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Buying your first home? Read on for the best first time buyer mortgage rates for every deposit size from 0% upwards. Plus we explain the different types of mortgages available, the easiest way to compare mortgage deals and when you should apply.
We know things are hard for first time buyers in 2024. So we want to make it easier. We want to help by finding the best first time buyer mortgage rates right now so you can find the cheapest deals, know how much you can afford to borrow and how much a mortgage will cost you. So every month we’ll be showcasing the best deals for you, with input from the mortgage experts at L&C.
Once you know how much deposit you have (read on for advice if you’re not sure), you can look at the best first time buyer mortgage rates available for you. Here are the best first time buyer mortgage rates if you’re looking for a fixed deal.
The best fixed first time buyer mortgage rate are usually available if you have a large deposit. Here are this month’s best first time buyer mortgage rates if you’ve got a 40% deposit and want a fixed deal.
| Lender | Initial rate | Fee |
| NatWest | 3.99% | £1,495 |
| Barclays | 3.99% | £899 |
| Halifax | 4.03% | £1,099 |
| Lender | Initial rate | Fee |
| AIB | 3.79% | £200 |
| NatWest | 3.84% | £1,495 |
| Halifax | 3.85% | £1,099 |
If you’ve got a 25% deposit, here are the best first time buyer mortgage rates available this month if you’re looking for a 2 year fixed rate mortgage or a 5 year fixed rate mortgage.
| Lender | Initial rate | Fee |
| Barclays | 4.12% | £899 |
| NatWest | 4.14% | £1,495 |
| NatWest | 4.19% | £995 |
| Lender | Initial rate | Fee |
| AIB | 3.89% | £200 |
| NatWest | 3.89% | £1,495 |
| NatWest | 3.94% | £995 |
While if you’ve got a 20% deposit and you’re looking for the best first time buyer mortgage rates, here are your options this month:
| Lender | Initial rate | Fee |
| Furness Building Society | 4.39% | £749 |
| MPowered Mortgages | 4.39% | £999 |
| Virgin Money | 4.42% | £783 |
| Lender | Initial rate | Fee |
| AIB | 4.05% | £200 |
| Virgin Money | 4.12% | £783 |
| Halifax | 4.13% | £1,099 |
To talk through your options, get in touch with our fee-free mortgage brokers at L&C.
If you’ve got a 15% deposit, here are the best first time buyer mortgage rates available this month if you’re looking for a 2 or 5 year fixed rate mortgage.
| Lender | Initial rate | Fee |
| Halifax | 4.49% | £1,099 |
| Clydesdale Bank | 4.49% | £1,662 |
| HSBC | 4.49% | £749 |
| Lender | Initial rate | Fee |
| AIB | 4.05% | £200 |
| HSBC UK | 4.16% | £649 |
| First Direct | 4.16% | £490 |
Meanwhile, if you’re buying a house and looking for the best first time buyer mortgage rates this month, here are the lowest mortgage rates if you’ve got a 10% deposit.
| Lender | Initial rate | Fee |
| Virgin Money | 4.85% | £995 |
| Coventry Building Society | 4.90% | £999 |
| The West Brom | 4.92% | £999 |
| Lender | Initial rate | Fee |
| Virgin Money | 4.43% | £995 |
| AIB | 4.53% | £200 |
| First Direct | 4.54% | £490 |
While if you’ve got a 5% deposit and you’re looking at the best first time buyer mortgage rates, here are the lowest rates on 2 and 5 year fixed rate mortgages.
| Lender | Initial rate | Fee |
| Clydesdale Bank | 5.20% | £1,162 |
| Halifax | 5.22% | £1,099 |
| Newcastle Building Society | 5.25% | £1,264 |
| Lender | Initial rate | Fee |
| Clydesdale Bank | 4.90% | £1,162 |
| Skipton Building Society for Intermediaries | 4.92% | £1,295 |
| Coventry Building Society | 4.95% | £999 |
The best rate on a 100% mortgage this month is Skipton Building Society’s Track Record 5 year fix at 5.29% – but it’s the only mortgage of its type available. For more details on how it works see our guide on 100% mortgages.
Get fee free mortgage advice from our partners at L&C. Use the online mortgage finder or speak to an advisor today.
