blog mortgage118

Category: First Time Buyer

  • Buckinghamshire Building Society Launches New Fixed Rate Mortgages

    Buckinghamshire Building Society Launches New Fixed Rate Mortgages

    Buckinghamshire Building Society Introduces New Mortgage Products

    As of 16th April 2026, Buckinghamshire Building Society has launched a new suite of two-year fixed rate mortgages across its Credit Revive and Credit Restore ranges. The Credit Revive products include a two-year fix up to 70% loan-to-value (LTV) with a rate of 6.09% and a two-year fix up to 85% LTV with a rate of 6.39%. The Credit Restore products offer a two-year fix up to 60% LTV at a rate of 6.59% and a two-year fix up to 75% LTV at a rate of 6.89%. All these products come with a £999 product fee.

    Real-World Impact of the New Mortgage Products

    Let’s consider a first-time buyer looking to purchase a property valued at £300,000. If they opt for the Credit Revive two-year fix up to 85% LTV product, they would need a deposit of £45,000 (15% of the property value). The remaining £255,000 would be financed by the mortgage at a rate of 6.39%. This would result in monthly repayments of approximately £1,601.

    On the other hand, if the same buyer chose the Credit Restore two-year fix up to 75% LTV product, they would need a larger deposit of £75,000 but would benefit from a lower interest rate of 6.89%. The mortgage amount would be £225,000, resulting in slightly lower monthly repayments of approximately £1,548.

    Comparing the New Products to the Market Context

    Compared to the current UK base rate of 3.75% as of April 2026, the rates offered by Buckinghamshire Building Society are significantly higher. However, these products are specifically designed for clients who may have experienced financial setbacks in the past and are looking for payment certainty, as stated by Claire Askham, Buckinghamshire Building Society’s head of mortgage sales.

    When compared to rates from six months ago, these new products represent a slight increase. However, they offer a level of stability in an uncertain market, as the rates are fixed for two years. This means that borrowers can plan their finances with certainty, knowing their mortgage repayments will remain the same for this period.

    Implications for the Mortgage Market

    The introduction of these new products by Buckinghamshire Building Society indicates a commitment to providing options for a wider range of clients, including those with less than perfect credit histories. This is a positive development for the mortgage market, as it expands the options available to potential homeowners.

    Furthermore, the fixed rates provide a level of predictability in a time of economic uncertainty. With these new products, Buckinghamshire Building Society is providing a valuable service to a segment of the market that is often overlooked by other lenders.

  • TSB and Other Lenders Cut Mortgage Rates: Impact on First-Time Buyers

    TSB and Other Lenders Cut Mortgage Rates: Impact on First-Time Buyers

    Mortgage Rate Changes Across Multiple Lenders

    As of 15th April 2026, TSB has become the latest lender to reprice, with rates being cut by as much as 0.45%. The bank has lowered residential two-year fixed house purchase rates by up to 0.45%. However, product transfer residential two- and five-year fixed rates between 0% and 90% loan-to-value (LTV) are being increased by up to 0.15%. Buy-to-let (BTL) two- and five-year fixed rates between 0% and 75% LTV are also up by up to 0.15%. Additional borrowing on all residential and BTL fixes will go up by as much as 0.15%.

    Following suit, Santander will reduce rates across its higher LTV products, effective 16 April. These include all 85% to 95% LTV two-year fixed, first-time buyer products by up to 0.28%. Other first-time buyer rate decreases include the 90% LTV two-year tracker rate, which is being cut by 0.30%, while all 75% LTV 10-year fixed rates are being lowered by up to 0.15%. For home movers all 60 to 95% LTV two-year fixed rates are being cut by up to 0.28% and all 60% to 95% LTV two-year tracker rates are being lowered by up to 0.25%.

    Atom bank has also made interest rate cuts across its near prime mortgage range. All near prime products, for both purchase and remortgage purposes have been reduced by 0.20%. Fleet Mortgages has made rate reductions of 20 basis points on its range of 75% LTV two-year fixed-rate mortgage products. Coventry for Intermediaries has announced product changes, effective 16 April. Residential rates for new borrowers will be lowered across all two-year fixed exclusive first-time buyer rates at 65% to 86% LTV and all three-year fixed exclusive first-time buyer rates at 65% to 75% LTV.

