First TIME BUYER Mortgages
First TIME BUYER mortgages in Edinburgh
Get expert first time buyer mortgages advice from Gateway Financial, with whole-of-market mortgage access across Edinburgh and Scotland.
First Time Buyer Mortgages
Buying your first home is exciting – but it can also feel like there’s a lot to figure out at once. From deposits and affordability to choosing the right lender and deal, it’s easy to feel overwhelmed without the right guidance.
At Gateway Financial, we provide clear, independent advice on first time buyer mortgages, helping you understand what’s realistic, compare the right options, and move forward with confidence. As whole-of-market mortgage brokers in Edinburgh, we search across a wide range of lenders – including products not found on comparison websites – to find the mortgage that suits your circumstances.
Your home may be repossessed if you do not keep up repayments on your mortgage.
What is a
first Time buyer mortgage?
A first time buyer mortgage is designed for people purchasing their very first property. Many lenders offer products aimed at first time buyers, often with features that support lower deposits or flexible criteria – though requirements vary between lenders.
In most cases, you’ll need a deposit of at least 5% to 10%, although having a larger deposit can unlock more competitive rates and a wider choice of lenders. Your lender will also assess affordability, looking at your income, outgoings, credit history, and overall financial commitments.
At Gateway Financial, we’ll explain how these checks work in plain English and help you understand what you may be able to borrow before you apply.
Who Can Benefit from
First Time Buyer Mortgages?
First time buyer mortgages can suit a range of buyers, including:
First-Time Buyers Purchasing Alone – If you’re buying on your own, affordability and deposit planning become especially important. We’ll help you find lenders that match your income and circumstances, and explain what’s achievable.
Couples and Joint Applicants – If you’re buying with a partner, we’ll assess your combined income and commitments and advise on the most suitable approach – including how different lenders view joint affordability.
Buyers Using a Gifted Deposit – Many first time buyers receive help from family. If you’re using a gifted deposit, we’ll guide you on the paperwork lenders typically require and ensure everything is presented correctly to support a smooth application.
TOP TIP FOR
FIRST TIME BUYER MORTGAGES
Before you start viewing properties, it’s important to understand what you can realistically afford. Knowing your budget early helps set clear expectations, prevents disappointment, and ensures you focus on homes within your borrowing range. A mortgage adviser can assess your income, outgoings, and deposit to give you a clear picture before you make any offers.
First Time Buyer
Options
There isn’t one “best” mortgage for first time buyers – it depends on your needs, budget, and future plans. We’ll help you compare:
Fixed, Tracker and Variable Rates – Fixed-rate mortgages offer stability, with payments that stay the same for a set period. Tracker mortgages move in line with the base rate, which can affect monthly payments. Variable-rate mortgages can change at the lender’s discretion.
We’ll explain each option clearly and recommend the most suitable route for your priorities.
High Loan-to-Value Mortgages – If you’re buying with a smaller deposit, you may be looking at high loan-to-value (LTV) mortgages. These can be a great stepping stone onto the property ladder, but rates and criteria may differ from lower LTV deals. We’ll help you compare what’s available and ensure affordability stays comfortable.
New Build Purchases (Where Relevant) – If you’re buying a new build, lenders may apply additional criteria – particularly around deposits, valuation, and timescales. We’ll guide you through what’s different and help you meet developer deadlines without unnecessary stress.
Deposit, Affordability and Mortgage Criteria
When applying for a mortgage, lenders will assess more than just your deposit. Here’s what typically matters most:
Your Deposit – A larger deposit usually means: More lender options, Potentially better rates, Stronger affordability position – However, many first time buyers start with a 5–10% deposit, and we’ll help you explore what’s realistic for your situation.
Affordability Checks – Lenders assess affordability using: Income (including basic salary and sometimes bonuses/commission). Regular outgoings and household bills. Existing credit commitments (loans, credit cards, car finance). Spending patterns and financial stability. Every lender assesses affordability differently. Our role is to match you to lenders whose criteria align with your profile – before any application is made.
Credit History – A strong credit profile can unlock more options, but even if your credit history isn’t perfect, you may still have routes available. We’ll review your circumstances and help you take the right next steps.
Why Use a Mortgage Broker
as a First Time Buyer?
As a first time buyer, you only get one “first” mortgage – and getting it right matters. Lenders vary widely in affordability criteria, deposit requirements, and how they treat different types of income. Using a broker can help you: Avoid applying to unsuitable lenders. Understand your options without jargon. Compare deals beyond price comparison sites. Move faster with a clear plan and support.
As experienced mortgage brokers in Edinburgh, Gateway Financial helps first time buyers secure the right mortgage with confidence and clarity.
First Time Buyer Mortgage
Advice from Gateway Financial
Gateway Financial was founded in Edinburgh in 2015 as an insurance brokerage and has since expanded across Scotland and into England. After establishing ourselves as a one-stop shop for insurance services, we expanded into mortgages, protection, and finance – bringing the same customer-first approach and market knowledge to everything we do.
We aren’t tied to any one lender, which gives us the freedom to recommend what’s genuinely right for you. And it costs you no more to use our expertise – in fact, many clients save time and money by letting us match their needs to the right mortgage from the start.
Gateway Financial Group Ltd is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, authorised and regulated by the Financial Conduct Authority.
Ready to Buy Your First Home?
If you’re planning your first purchase, get clear, whole-of-market advice on first time buyer mortgages from Gateway Financial. We specialise in helping first time buyers across Edinburgh and Scotland take that exciting step with confidence.
Our expert advisers simplify the process, handle the paperwork, and negotiate with lenders on your behalf – saving you time, money, and stress. As mortgage brokers, we’ll find the most competitive deals available and make sure you have the right mortgage in place for your goals.
Contact us today and take the first step towards securing your mortgage today.
Frequently asked questions
Many first time buyers purchase with a deposit of 5–10%, though a larger deposit can unlock better rates. We’ll help you understand what’s realistic and what options fit your budget.
This depends on your income, outgoings, credit history, and lender criteria. We’ll assess affordability and give you a clear idea of what you may be able to borrow before you apply
It varies by lender and your circumstances, but a typical timeline is several weeks from application to mortgage offer. We’ll keep the process moving and keep you updated throughout.
Yes, many lenders accept gifted deposits. You’ll usually need a letter confirming it’s a gift and not a loan. We’ll guide you through exactly what’s required.
Some schemes may be available depending on eligibility and availability. We’ll explain what’s currently relevant and how it affects your mortgage choices.
Where to find us
We’re based in the heart of Edinburgh, easily accessible from the city centre and surrounding areas. Whether you’re visiting for mortgage advice or a quick consultation, our advisers are here to help you every step of the way.