First Time Buyer
Mortgages in Manchester

If you’re a first time buyer in Manchester, you could benefit from several government-backed schemes designed to make buying your first home more achievable. Depending on your income, deposit, and the type of property you’re looking for, there may be support available to help reduce upfront costs or expand your mortgage options.

As a mortgage broker in Manchester, we can talk you through what’s available and whether any of these could apply to you.

Lifetime ISA

A Lifetime ISA (LISA) is a tax-free savings account that helps first time buyers build up their deposit. You can save up to £4,000 each tax year, and the government adds a 25% bonus, that is up to £1,000 a year. The money must be used to buy your first home or kept until you’re 60.

Not all lenders accept LISA funds for deposits, so it’s worth speaking to a mortgage advisor in Manchester before opening one, especially if you’re planning to buy within the next year or two.

Shared Ownership

Shared Ownership allows you to buy a share of a property (usually between 10% and 75%) and pay rent on the remaining portion. Over time, you can increase your share, known as staircasing. This can be a more affordable route into homeownership if you’re struggling to meet the full price of a property in one go.

These properties are typically offered by housing associations, and they may be available in certain areas across Manchester. Our mortgage advisors in Manchester will let you know what’s currently available and whether this route suits your long-term plans.

First Homes Scheme

The First Homes scheme offers newly built homes at a discounted price, usually 30% less than the market value, to eligible first time buyers in Manchester. To qualify, you usually need to be purchasing your main residence and have a combined household income below a set threshold. Some properties are prioritised for local buyers or key workers, depending on the development.

Not all lenders support this scheme, so it’s important to get mortgage advice in Manchester before making an offer.

Being turned down for a mortgage can feel like a setback, but it doesn’t mean your options are closed. As a first time buyer in Manchester, you might find that high street banks and building societies apply rigid rules that don’t reflect your actual situation.

Each lender has their own criteria. Some may decline an application due to something as minor as an old missed payment or an income change in the last few months. If you’re self-employed, working on a fixed-term contract, or have multiple income sources, some banks may not know how to assess your case properly.

As a mortgage broker in Manchester, we work with lenders who are often more flexible. Some will look at applications manually, rather than relying entirely on computer-based decisions. That means they can take your full situation into account, not just what shows up in a credit score or automated check.

If you’ve been declined by your bank, our mortgage advisors in Manchester can explore alternative options. We’ll review your documents and let you know where you stand, with no pressure and no assumptions. Many of the people we help have already been turned away by their bank and still go on to buy their first home with the right support.

If you’re starting to explore properties, it’s a smart time to arrange a Mortgage Agreement in Principle (AIP). This document from a lender shows how much you could borrow based on a soft credit check and the basic information you’ve provided. It isn’t a guarantee of approval, but it does give you a strong indication of your borrowing power.

In a competitive market like Manchester, an AIP can make a real difference. Estate agents and sellers often take buyers more seriously when they’ve already spoken to a mortgage advisor and secured an AIP. Some won’t consider offers without one.

As a mortgage broker in Manchester, we can arrange an Agreement in Principle quickly, often within 24 hours. It’s a simple step that can help reduce uncertainty, avoid delays, and give you a clearer idea of your budget before you book viewings or make an offer.

You don’t need to be ready to apply for a mortgage to request an AIP. We offer mortgage advice in Newcastle to help you understand where you stand and what you might be able to borrow so that you can start your property search with confidence.

As a first time buyer in Manchester, knowing where to start can feel overwhelming, and that’s where a mortgage advisor makes a real difference. Our job is to look at your full financial picture and help you understand what’s genuinely realistic based on your income, credit history, deposit, and spending habits.

We’re not here to push a particular product. As a mortgage broker in Manchester, we compare lenders and explain which options fit your circumstances, including what your repayments might look like, how fixed or variable rates could affect you, and whether the deal works for you now and in the years ahead.

We’ll also arrange your Agreement in Principle early on, so you’re ready to make offers with confidence. When it’s time to move forward, we’ll manage the full mortgage application process, from submitting documents to chasing up the lender and keeping your solicitor informed along the way.

Our mortgage advisors in Manchester are here to take the pressure off. Whether it’s your first offer or you’re still figuring things out, we’ll make sure you feel supported and well-informed at every step.

Most lenders require a minimum deposit of 5% of the property’s value. As a first time buyer in Manchester, that means if you’re looking at homes priced around £180,000, you’d need at least £9,000 saved to meet that minimum.

Putting down a larger deposit, such as 10% or more, can improve your chances of being approved and give you access to more competitive mortgage rates. A bigger deposit often means lower monthly payments and a wider choice of lenders.

If saving up feels challenging, there are ways to help boost your deposit. Many first time buyers use a Lifetime ISA, where the government adds a 25% bonus to your savings. Gifted deposits from family are also common, and some government-backed schemes can reduce the amount you need to pay upfront, depending on your circumstances.

As a mortgage broker in Manchester, we’ll explain how your deposit size affects your application and what it means for your interest rate, borrowing limit, and available products. Our mortgage advisors in Manchester will also guide you through any schemes or strategies that could make your deposit stretch further.

