First Time Buyer Mortgage Advice
Buying your first home is one of the biggest decisions you'll ever make — exciting, a little daunting, and full of questions. At Aspect Mortgages, we work with first time buyers every day, and we're here to make the whole process feel straightforward.
We're an independent, FCA-regulated mortgage broker based in Chorley, Lancashire, advising first time buyers across the UK — by phone, video call, or in person. From understanding how much you can borrow to finding the right mortgage and sorting your protection, we handle everything so you can focus on finding the home you love.
Whole of market access We search thousands of mortgage products from lenders across the market — not just a handful from one bank. That means a better chance of finding the right rate for your circumstances, wherever you're buying.
Plain-English advice No confusing jargon. We'll explain everything clearly, answer every question, and make sure you feel confident at every step — whether we're talking on the phone, on a video call, or face to face.
One adviser, start to finish You'll deal with the same adviser throughout your entire journey. They'll know your case inside out and be on hand whenever you need them.
Everything in one place, securely Our secure client portal lets you share documents, view your credit file, and follow your case progress at any time — from any device. It's a simpler, faster way to keep things moving.
The First Time Buyer Journey — Step by Step
1. Work out your budget
Before you start viewing properties, you need to know what you can afford. We'll assess your income, outgoings, and deposit to give you a clear maximum figure.
2. Get a mortgage in principle (AIP)
An Agreement in Principle is a conditional indication from a lender of how much they'd be prepared to lend. Estate agents often ask to see one before accepting an offer. We can get you one quickly.
3. Make an offer
Once you've found the right property, you make an offer through the estate agent. If accepted, the formal mortgage process begins.
4. Full mortgage application
We research the whole market to find the right deal for your circumstances. We'll submit your full application to the lender, handling the paperwork and managing any queries on your behalf.
5. Survey and valuation
The lender will arrange a valuation of the property. You may also want to commission an independent survey to check its condition.
6. Exchange of contracts
Once searches and legal enquiries are complete, you exchange contracts with the seller. At this point the sale becomes legally binding.
7. Completion
The funds are transferred and you get the keys. You're a homeowner!
Why Choose Aspect Mortgages?
Independent and FCA-regulated - we work for you, not for the lender
Whole of market - access to thousands of mortgage products from across the market
Based in Chorley, serving clients nationwide - We advise first time buyers across the UK from our Chorley base - by phone, video call, or in person.
The best of technology and people - We use cutting-edge mortgage technology to search the whole market and manage your case efficiently — but you'll always deal with a real person who knows your situation, not a chatbot or automated system.
No jargon - everything explained clearly, at your pace
Fixed, transparent fee - A fixed £495, only payable when your mortgage offer is issued. No percentage-based charges, no surprises.
What First Time Buyers Say About Aspect Mortgages
With over 400 five-star reviews across Google and Facebook, we're proud to be one of Lancashire's most trusted independent mortgage brokers. Here's what some of our first time buyer clients have to say.
Frequently Asked Questions
Do I need a good credit score to get a first time buyer mortgage?
A strong credit score helps, but it's not always essential. Some lenders specialise in working with buyers who have limited or imperfect credit histories. We'll assess your credit position early and tell you exactly where you stand.
Can I get first time buyer mortgage advice remotely?
Yes - many of our clients deal with us entirely by phone or video call. There's no need to visit us in person, though you're always welcome to visit us and discuss your circumstances over a brew at our Chorley offices.
Can I get a mortgage as a first time buyer if I'm self-employed?
Yes — lenders will typically want to see at least two years of accounts or tax returns, but some will accept just one year, whether you're a sole trader or a limited company director. As whole-of-market brokers, we have access to a range of lenders who are flexible when it comes to self-employed income.
What is a mortgage in principle and do I need one?
A mortgage in principle (also called an agreement in principle or AIP) is a written estimate from a lender of how much they'd be prepared to lend you. It's not a guarantee, but most estate agents will want to see one before accepting an offer.
How long does it take to get a first time buyer mortgage?
