrict the lenders available to you, but do not necessarily prevent you from getting a mortgage. TLD reviews your credit position as part of the initial consultation and identifies which lenders are most suitable before making any application.

Can I buy a house in Stockport with a 5% deposit as a first-time buyer?

Yes — several lenders offer 95% loan-to-value mortgages specifically for first-time buyers, meaning a 5% deposit is sufficient for many properties in Stockport and the wider SK postcode area. The rates available at 95% are typically higher than those available with a larger deposit, but the difference in monthly payment is often smaller than people expect. TLD will compare 95% products across a comprehensive range of lenders and explain the options clearly so you can make an informed decision.