If you’re looking at first time buyer mortgage rates, here are the best rates on offer this month if you’re looking for a variable rate mortgage.
When you’re looking for a first time buyer mortgage, the larger the deposit, the better the rate you can usually get. These are the best first time buyer mortgage rates this month if you have a 40% deposit.
| Lender | Initial rate | Fees |
| Leek Building Society | 4.74% (3.25% discount) Available up to 80% LTV | £995 |
| Furness Building Society | 4.84% (3.70% discount) Available up to 80% LTV | £1,019 |
| The Tipton | 4.99% (3.45% discount) Available up to 75% LTV | £1,249 |
| Lender | Initial rate | Fee |
| Barclays | 5.60% (Base +0.6%) | £999 |
| Hanley Economic | 5.79% (2.70% discount) | £0 |
| Earl Shilton | 5.89% (2.30% discount) Max LTV 75% | £1,350 |
If you’ve got a 25% deposit, here are the best first time buyer mortgage rates available this month if you’re looking for a 2 year variable rate mortgage or a 5 year variable rate mortgage.
| Lender | Initial rate | Fees |
| Leek Building Society | 4.74% (3.25% discount) Available up to 80% LTV | £995 |
| Furness Building Society | 4.84% (3.70% discount) Available up to 80% LTV | £1,019 |
| The Tipton | 4.99% (3.45% discount) Available up to 75% LTV | £1,249 |
| Lender | Initial rate | Fee |
| Earl Shilton | 4.99% (3.20% discount) | £1,350 |
| Earl Shilton | 5.89% (2.30% discount) | £1,350 |
| Earl Shilton | 5.94% (2.25% discount) Available up to 90% LTV | £999 |
While if you’ve got a 20% deposit and you’re looking for the best first time buyer mortgage rates, here are your options this month:
| Lender | Initial rate | Fees |
| Leek Building Society | 4.74% (3.25% discount) | £995 |
| Furness Building Society | 4.84% (3.70% discount) | £1,019 |
| Suffolk Building Society | 5% (3.44% discount) | £1,358 |
| Lender | Initial rate | Fee |
| Earl Shilton Building Society | 5.94% (2.25% discount) Available up to 90% LTV | £125 |
| Barclays | 6.00% (Base + 1.00%) Available up to 85% LTV | £999 |
| Earl Shilton Building Society | 6.34% (1.85% discount) Available up to 90% LTV | £1,014 |
If you’ve got a 15% deposit, here are the best first time buyer mortgage rates available this month if you’re looking for a 2 or 5 year variable rate mortgage.
| Lender | Initial rate | Fee |
| Furness Building Society | 5.24% (3.30% discount) Available up to 90% LTV | £749 |
| Hanley | 5.30% (3.19% discount) Available up to 90% LTV | -£250 |
| Halifax | 5.30% (Base + 0.30%) | £1,599 |
| Lender | Initial rate | Fee |
| Earl Shilton Building Society | 5.94% (2.25% discount) Available up to 90% LTV | £125 |
| Barclays | 6.00% (Base + 1.00%) | £999 |
| Earl Shilton Building Society | 6.34% (1.85% discount) Available up to 90% LTV | £1,014 |
Meanwhile, if you’re buying a house and looking for the best first time buyer mortgage rates this month, here are the lowest mortgage rates if you’ve got a 10% deposit.
| Lender | Initial rate | Fee |
| Furness Building Society | 5.24% (3.30% discount) | £749 |
| Hanley Economic Building Society | 5.30% (3.19% discount) | -£250 |
| Furness Building Society | 5.39% (3.15% discount for 2 years) | £-250 |
| Lender | Initial rate | Fee |
| Earl Shilton Building Society | 5.94% (2.25% discount) | £125 |
| Earl Shilton Building Society | 6.34% (1.85% discount) | £1,014 |
| Earl Shilton Building Society | 6.69% (1.50% discount) | £1,014 |
While if you’ve got a 5% deposit and you’re looking at the best first time buyer mortgage rates, here are the lowest rates on 2 and 5 year variable rate mortgages.
| Lender | Initial rate | Fee |
| Furness Building Society | 5.39% (3.15% discount) | £-250 |
| Hanley Economic Building Society | 5.59% (2.90% discount) | £-250 |
| Suffolk Building Society | 5.60% (2.84% discount) | £1,358 |
So what’s happening in the mortgage market in November 2024 for first time buyers? It has been a mixed bag for mortgage rates this month, with some rates on fixed deals being tweaked upwards, others nudging downwards and some others remaining the same.