It’s still possible to get a mortgage with bad credit, depending on the details of your credit history and how recently the issues occurred. Lenders look at the type of problem, how long ago it happened, and whether your finances have since stabilised.

Bad credit can include missed payments, defaults, County Court Judgements (CCJs), or past arrangements such as debt management plans. While many high street banks are strict with their criteria, some lenders specialise in helping first time buyers with credit challenges.

If you’re a first time buyer in Manchester and worried about your credit file, our mortgage advisors will take the time to review it with you. We’ll explain how different lenders might view your situation and whether your deposit size, income, or current stability could work in your favour.

Our team can point you towards lenders who are more open to applications with past credit issues. We’ll also make sure you know what documents or checks may be required, so there are no surprises later on.

Buying your first property involves more than just saving up a deposit. As a first time buyer in Manchester, it’s important to be aware of the extra costs that can come up during the process, so you can budget with confidence.

Typical expenses include solicitor or conveyancing fees, mortgage arrangement charges, and valuation or survey costs. Depending on your mortgage deal, there might also be a lender fee or an upfront product charge.

You may also need to think about moving costs, home insurance, and broker fees. Not all of these will apply to every buyer, but they can add up quickly if you’re not prepared.

Stamp duty is another potential cost, although most first time buyers in Manchester won’t need to pay it unless the property price is above the current threshold. These rules can change with government policy, so it’s worth checking before you make an offer.

We can go through all the expected costs with you at the beginning. Our mortgage advisors in Manchester will explain which fees apply in your case and help you plan around them, so nothing catches you off guard later on.

Yes, you can use a gifted deposit when buying your first home, and many lenders will accept this as part of your application. The key requirement is that the money is given freely, with no expectation of it being repaid.

If you’re receiving help from a parent or another close relative, the lender will normally ask for a signed letter confirming the deposit is a genuine gift. This letter should also state that the person gifting the money has no legal interest in the property. In some cases, they may also need to show proof of funds, such as a recent bank statement.

Gifted deposits can make a big difference for a first time buyer in Manchester. They may allow you to put down a larger deposit, which could reduce your monthly repayments or open up access to better mortgage rates.

You don’t need a formal mortgage offer in place to start viewing homes, but it’s a good idea to arrange a Mortgage Agreement in Principle (AIP) before you get too far into your search.

An AIP confirms how much you’re likely to be able to borrow based on a soft credit check and basic financial information. It shows estate agents and sellers that you’re financially prepared and ready to move forward if you find the right property.

In Manchester’s housing market, this can help your offer stand out, especially if you’re competing with other first time buyers for the same home.

Having an AIP in place also helps set a clear budget. It means you’re less likely to waste time viewing homes that are outside your reach and more likely to feel confident when you do find one you love.

The time it takes to get a mortgage offer can vary depending on your situation, the lender’s process, and how quickly all documents are provided. Most first time buyers in Manchester can expect a formal mortgage offer within two to four weeks after submitting a full application.

You’ll usually begin by securing a Mortgage Agreement in Principle. Once your offer on a property is accepted, your full mortgage application is submitted. From there, the lender will carry out their checks, which include reviewing your income, verifying your paperwork, and arranging a valuation on the property.

Some lenders are faster than others, and the timeline can be affected by things like missing documents, valuation delays, or peak application periods. As a mortgage broker in Manchester, we’ll stay in touch with the lender, flag any potential delays early, and make sure everything keeps moving.

Yes, you can get a mortgage if you’re self-employed. The process is slightly different compared to employed applicants, as lenders usually ask for more evidence of income and financial stability.

Most lenders will want to see one to two years of tax returns or company accounts. If you’re a sole trader, they’ll typically assess your net profit. If you run a limited company, they may look at your salary and dividends, and some may also consider retained profits, depending on how your business is structured.

As a self-employed first time buyer in Manchester, it’s important to work with a mortgage advisor who understands how different lenders assess income. Some will be more flexible than others, especially if you have a solid business track record or rising earnings year on year.

Yes, many first time buyers in Manchester choose to buy a property jointly with a partner, friend or family member. Buying together can make homeownership more affordable and often increases how much you’re able to borrow, as both incomes are usually taken into account.

When applying for a joint mortgage, both applicants are equally responsible for the repayments. Lenders will look at your combined income, credit histories and overall affordability before making a decision.

You’ll also need to decide how you want to legally own the property. This is usually set up as either joint tenants or tenants in common. The right choice depends on how you want the ownership structured and what should happen if one of you decides to sell or passes away. Your solicitor will handle this, but it’s important to understand the difference early on.

If you’re a first time buyer in Manchester, there are a few different types of mortgages to consider. The best option for you will depend on your income, deposit size, and how long you plan to stay in the property. Here’s a breakdown of some of the most common mortgage types available.

