Everything you need to know to take that first step onto the property ladder.

Buying your first home is a big milestone – and one of the most important parts of the process is figuring out how to get your first mortgage. Unless you’re lucky enough to buy a home outright, you’ll need a mortgage to finance your purchase. But with so many different deals and lenders to choose from, it’s not always easy to know where to start.

This guide will walk you through what a mortgage is, how to get your finances in order, and what to expect when you apply – with expert support available every step of the way.

 

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What is a mortgage?

A mortgage is a loan you take out to buy a home. You repay the loan in monthly instalments over an agreed period – usually 25 to 35 years – and the lender charges interest on the amount you borrow.

Most first-time buyers will take out a repayment mortgage, which means each monthly payment reduces your loan balance and covers some of the interest. If you make all your payments on time, you’ll own your home outright at the end of the term.

Want to understand your options? Read our guide to fixed vs variable rate mortgages.

What do I need to do before applying?

1. Save for your deposit

Your deposit is the amount you pay upfront towards the purchase price of your home. The bigger your deposit, the better the mortgage rates you’re likely to be offered. Most lenders ask for at least 5–10%, but 15–20% could open up more favourable deals.

You can explore more in our blog: How much deposit do I need to buy a house?

2. Check your affordability

Mortgage lenders will assess whether you can afford the repayments, based on your income and outgoings. You’ll need to provide:

  • Recent payslips and bank statements
  • Business accounts and tax returns (if you’re self-employed)
  • Information on regular expenses – from bills and subscriptions to childcare or loan repayments

It’s also wise to check your credit report and fix any errors, and if possible, pay down existing debts before you apply. Learn more in our guide to mortgage eligibility.

How much can I borrow?

Every lender has different criteria, but in general they’ll look at your income, your regular spending, and your credit history. They’ll also run an affordability assessment and a ‘stress test’, which checks whether you could still afford the mortgage if interest rates went up or your circumstances changed (for example, job loss or starting a family).

Not sure what your payments might look like? Read: How much is a £120,000 mortgage per month?

Should I use a mortgage broker?

Yes, especially when it’s your first mortgage. A mortgage broker can:

  • Help you understand how to get your first mortgage based on your personal situation
  • Access exclusive deals you won’t find directly with lenders
  • Guide you through the paperwork and application process
  • Help you avoid unnecessary rejections

The earlier you speak to a mortgage broker, the better. That way, you’ll know exactly how much you can borrow before you start booking viewings.

You can also check out how to find a mortgage broker.

OneDome is here to help

Choosing a mortgage is complex but OneDome is here to help. If you have any questions about the specifics of mortgages, the wider mortgage process or want tailored advice on the different types of mortgages that suit your situation you can:

Important: Your home may be repossessed if you do not keep up repayments on your mortgage.