But with experts predicting the cost of fixed rate mortgages is set to rise, it’s crucial to act fast in case the best rates disappear. Compare today’s best mortgage deals and speak to a fee free mortgage advisor today.
Get fee free mortgage advice from our partners at L&C. Use the online mortgage finder or speak to an advisor today.
When you take out a mortgage, you don’t just need to look at best first time buyer mortgage rates, you’ll need to decide which type of mortgage to choose too.
Just like with any mortgage, if you want the best first time buyer mortgage rates, having a bigger deposit usually helps. So while you’ll usually need at least a 5% deposit, although it is possible to get 1% deposit mortgages and 100% mortgages, the bigger your deposit, the better the rate you’re likely to get on a mortgage. According to Halifax, the average deposit first time buyers paid in 2023 was over £53,000. This is why so many first time buyers look for financial help – we have more about this later.
| Cost of property | Deposit % | How much deposit needed |
|---|---|---|
| £200,000 | 5% | £10,000 |
| £200,000 | 10% | £20,000 |
| £200,000 | 15% | £30,000 |
Take a look at today’s best rates from lenders and get an overview of mortgage options now
provided by L&C
| Provider | Rate (ARPC) | Type |
|---|---|---|
 | 3.98% (7.0%) | Fixed to 31/07/27 |
| 4.07% (7.0%) | Fixed to 31/07/27 |
 | 4.09% (6.4%) | Fixed to 02/08/27 |
 | 4.13% (6.6%) | Fixed for 2 years |
| 4.13% (7.0%) | Fixed to 31/07/27 |
provided by L&C
| Provider | Rate (ARPC) | Type |
|---|---|---|
 | 1.69% (8.8%) | Fixed for 2 years |
| 1.79% (8.8%) | Fixed for 2 years |
 | 2.67% (8.4%) | Fixed for 2 years |
| 2.81% (8.4%) | Fixed for 2 years |
| 2.93% (8.4%) | Fixed for 2 years |
Your home or property may be repossessed if you do not keep up the repayments on your mortgage.
A mortgage of £225,134 payable over 24 years, initially on a fixed rate until 30/09/26 at 4.88% and then on a variable rate of 6.99% for the remaining 22 years would require 26 payments of £1328.29 followed by 262 payments of £1,593.54. The total amount payable would be
£453,042 made up of the loan amount plus interest (£226,909) and fees (£999). The overall cost for comparison is 6.8% APRC representative.
If you’re buying a £200,000 property and you have a 10% deposit to put down and take out Virgin Money’s 2 year fixed rate mortgage at 4.85%, borrowing £180,000, over 25 years, your monthly repayments will be around £1,037 for the first 2 years.
The amount you’ll pay once the 2 year deal ends will depend on whether you roll onto the lender’s standard variable rate or you take out a new deal. Plus, it also has scheme fees of £995.
While if you’re looking for a variable rate mortgage for the same amount over 25 years and take out Furness Building Society’s 3.30% discount for 2 years which has an initial rate of 5.24%, your monthly payments will be around £1,078 (although this could increase or decrease during the initial term). Again, the amount you’ll pay once the 2 year deal ends will depend on whether you move to the lender’s standard variable rate or you take out a new deal. It has scheme fees of £749.
Here’s a selection of practical gadgets and tools to help keep things simple.
You’re typically a first time buyer if you’ve never owned a home previously, either in the UK or abroad.
Unless you’re lucky enough to have the cash to get on the property, getting a first time buyer mortgage will be essential to owning your own home. Here’s how to do it.
When you apply for a mortgage, the lender will check your credit report – so make sure you do it first. Ensure all the information in your credit reports is correct as any mistakes may harm your chances of your mortgage application being accepted. And do what you can to boost your credit score too. Your credit score will be one factor in whether you get access to the best first time buyer mortgage rates on the market. For more information, read our guide 11 Tips to improve your credit score for a mortgage.