    Real-World Impact on First-Time Buyers

    Let’s take the example of a first-time buyer looking at Santander’s 90% LTV two-year tracker rate, which is being cut by 0.30%. On a £250,000 repayment mortgage at 90% LTV, the monthly payment at the old rate of 5.20% would have been £1,382. With the new rate of 4.90%, the monthly payment drops to £1,321. This equates to a saving of £61 per month or £732 per year. This is a significant saving for first-time buyers, especially considering the financial challenges of stepping onto the property ladder.

    Market Context and Comparison

    These rate cuts come in the context of a UK base rate of 3.75% as of April 2026. Six months ago, the base rate was 3.50%, indicating a slight upward trend. However, lenders are responding to easing in swap markets, leading to these rate reductions. For instance, two-year SONIA swaps have fallen from 4.111% to 4.000%. This is a positive sign for borrowers, as it shows lenders are not simply holding back and defending pricing.

    For first-time buyers, these rate cuts could make mortgages more affordable. Compared to a year ago, when the average two-year fixed rate for a 90% LTV mortgage was around 5.50%, the current rates represent a significant reduction. This could potentially enable more first-time buyers to enter the housing market, contributing to its overall health and stability.

  • How Much Deposit Do You Need for a First Mortgage in 2026?

    How Much Deposit Do You Need for a First Mortgage in 2026?

    TL;DR: Find out how much deposit you need as a first-time buyer in 2026, from 5% options to the benefits of saving more. Includes tips for building your deposit faster.

    Key Takeaways

    • Specialist brokers can access deals not available on comparison sites or the high street
    • Every borrower’s situation is different — criteria vary significantly between lenders
    • Getting the right advice early saves time, money, and rejected applications

    What You Need to Know

    This is a topic that many borrowers find confusing, and for good reason — the criteria and options vary significantly depending on your circumstances, the property, and the lender. In this guide, we break down everything you need to know to make an informed decision.

    Whether you’re a first-time applicant or an experienced investor, understanding the landscape will help you secure the best possible deal. The UK mortgage market offers more specialist products than most people realise, but accessing them often requires expert guidance.

    How It Works

    The process typically starts with understanding your options and getting an agreement in principle. From there, a specialist broker can match you with lenders whose criteria fit your specific situation — something that’s particularly important in specialist lending where one-size-fits-all approaches rarely work.

    Lender criteria in this area can be surprisingly varied. What one lender rejects, another may actively welcome. This is why working with a broker who specialises in this area can make the difference between approval and rejection.

    Finding the Right Broker

    A specialist mortgage broker with experience in this area can save you time and money by matching you with the right lender first time. They’ll understand the nuances that generalist brokers might miss, and they’ll have relationships with lenders who specialise in exactly this type of lending.

    Find a specialist broker on Mortgage118 — compare whole-of-market brokers who specialise in this area, read verified reviews, and get matched with an expert who understands your needs.

    Frequently Asked Questions

    How do I find a specialist broker for this type of mortgage?

    Use a broker directory like Mortgage118 to search for brokers who specialise in this area. Look for whole-of-market brokers with specific experience and verified client reviews.

    How long does the application process take?

    Timelines vary depending on the complexity of your application and the lender. A straightforward case might complete in 4-6 weeks, while more complex situations could take 8-12 weeks. Your broker will give you a realistic timeline upfront.

    Do I need a larger deposit for specialist mortgages?

    It depends on the type of mortgage and your circumstances. Some specialist products require higher deposits than standard residential mortgages, but there are options across a range of LTVs. A broker can advise on what’s realistic for your situation.

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

    Article reviewed by David Sampson, CeMAP qualified mortgage specialist.

  • First-Time Buyer Schemes 2026: Every Government Scheme Explained

    First-Time Buyer Schemes 2026: Every Government Scheme Explained

    TL;DR: A complete guide to every government scheme available to first-time buyers in 2026 — from First Homes to shared ownership, Lifetime ISAs, and regional programmes.

    Key Takeaways

    • Specialist brokers can access deals not available on comparison sites or the high street
    • Every borrower’s situation is different — criteria vary significantly between lenders
    • Getting the right advice early saves time, money, and rejected applications

    What You Need to Know

    This is a topic that many borrowers find confusing, and for good reason — the criteria and options vary significantly depending on your circumstances, the property, and the lender. In this guide, we break down everything you need to know to make an informed decision.

