At First-Time Buyer Mortgage, we provide personalised mortgage advice and broker services for first-time buyers in Hexham NE46 3.

A first-time buyer mortgage refers to a loan designed for individuals purchasing their first property, offering features like lower deposits and access to government support schemes.

Since the buying process can be complex and competitive, we guide you through every stage to help you secure the right mortgage with confidence.

One step closer to your keys – get a quote for your first-time buyer mortgage today

What Is A First-Time Buyer Mortgage?

A first-time buyer mortgage refers to a mortgage product designed specifically for individuals purchasing their first property.

These products often include features such as lower deposit requirements, access to government schemes, and support with application processes.

As first-time buyers usually have no property to sell and limited credit history, these tailored mortgages help make home ownership more accessible.

How Much Does A First-Time Buyer Mortgage in Hexham Cost?

The cost of a first-time buyer mortgage in Hexham is between £600 to £1,200 per month.

The cost depends on the loan size, interest rate, and term length.

The cost depends on how much you borrow, your deposit amount, the lender’s rate, and whether the mortgage is fixed or variable.

Since every buyer’s circumstances are different, personalised advice helps you understand what your monthly payments will look like before you apply.

How Much Can A First-Time Buyer Borrow?

The amount a first-time buyer in Hexham can borrow depends on income, credit history, deposit size, and current financial commitments.

Lenders typically offer loans up to 4.5 times your annual income, although some schemes and lenders may allow more under certain conditions.

As affordability rules vary between lenders, speaking with a broker ensures your borrowing potential is matched to the right provider.

How Much Deposit Do You Need As A First-Time Buyer?

Most first-time buyers in Hexham need a minimum 5% deposit based on the property’s value, though a larger deposit often unlocks better rates.

For example, a £200,000 property would typically require a £10,000 deposit under a 95% loan-to-value (LTV) mortgage.

Since a higher deposit lowers lender risk, it can also reduce your monthly repayments and improve your chances of approval.

What Are The Benefits Of A First-Time Buyer Mortgage?

A first-time buyer mortgage makes home ownership more accessible, affordable, and achievable.

Key benefits of a first time buyer mortgage in Northumberland include:

• Lower deposit requirements compared to standard mortgages
• Access to government-backed schemes like Shared Ownership or First Homes
• Specialist lender options for buyers with limited credit history
• Step-by-step support throughout the application and approval process
• Competitive rates tailored to first-time buyer circumstances
• Reduced arrangement fees or incentives such as cashback or free valuations
• Guidance on budgeting, affordability, and documentation requirements
• Increased approval chances through broker-matched applications
• Helps establish a positive credit record through responsible repayment
• Builds long-term financial stability through property ownership

What Government Schemes Are Available?

There are several schemes available to support first-time buyers, including Help to Buy (for existing agreements), Shared Ownership, and the First Homes scheme in Hexham.

These initiatives reduce the deposit needed or allow you to buy a share of the property while paying rent on the rest.

As eligibility criteria differ for each scheme, our advisors help you find the one that aligns with your income, location, and property goals.

How Long Does Mortgage Approval Take?

The mortgage approval process takes between 2 and 6 weeks.

Turnaround time depends on the lender and how quickly documents are provided.

This includes the time taken for the application review, credit checks, property valuation, and final decision.

Since delays often occur due to missing information, working with a broker can streamline the process and help avoid setbacks.

Can You Get A Mortgage With A Low Credit Score?

First-time buyers in Hexham with low or limited credit scores may still be eligible for a mortgage through specialist lenders.

These lenders assess affordability more flexibly and may accept applications with missed payments, defaults, or thin credit histories.

As credit issues don’t automatically disqualify you, working with a broker ensures you’re matched with a lender who can consider your full financial profile.

Do You Need To Use A Mortgage Broker?

Using a mortgage broker is optional but can significantly improve your chances of finding the right deal.

Brokers have access to a wider range of products—including those not available directly to the public—and help match you to lenders that suit your financial position.

Since buying your first home involves multiple steps, a broker can simplify the process and ensure nothing is missed.

What Documents Will You Need?

To apply for a first-time buyer mortgage, you’ll typically need proof of identity, income, address history, and bank statements.

This includes documents such as payslips, P60s, utility bills, photo ID, and proof of deposit.

Lenders in Hexham require detailed financial information to assess affordability, this means clients should provide accurate paperwork upfront to prevent delays.

Can You Get A Mortgage While On A Fixed-Term Or Zero-Hour Contract?

Mortgages are available to buyers on fixed-term, freelance, or zero-hour contracts, though additional documentation may be required.

Lenders will look for consistent income history, typically over a 12-month period, and may request multiple payslips or contracts.

Since employment type affects risk assessment, it’s important to apply through lenders who are experienced with non-standard income.

Do You Need A Mortgage In Principle Before House Hunting?

A mortgage in principle (MIP) is highly recommended before viewing or offering on properties.

It gives you a clear idea of what you can afford and signals to estate agents and sellers that you’re a serious buyer.

As most offers are considered more credible with an MIP, securing one early can strengthen your position in a competitive market.

Are There Any Hidden Costs When Buying Your First Home?

The total cost of buying your first home in Hexham includes more than just the deposit and monthly repayments.

Additional expenses may include valuation fees, legal fees, stamp duty (if applicable), mortgage arrangement fees, and moving costs.

Since these charges can add up quickly, we help you budget for the full cost of purchase—not just the mortgage itself.

Can Self-Employed First-Time Buyers Get A Mortgage?

Self-employed buyers can get a mortgage, though they may need to provide more detailed financial records, such as tax returns and business accounts.

Most lenders require proof of income over at least 2 years, and may assess earnings using an average or most recent figure.

As self-employment can vary year to year, working with a broker helps match you to lenders that specialise in complex income types.

Can You Apply For A Joint Mortgage As A First-Time Buyer?

First-time buyers in Hexham can apply for a joint mortgage, often combining incomes to increase the total borrowing limit.

If both applicants are first-time buyers, you may still qualify for first-time buyer benefits like reduced stamp duty or scheme eligibility.

Since joint applications affect affordability, eligibility, and legal ownership, we guide you through the process to protect all parties involved.

How Do I Get A Quote?

Your mortgage journey starts with a short, secure online enquiry.

Once we understand your income, deposit, and goals, we’ll provide tailored product recommendations along with clear cost comparisons.

Since every buyer’s circumstances are different, this approach ensures you receive advice that’s personalised and lender-ready.

Make sure you contact us today for professional mortgage broker services in North East.

Here are some towns we cover near Hexham NE46 3

Prudhoe, Barking

For more information on how to get a first time buyer mortgage in Hexham NE46 3, fill in the contact form below to receive a free quote today.