Helpful advice to take your first step onto the property ladder

Buying your first home and arranging your first mortgage is an exciting and often life-changing moment, but it can also feel a little daunting when faced with the practicalities of getting on the property ladder. 

Whether you’re still in the early stages of planning or you’ve already started browsing potential properties, understanding your financial options is key. 

At Thomas Oliver, our mortgage brokers want to ensure first-time buyers feel informed, supported and confident every step of the way. That’s why we’ve created this guide to outline a few important considerations that could help you move closer to owning your first home.

Begin saving as early as you can – it really does help

One of the most effective ways to prepare for homeownership is to start saving as soon as possible. Even if a property purchase isn’t on the immediate horizon, building a mortgage deposit over time can make a big difference when the time comes. Not only does a larger deposit open the door to a wider range of mortgage products, but it can also potentially reduce the interest rate you’re offered. 

The sooner you begin setting aside money specifically for a mortgage deposit, the better positioned you’ll be to act when the right opportunity arises. Some buyers find it helpful to set up a dedicated savings account, while others may benefit from options such as the Lifetime ISA, which offers a government bonus of 25% on your contributions, though eligibility criteria and rules do apply.

Understanding low-deposit mortgage options

While traditional mortgage products may require a deposit of 10% or more, there are schemes and lenders who offer lower deposit options, including 5% deposit mortgages, particularly aimed at helping first-time buyers. 

These products are subject to specific lending criteria and affordability checks, so they’re not suitable for everyone, but they can provide a valuable route onto the ladder for those with a smaller savings pot. 

With this in mind, it’s always worth exploring the full range of options available and discussing your circumstances with one of our qualified mortgage advisers, who can help you assess which routes may be most appropriate for your situation.

Exploring shared ownership schemes

For many first-time buyers, shared ownership provides a more accessible way to buy a home. This government-backed scheme allows you to purchase a share of a property, typically between 25% and 75%, while paying rent on the remaining portion. Over time, you may have the option to increase your share through a process known as ‘staircasing’. 

Shared ownership can be a particularly useful route for those on moderate incomes, and it’s available on a range of new-build and resale homes. It’s important, however, to be fully aware of the ongoing costs involved, including rent, service charges and any maintenance fees, as these can affect its affordability.

Considering an income boost mortgage

If your current income means you’re struggling to borrow the amount you need for a home in your chosen area, you may want to explore ‘income boost’ mortgage products, often referred to as a Joint Borrower Sole Proprietor mortgage.

These allow family members, such as parents or close relatives, to contribute their income to your mortgage application, helping you to borrow more than you could on your own. Some lenders offer products that let a family member support you without being jointly named on the property or mortgage, which can be helpful if they are already homeowners themselves. 

As always, the decision to involve family members in your mortgage should be approached with care, transparency and a full understanding of the potential financial responsibilities involved.

Professional mortgages for certain occupations

If you’re working in a recognised profession such as teaching, law, medicine or accountancy, you may be eligible for a professional mortgage. These are specialist deals designed for individuals in careers that are considered to have long-term income stability, and in some cases they come with more flexible criteria or enhanced borrowing limits. 

While not every lender offers these deals, they can be a useful option for those in eligible roles, especially early in their career when earnings may be expected to grow significantly. It’s worth discussing with a mortgage adviser whether your profession might open doors to these types of offers.

Why professional advice makes all the difference

Navigating the mortgage market can be complex, especially for first-time buyers who are unfamiliar with the process. This is where the value of regulated financial advice becomes clear. 

A qualified mortgage adviser can provide tailored guidance based on your individual circumstances, helping you to understand which mortgage products may be most suitable and how much you could borrow responsibly. 

At Thomas Oliver, our advisers are experienced in helping first-time buyers and will take the time to explain each stage of the journey, from decision in principle through to mortgage offer and completion. Importantly, we work in line with Financial Conduct Authority (FCA) regulations, ensuring that the advice we give is always in your best interest and reflects the latest market developments.

Ready to take the first step? Nathan Hall, mortgage adviser in Southend, Essex explains:

“Buying your first home is a significant milestone, and having the right support in place can make a real difference. By understanding your options and taking practical steps early, you can feel empowered and positive about the journey ahead. If you’d like to speak to one of our expert advisers about your first home purchase, we’re here to help you every step of the way.”

---

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

An ISA is a medium to long term investment, which aims to increase the value of the money you invest for growth or income or both. The value of your investments and any income from them can fall as well as rise. You may not get back the amount you invested.

Approved by The Openwork Partnership on 24/06/2025.