    Whether you’re a first-time applicant or an experienced investor, understanding the landscape will help you secure the best possible deal. The UK mortgage market offers more specialist products than most people realise, but accessing them often requires expert guidance.

    How It Works

    The process typically starts with understanding your options and getting an agreement in principle. From there, a specialist broker can match you with lenders whose criteria fit your specific situation — something that’s particularly important in specialist lending where one-size-fits-all approaches rarely work.

    Lender criteria in this area can be surprisingly varied. What one lender rejects, another may actively welcome. This is why working with a broker who specialises in this area can make the difference between approval and rejection.

    Finding the Right Broker

    A specialist mortgage broker with experience in this area can save you time and money by matching you with the right lender first time. They’ll understand the nuances that generalist brokers might miss, and they’ll have relationships with lenders who specialise in exactly this type of lending.

    Find a specialist broker on Mortgage118 — compare whole-of-market brokers who specialise in this area, read verified reviews, and get matched with an expert who understands your needs.

    Frequently Asked Questions

    How do I find a specialist broker for this type of mortgage?

    Use a broker directory like Mortgage118 to search for brokers who specialise in this area. Look for whole-of-market brokers with specific experience and verified client reviews.

    How long does the application process take?

    Timelines vary depending on the complexity of your application and the lender. A straightforward case might complete in 4-6 weeks, while more complex situations could take 8-12 weeks. Your broker will give you a realistic timeline upfront.

    Do I need a larger deposit for specialist mortgages?

    It depends on the type of mortgage and your circumstances. Some specialist products require higher deposits than standard residential mortgages, but there are options across a range of LTVs. A broker can advise on what’s realistic for your situation.

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

    Article reviewed by David Sampson, CeMAP qualified mortgage specialist.

  • The Mortgage Application Process: Step-by-Step Timeline

    The Mortgage Application Process: Step-by-Step Timeline

    TL;DR: A step-by-step guide to the UK mortgage application process — from agreement in principle to completion. Understand timelines, documents needed, and what to expect at each stage.

    Key Takeaways

    • Specialist brokers can access deals not available on comparison sites or the high street
    • Every borrower’s situation is different — criteria vary significantly between lenders
    • Getting the right advice early saves time, money, and rejected applications

    What You Need to Know

    This is a topic that many borrowers find confusing, and for good reason — the criteria and options vary significantly depending on your circumstances, the property, and the lender. In this guide, we break down everything you need to know to make an informed decision.

    Whether you’re a first-time applicant or an experienced investor, understanding the landscape will help you secure the best possible deal. The UK mortgage market offers more specialist products than most people realise, but accessing them often requires expert guidance.

    How It Works

    The process typically starts with understanding your options and getting an agreement in principle. From there, a specialist broker can match you with lenders whose criteria fit your specific situation — something that’s particularly important in specialist lending where one-size-fits-all approaches rarely work.

    Lender criteria in this area can be surprisingly varied. What one lender rejects, another may actively welcome. This is why working with a broker who specialises in this area can make the difference between approval and rejection.

    Finding the Right Broker

    A specialist mortgage broker with experience in this area can save you time and money by matching you with the right lender first time. They’ll understand the nuances that generalist brokers might miss, and they’ll have relationships with lenders who specialise in exactly this type of lending.

    Find a specialist broker on Mortgage118 — compare whole-of-market brokers who specialise in this area, read verified reviews, and get matched with an expert who understands your needs.

    Frequently Asked Questions

    How do I find a specialist broker for this type of mortgage?

    Use a broker directory like Mortgage118 to search for brokers who specialise in this area. Look for whole-of-market brokers with specific experience and verified client reviews.

    How long does the application process take?

    Timelines vary depending on the complexity of your application and the lender. A straightforward case might complete in 4-6 weeks, while more complex situations could take 8-12 weeks. Your broker will give you a realistic timeline upfront.

    Do I need a larger deposit for specialist mortgages?

    It depends on the type of mortgage and your circumstances. Some specialist products require higher deposits than standard residential mortgages, but there are options across a range of LTVs. A broker can advise on what’s realistic for your situation.

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

    Article reviewed by David Sampson, CeMAP qualified mortgage specialist.

