Taking the First Step: Everything You Need to Know About Getting Your FirstMortgage

Ark Mortgages — Fri, 18 Apr 2025 13:25:54 GMT

Buying your first home is a major life milestone—and one of the most important financial decisions you’ll ever make. If you're preparing to take that step, understanding how a FirstMortgage works is essential. At Ark Mortgages, we’re here to simplify the process, so you can move forward with confidence.

What Is a FirstMortgage?

A FirstMortgage is the very first mortgage loan you take out to buy a property. It’s secured against your new home and typically repaid over 25 to 35 years. First-time buyers often have access to special products with lower deposit requirements or government support schemes to make buying more affordable.

What You Need to Qualify

Getting a FirstMortgage starts with preparation. Lenders will look at:

Your deposit – usually 5–10% of the purchase price.
Your income – including payslips, bank statements, or tax returns if you’re self-employed.
Credit score – a clean history gives you access to better rates.
Affordability – lenders calculate how much you can realistically borrow based on your expenses.

Having these in order helps speed up your application and increases your chances of getting approved.

Types of FirstMortgage Products

There are different mortgage types available for first-time buyers:

Fixed-rate mortgages – Your repayments stay the same for a set term, offering stability.
Tracker mortgages – These follow the Bank of England’s base rate and may go up or down.
Help to Buy & Shared Ownership schemes – Government-backed options designed to help first-time buyers get on the ladder with a smaller deposit.

At Ark Mortgages, we help you compare these options and choose one that fits your lifestyle and financial goals.

Why Choose Ark Mortgages?

We’re not just here to get you a mortgage—we’re here to help you understand it. Our experienced advisors work with a wide range of lenders to match you with the best possible FirstMortgage deals. We offer:

Honest, straightforward advice
Full support with paperwork and applications
Tailored solutions based on your financial situation

From your first consultation to the day you get your keys, our team is by your side.

Ready to Begin?

Whether you're already house hunting or just starting to save your deposit, now is a great time to speak with a mortgage advisor. The earlier you plan, the more confident and prepared you’ll feel when you find the right property.