If you’re a first time buyer, to get a mortgage to buy a house or a flat you’ll need a deposit. You’ll usually need at least a 5% deposit, although it is possible to get a mortgage with no deposit. But the bigger your deposit, the better the rate you’re likely to get on a mortgage. According to Halifax, the average deposit first time buyers paid in 2023 was over £53,000. This is why so many first time buyers look for financial help, often in the form of gifted deposits from family members, to help boost their savings and get a step on the property ladder.
Also, if you’re aged 18-39, check out Lifetime ISAs, these are for buying your first home or for your retirement. You can save up to £4,000 each tax year into your LISA and the government will give you a 25% bonus on your contributions, up to a maximum of £1,000 per year. They’re not right for everyone though, find out more in our guide on Best Lifetime ISAs
The next step is to find out how much you can borrow. Lenders will typically will lend 4.5 to 5.5 times your salary depending on your outgoings and credit history. But as well as strict loan-to-income limits, lenders will also ‘stress test’ your finances according to their risk appetite. So it’s essential that you’re fully informed and the quickest and easiest way to do this is to speak to a fee-free broker. They’ll cut through the jargon and explain everything you need to know – plus they’ll do the legwork and search for the best first time buyer mortgage rates for you too.
When buying your first home, there are a number of schemes that can help you get on the property ladder in 2024.
While you can’t make a full mortgage application until you’ve had an offer accepted on a property, it’s advisable to start your mortgage research as soon as possible. You’ll find out about the best first time buyer mortgage rates and find out what your budget is plus you’ll be able to get a Mortgage Agreement in Principle, also known as Decision in Principle. This is a statement from a lender saying the amount it would lend you ‘in principle’ based on information you have provided and they can be useful to show to estate agents when house-hunting.
And if you still need some more time to save up your deposit before you can buy your first home, speaking to an expert mortgage broker should help you understand how far off you are from being able to get on the property ladder.
The easiest way to find the best first time buyer mortgage rates and compare them is to speak to a fee-free mortgage broker. They’ll search the market for you and find you the best first time buyer mortgage. Compare today’s best mortgage deals and speak to a fee free mortgage advisor today.
Get fee free mortgage advice from our partners at L&C. Use the online mortgage finder or speak to an advisor today.
Your deposit is likely to be your biggest cost when buying a house but there are other costs you’ll need to budget for when you’re buying your first home such as conveyancing fees and getting a survey done. And depending on the value of the property you may need to pay first time buyer stamp duty too. For more information, read our guide on the Costs of buying a house.
When you take out a mortgage there are a number of mortgage fees you may need to pay such as an arrangement fee, a mortgage valuation fee, an exit fee and an early repayment charge. Find out more in our guide on Mortgage fees and costs.
This is a charge you pay if you repay all or part of your mortgage earlier than the agreed mortgage term. But not all mortgages have an early repayment charge. But if they do they can be hefty and they’re usually charged as a percentage of the loan. So, if you have a £100,000 mortgage with a 3% early repayment charge you’d pay £3,000. Find out more in our guide on Mortgage fees and costs.
When your fixed deal ends, unless you remortgage onto a new deal you will roll onto your lender’s standard variable rate which can be much more expensive. It’s a good idea to start looking at your remortgage options six months before your initial period ends. For a detailed look at what to do, read our guide on How to remortgage.
This will depend on the type of mortgage you have. If you’re on a tracker mortgage and the Bank of England increases interest rates, your repayments will increase. But if you’re on a fixed rate mortgage your repayments will stay the same until you reach the end of your initial period. Find out more in our guide on Mortgage rate predictions.
A ‘decision in principle’, ‘agreement in principle’, or ‘mortgage in principle’ are all terms that refer to much the same thing. It’s the amount a lender will lend you ‘in principle’ based on some basic information you provide. Find out more in our guide When do I need a mortgage in principle?
There can be more hoops to jump through if you’re looking for a self-employed mortgage but providing you meet the lender’s criteria then you can still get a mortgage. But whenever your situation is less than straight forward it’s always a good idea to speak to an expert about your options. They’ll find the best first time buyer mortgage rates available to you.
