You’ve been saving hard. You’ve done your research. Now Cowens Mortgage Solutions can help you find the right lender to make your dream of owning a home a reality.
First Time Buyer Mortgages in Nottingham & Mansfield
Even though economic conditions may have left you wondering how to get onto the property ladder, with the right financial preparation and advice, First Time Buyers can still find a competitive mortgage deal.
As independent brokers we have access to a wide range of mortgage products across the market, including many not available on the high street.
Our friendly, expert advisers are on hand to clearly explain the options available, simplify the process and provide reassurance at every step to ensure that buying your first home is as smooth and stress-free as possible.
What offers are available to First Time Buyers?
Ask your Cowens adviser for more details about:
Your friend LISA
In 2017 the government introduced a bonus scheme which can be used to add to your savings. The Lifetime ISA is a tax-free savings or investment account, designed to help those aged 18-39 (at the time of opening) to buy their first home costing up to £450,000. You can pay up to £4,000 per year into a Lifetime ISA and the government will add a 25% bonus to your savings, up to a maximum of £1,000 per year.
Deposit Unlock
This is a brand new scheme in collaboration with selected lenders and the home-building industry. It enables first time buyers (and existing home owners) to purchase a new-build home with a 5% deposit/95% mortgage, making a new home more affordable whilst providing competitively priced mortgage products.
Shared ownership
In this case you buy at 25%-75% share in a property and pay discounted rent on the rest, so that your mortgage borrowing is much lower.
It is possible to buy more of your home by ‘staircasing’ – increasing your share by 10% increment. However properties are usually leasehold so you may have to pay a monthly service charge as well as contribute to maintenance costs.
Shared ownership schemes are provided by housing associations or private developers, with details, costs and restrictions varying by provider.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Get in touch with a friendly, expert Cowens adviser to find out more.
Frequently Asked Questions
What is the first step in buying a home?
The first step in buying a home is to assess your finances and understand how much you can afford to borrow. This usually means saving a deposit, checking your credit score, and speaking with a mortgage adviser to get an Agreement in Principle (AIP). Having an AIP gives you a clear idea of your budget and shows sellers you’re a serious buyer.
What are the key costs involved in buying a home?
When buying a home, the main costs to budget for include:
- Deposit – usually at least 5% of the property price.
- Mortgage fees – arrangement fees, booking fees, and valuation fees may apply.
- Solicitor or conveyancing fees – legal costs for handling the purchase.
- Survey costs – to check the property’s condition.
- Stamp Duty – depending on the property price (first time buyers may get relief on lower-value homes).
- Moving costs – such as removals, storage, or van hire.
- Insurance – buildings insurance is often required by lenders.
- Service charges or ground rent – if the property is leasehold.
Being aware of these costs early helps you plan your budget and avoid unexpected surprises.
What government schemes are available for first time buyers?
Popular schemes include the Lifetime ISA, Deposit Unlock, and Shared Ownership. Each option is designed to make buying your first home more affordable, either through government bonuses, low deposit mortgages, or part-buy, part-rent arrangements.
How much can I borrow as a first time buyer?
The amount you can borrow depends on your income, outgoings, credit history, and lender criteria. Typically, you can borrow on average around 4.5 times your annual income, but this varies and your adviser will discuss in more detail.
What documents do I need to apply for a mortgage?
You’ll usually need proof of ID, 3 months most recent pay slips, 3 months bank statements, Proof of deposit, proof of any other income and details of any existing credit commitments.
Self-employed buyers will need latest 2 years Tax Calculations and Tax Year overviews as standard.
Further documents may also be needed depending on your individual circumstances
What is the first step in buying a home?
The first step in buying a home is to assess your finances and understand how much you can afford to borrow. This usually means saving a deposit, checking your credit score, and speaking with a mortgage adviser to get an Agreement in Principle (AIP). Having an AIP gives you a clear idea of your budget and shows sellers you’re a serious buyer.
What are the key costs involved in buying a home?
When buying a home, the main costs to budget for include:
- Deposit – usually at least 5% of the property price.
- Mortgage fees – arrangement fees, booking fees, and valuation fees may apply.
- Solicitor or conveyancing fees – legal costs for handling the purchase.
- Survey costs – to check the property’s condition.
- Stamp Duty – depending on the property price (first time buyers may get relief on lower-value homes).
- Moving costs – such as removals, storage, or van hire.
- Insurance – buildings insurance is often required by lenders.
- Service charges or ground rent – if the property is leasehold.
Being aware of these costs early helps you plan your budget and avoid unexpected surprises.
What government schemes are available for first time buyers?
Popular schemes include the Lifetime ISA, Deposit Unlock, and Shared Ownership. Each option is designed to make buying your first home more affordable, either through government bonuses, low deposit mortgages, or part-buy, part-rent arrangements.
How much can I borrow as a first time buyer?
The amount you can borrow depends on your income, outgoings, credit history, and lender criteria. Typically, you can borrow on average around 4.5 times your annual income, but this varies and your adviser will discuss in more detail.
What documents do I need to apply for a mortgage?
You’ll usually need proof of ID, 3 months most recent pay slips, 3 months bank statements, Proof of deposit, proof of any other income and details of any existing credit commitments.
Self-employed buyers will need latest 2 years Tax Calculations and Tax Year overviews as standard.
Further documents may also be needed depending on your individual circumstances