From submitting a full application, a mortgage offer typically takes 2–6 weeks depending on the lender and the complexity of your case. The overall buying process from offer accepted to completion usually takes 8–12 weeks, though this varies.
Can I buy with someone else?
Yes — joint mortgages are common among first time buyers, whether with a partner, family member, or friend. All applicants' incomes and credit histories will be assessed.
What are the other costs involved in buying my first home?
Beyond your deposit, you'll typically need to budget for: solicitor/conveyancing fees (£1,200–£2,000), a survey (£400–£1,500 depending on type), mortgage arrangement fees (varies by product), and life/buildings insurance. Some first time buyers will be liable for Stamp Duty Land Tax (the temporary FTB relief threshold reverted to £300k from April 2025), so buyers purchasing above that figure need to budget for it. We'll give you a full picture of the costs upfront — no surprises.
What if I've been declined for a mortgage before?
A previous decline doesn't mean you can't get a mortgage — it often just means you applied to the wrong lender. We can review what happened and identify a lender whose criteria fits your circumstances.
How much can I borrow?
The amount you can borrow depends on your income, outgoings, deposit, and the lender's affordability criteria. As a general guide, most lenders will consider lending between 4 and 5 times your household income — but this varies, and some lenders go higher in certain circumstances.
The best way to get a reliable figure is to speak with us. We'll quickly assess your situation and give you a number you can actually rely on — before you start viewing properties.
Knowing your budget before you start searching also puts you in a stronger position when you make an offer, showing sellers and estate agents that you're a serious, prepared buyer.
How much deposit do I need?
Most first time buyers need a minimum deposit of 5% of the property's purchase price. A larger deposit — 10% or more — typically unlocks better interest rates and a wider choice of lenders.
Example: On a £200,000 property:
5% deposit = £10,000
10% deposit = £20,000
15% deposit = £30,000
If you're not quite at your deposit target yet, we can still help. We'll tell you exactly what you need, flag any schemes that could help, and give you a clear plan.
What about protection?
Getting a mortgage is the first step — but it's worth thinking about what happens if things go wrong. If you were unable to work due to illness, or if you passed away, could your mortgage still be paid?
We can help you look at:
Life insurance — pays out a lump sum to clear your mortgage if you die
Critical illness cover — pays out on diagnosis of a serious condition
Income protection — replaces a portion of your income if you're unable to work
This isn't a sales pitch — it's a conversation. We'll explain the options simply and only recommend cover that genuinely makes sense for your situation. Take a look at our dedicated protection insurance page for more info.
Ready to Find Out If Equity Release Is Right for You?
Taking the first step can feel daunting, but it doesn't have to be. Our friendly, independent advisers are here to listen, answer your questions and explain your options clearly with no pressure and no jargon. We can meet you at home, at our Chorley office, or via video call, whichever suits you best. Get in touch today for a no-obligation conversation.
Aspect Mortgages is based in Chorley, Lancashire, but we work with clients nationwide. Whether you prefer to meet us in person at our offices or speak with one of our advisers by phone or video call, we can help you wherever you are in the UK.
We have particular experience serving homeowners and buyers across Lancashire and Greater Manchester, including Preston, Chorley, Leyland, Bamber Bridge, Southport, Skelmersdale, Ormskirk, Wigan and Bolton.
We offer specialist mortgage and financial advice across a wide range of needs, including first-time buyers, home movers, remortgages, buy-to-let, product transfers, self-employed applicants, contractors, professionals, NHS workers, large loans, adverse credit and equity release.
Fees
There will be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate that it will be £495 for a residential/buy to let mortgage or £1495 for an equity release/retirement mortgage.
Important Information
Aspect Mortgages Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (https://register.fca.org.uk/s/) under FCA reference 305352. The FCA do not regulate Business Buy to Let Mortgages or Estate Planning.
As independent advisers we have access to the whole market, except for deals that you can only obtain by going direct to a lender. Registered in England and Wales No: 051013801. 16 St Thomas' Road, Chorley, PR7 1HR.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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