Fixed Rate Mortgages

Fixed rate mortgages give you the same monthly repayment for a set period, usually between two and five years. This can be helpful for budgeting, as your payments won’t change even if interest rates go up. Once the fixed term ends, your mortgage usually moves to the lender’s standard variable rate unless you remortgage.

Variable Rate Mortgages

With a variable rate mortgage, your repayments can change over time. These are usually linked to the lender’s own standard rate, which means they could go up or down depending on the market. They often start with lower interest rates than fixed deals but can be less predictable.

Tracker Mortgages

A tracker mortgage follows the Bank of England base rate plus a set percentage. If the base rate goes up or down, your interest rate changes with it. These mortgages can offer good value when rates are low but may become more expensive if rates rise.

Discounted Rate Mortgages

These are variable rate mortgages that offer a temporary discount off the lender’s standard variable rate, usually for the first few years. After that, the rate reverts to the full standard rate. This can reduce your payments early on, but there’s a risk they could rise before the discount ends.

Offset Mortgages

An offset mortgage links your savings account to your mortgage balance. The money in your savings doesn’t earn interest, but it reduces the amount of mortgage interest you pay. These deals tend to suit buyers with larger savings who want to keep flexible access to their money.

Your credit score plays a key role in how lenders assess your mortgage application. It reflects how you’ve handled borrowing in the past and gives lenders an idea of how reliable you are when it comes to repaying debt.

If you’re a first time buyer in Manchester with a strong credit score, you’re more likely to be offered lower interest rates and a wider choice of mortgage products. A higher score gives lenders more confidence, which often means better terms.

If your credit score is lower, you may still be able to get a mortgage. The number of lenders available might be more limited, and the interest rates could be slightly higher to reflect the added risk. Lenders will also review your credit history in detail, including any missed payments, defaults or recent applications for credit.

Once your mortgage is approved, your lender will issue a formal mortgage offer. This confirms the amount you can borrow and the terms of the deal. From there, the legal process begins, and your solicitor or conveyancer takes over much of the work.

They’ll carry out key checks on the property, including local authority searches and reviewing the title. They’ll also manage the exchange of contracts between you and the seller and make sure all the legal documents are in order.

Once everything is ready, you’ll agree on a completion date. This is the day the funds are released, and you officially become the legal owner of the property. You’ll get the keys and can move into your new home.

As a first time buyer in Manchester, this part of the journey can feel like a waiting game, but we’ll keep you informed throughout. As your mortgage broker in Manchester, we’ll stay in touch with your solicitor and lender to help keep everything on track. If anything unexpected comes up, your mortgage advisor will still be here to support you.

Yes, you can still get a mortgage after a recent job change, although how lenders view your application will depend on the details of your new role and employment history.

Some lenders are comfortable with first time buyers in Manchester who have just started a new job, especially if the role is permanent and full-time. Others may ask for additional reassurance, such as confirmation that you’ve passed your probation period or evidence that you’ve stayed in the same field of work.

If you’ve changed industries, moved to a fixed-term contract, or are transitioning into self-employment, the process can be more complex. It doesn’t mean your application will be rejected, but lenders may ask for more paperwork or consider a shorter lending panel.

A fixed rate mortgage is a mortgage where the interest rate stays the same for a set period, typically two, five or ten years. During this time, your monthly payments stay consistent, which can make it easier to budget, especially if you’re a first time buyer in Manchester getting used to new household costs.

One of the main reasons buyers choose a fixed rate is the peace of mind it offers. Your repayments won’t change if interest rates go up, which means more stability in the early years of homeownership. Once the fixed term ends, your mortgage usually moves onto the lender’s standard variable rate, unless you switch to a new deal.

Whether a fixed rate mortgage is right for you depends on your plans. If you value predictable payments and want to lock in your costs for a few years, a fixed deal may suit you. If you think you might move or need more flexibility, there are other options worth considering.

Yes, you’ll need a solicitor or licensed conveyancer to handle the legal side of your home purchase. Their role is to check the legal title of the property, carry out local authority searches, draft contracts, and arrange the transfer of funds from your mortgage lender to the seller.

This legal process, known as conveyancing, starts once your offer is accepted and runs alongside your mortgage application. It continues right up until completion, when the purchase is finalised and the keys are handed over.

A good solicitor will keep you updated, explain any legal terms clearly, and make sure everything is prepared properly for completion day.

An interest only mortgage is a type of mortgage where you only pay the interest each month, not the loan itself. This means your monthly payments are lower, but the full amount you borrowed still needs to be repaid at the end of the mortgage term.

Repayment usually comes from savings, investments, or by selling the property. Because the loan doesn’t reduce over time, lenders see this as higher risk and apply stricter criteria.

As a first time buyer in Manchester, getting an interest only mortgage can be more difficult. Most lenders will want a clear and credible repayment plan before they approve this type of loan. You’ll usually need a larger deposit, a strong income, and evidence that you understand how the repayment will work in the long term.

Interest only mortgages are less common for people entering the property market, but they are available in specific situations. As a mortgage broker in Manchester, we can check whether any lenders on our panel would consider your application and explain what documents or plans you’d need to provide.