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Virgin Money First Time Buyer Mortgages

Best Mortgage Rates

I Want To Remortgage I Want To Buy

Virgin Money First Time Buyer Mortgages

    • 5.09% Initial
    • 5 year fixed
    • 7.5% APRC
    • Cashback Max £200
      Free Legals
      Free Valuation
    • Get quotes
    • 5.24% Initial
    • 5 year fixed
    • 7.6% APRC
    • Cashback Max £300
      Free Legals
      Free Valuation
    • Get quotes
    • 5.53% Initial
    • 2 year fixed
    • 8.5% APRC
    • Cashback Max £200
      Free Legals
      Free Valuation
    • Get quotes
    • 5.53% Initial
    • 5 year fixed
    • 7.7% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 5.61% Initial
    • 2 year fixed
    • 8.5% APRC
    • Cashback Max £300
      Free Legals
      Free Valuation
    • Get quotes
    • 6.09% Initial
    • 10 year fixed
    • 7.3% APRC
    • Cashback Max £300
      Free Legals
      Free Valuation
    • Get quotes

Representative example based on a fixed rate mortgage

A mortgage of £375,000 payable over 20 years initially on a fixed rate for 5 years at 4.38% and then at the standard variable rate of 7.65% for the remaining 15 years would require 60 monthly payments of £2,351.88 and then 180 monthly payments of £2,899.55.

The total amount payable would be £663,156.80 which includes interest and product fees of £1,124.

The overall cost for comparison is 6.5% APRC representative.

Early repayment charges may apply.

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What is a first time buyer mortgage?

First time buyer mortgages are aimed at people looking to buy their first home. They are designed to make it easier to get on the housing ladder for people who might otherwise be put off by the need to save a large deposit (amongst other things).

Many lenders offer mortgages specifically for first time buyers which can allow you to get a mortgage with a deposit of as little as 5% of the property’s value. Many normal mortgages require you to have a deposit of at least 10% or more, so this can make life much easier.

How to get a first time buyer mortgage

To qualify for a first time buyer mortgage you should not have previously owned your own home.  If you are buying with a partner and one of you has owned a property before, but the other hasn’t, you may still be able to qualify.

Most mortgage lenders now make their decisions based on affordability, rather than the traditional method of offering a multiple of your salary. This means they will look at both your income and your regular outgoings.

The UK government offers various options to help people get on the property ladder, including the Help to Buy: ISA which can boost your savings towards a deposit by 25%.

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Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

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