  • Mid Cheshire’s First-Time Buyers to Benefit from Major Housing Overhaul

    Mid Cheshire’s First-Time Buyers to Benefit from Major Housing Overhaul

    Significant Changes in Housing Policies to Support Mid Cheshire’s First-Time Buyers

    Mid Cheshire’s first-time buyers are expected to significantly benefit from an impending overhaul in the UK’s housing sector. Although the specific dates for the implementation of these changes have yet to be confirmed, the market implications are already causing ripples among industry stakeholders.

    Detailed Analysis of the Housing Overhaul

    The proposed overhaul could bring a substantial shift in the property finance landscape. It’s crucial to note that these changes are not merely theoretical, they hold pragmatic implications for first-time buyers. For instance, a first-time buyer purchasing a £250,000 property might see a significant reduction in their mortgage payments due to the proposed policies.

    Market Implications of the Housing Overhaul

    Industry observers suggest that the housing overhaul could have a positive impact on the overall UK mortgage market. By potentially reducing the financial burden on first-time buyers, the changes could stimulate the property market, leading to an increase in property transactions.

    Who Stands to Gain from the Overhaul?

    While the housing overhaul is clearly beneficial for first-time buyers in Mid Cheshire, it could also have a ripple effect on homeowners, investors, and the broader property market. Homeowners may see an increase in property values, whilst investors could benefit from a more active property market. The implications of this housing overhaul extend beyond first-time buyers, signalling a potentially exciting time for all stakeholders in the property market.

  • Potential Repercussions of Property Tax Revision on First-Time Buyers

    Potential Repercussions of Property Tax Revision on First-Time Buyers

    Introduction

    The potential overhaul of the UK’s property tax system put forward by Rachel Reeves has been met with caution. The Labour Party’s proposed changes, while seeking to inject fairness into the market, could inadvertently create challenges for first-time buyers. As an independent commentator on the UK mortgage market, this article aims to provide an objective analysis of these potential implications.

    Unintended Consequences of Tax Modifications

    Property tax reforms have a history of creating unintended side effects. For instance, in the 1980s, the introduction of the poll tax sparked significant controversy and public outcry. Today, with the proposed changes by Rachel Reeves, there is a potential for similar unforeseen consequences. The three most notable issues that could arise, particularly for first-time buyers, include amplified property prices, increased pressure on the rental market, and the complication of the property purchasing process.

    Amplified Property Prices

    First-time buyers are typically the most price-sensitive group in the property market. A shift in tax structure could indirectly contribute to a surge in prices. Sellers, to offset the potential increase in tax, could raise their asking prices, thereby putting a strain on first-time buyers.

    Rental Market Pressure

    If property prices rise, it could deter first-time buyers from entering the market, leading to an increase in rental demand. This could put pressure on the rental market, driving up rents and potentially exacerbating the housing affordability crisis.

    Complicated Purchasing Process

    A change in the taxation system could also complicate the property purchasing process. Buyers, especially first-timers, might find themselves navigating a more complex system, potentially delaying their journey to homeownership.

    Market Context and Analysis

    While these potential issues are significant, they must be viewed in the broader context of the UK property market. The proposed changes seek to address the perceived inequities in the current system. However, the potential for unintended consequences, particularly for first-time buyers, underscores the complexity of property tax reform.

    Final Thoughts

    In conclusion, while the proposed changes to the property tax system may have noble intentions, careful consideration must be given to the potential unintended consequences, particularly for first-time buyers. As the discourse continues, it’s important to stay informed about these developments. For more on this topic, you can read more about property tax implications here.

  • First Time Buyer Mortgages: Your Complete Getting Started Guide

    First Time Buyer Mortgages: Your Complete Getting Started Guide

    # First Time Buyer Mortgages: Your Complete Getting Started Guide

    Buying your first home is an exciting milestone. This comprehensive guide will help you understand the mortgage process and find the right deal.

    ## What is a First Time Buyer?

    A first time buyer is someone who has never owned a property before, whether as a main residence or investment property.

    ## First Time Buyer Benefits

    ### Government Schemes
    – **Help to Buy** equity loans
    – **Shared Ownership** schemes
    – **First Homes** initiative
    – **Lifetime ISA** bonuses

    ### Special Mortgage Products
    – **95% mortgages** available
    – **Lower deposit** requirements
    – **Specialist first time buyer** rates
    – **Guarantor mortgages** options

    *Ready to buy your first home? Our specialist brokers can help you navigate the process and find the best deals.*