First Time Buyer Mortgage Guide 2026 | Ben Garratt Mortgages & Protection

First Time Buyer Guide 2026: Everything You Need to Know Before Buying Your First Home

By Ben Garratt Mortgages & Protection

Buying your first home is one of the biggest financial decisions you'll ever make. It can also feel overwhelming with deposits, affordability checks, mortgage products and legal processes to navigate.

At Ben Garratt Mortgages & Protection, I help first-time buyers across the UK find the right mortgage and make the whole process as straightforward as possible.

Here's everything you need to know before taking your first step onto the property ladder.

How Much Deposit Do You Need?

One of the biggest myths is that you need a huge deposit.

Many lenders will consider applications with just a 5% deposit, meaning if you're buying a property worth £250,000, you could potentially purchase with a deposit of £12,500.

Generally speaking:

5% Deposit = 95% Mortgage

10% Deposit = Better choice of lenders

15-20% Deposit = Often lower interest rates

Saving a larger deposit can improve your mortgage options, but it shouldn't stop you from exploring what's available now.

How Much Can You Borrow?

Every lender assesses affordability differently.

They'll usually consider:

Your income

Any bonuses or overtime

Existing credit commitments

Monthly expenditure

Credit history

Number of dependants

As an experienced mortgage adviser, I compare multiple lenders to find those most suited to your circumstances rather than relying on one bank's criteria.

Don't Forget the Additional Costs

Many first-time buyers focus purely on the deposit.

There are other costs to budget for including:

Solicitor fees

Survey costs

Mortgage arrangement fees (if applicable)

Moving costs

Furniture and appliances

Buildings and contents insurance

Planning ahead helps avoid unexpected surprises later.

What Mortgage Is Right For You?

There isn't a one-size-fits-all mortgage.

Common options include:

Fixed Rate Mortgages

Your monthly payments stay the same for a set period, helping you budget with confidence.

Tracker Mortgages

These move in line with the Bank of England Base Rate, meaning your payments could increase or decrease.

Discount Mortgages

Offer a discount from a lender's standard variable rate for a set period.

Choosing the right mortgage depends on your goals, future plans and attitude to risk.

Why Use a Mortgage Broker?

Searching hundreds of mortgage products yourself can be confusing.

At Ben Garratt Mortgages & Protection, I:

Compare a wide range of lenders

Explain everything in plain English

Handle the paperwork

Keep you updated throughout the process

Help protect your new home with appropriate insurance options

My aim is to make buying your first home as stress-free as possible.

Protecting Your New Home

Getting the keys is just the beginning.

Many first-time buyers overlook the importance of protecting what they've worked so hard to achieve.

Protection can include:

Life Insurance

Critical Illness Cover

Income Protection

Buildings & Contents Insurance

Having the right protection in place can help safeguard your mortgage payments if life doesn't go according to plan.

Common Questions First-Time Buyers Ask

Can I get a mortgage with bad credit?

Possibly. Many lenders will still consider applications depending on your circumstances.

Do I need a permanent job?

Not always. Self-employed applicants, contractors and people with variable income may still have excellent options available.

How long does the process take?

Typically between 8 and 16 weeks, although every purchase is different.

Ready to Buy Your First Home?

Buying your first property doesn't have to be stressful.

Whether you're just starting to save or you've already found your dream home, I'm here to guide you through every step of the mortgage process.

Ben Garratt Mortgages & Protection provides straightforward mortgage and protection advice tailored to your circumstances.

If you'd like to find out how much you could borrow or discuss your options, get in touch today for a no-obligation conversation.