If you’ve never owned a home before, you’re classed as a first time buyer. That means you may be eligible for mortgage products and schemes that are only available to buyers in your position.

For first time buyers in Lincoln, there’s a wide range of support available.

From specialist mortgage options to government incentives, taking your first step onto the property ladder could be more achievable than you think.

What Makes You a First Time Buyer?

To qualify as a first time buyer, you must not have previously owned a residential property in the UK or abroad. This includes property inherited, purchased jointly, or held in a previous relationship.

If you’re applying for a first time buyer mortgage in Lincoln, the lender will confirm that you meet these criteria during the application process.

If you’re buying with someone else, both applicants need to be first time buyers to qualify for certain benefits.

How Much Deposit Will You Need?

Most first time buyer mortgages start with a minimum deposit of 5%. So if you’re buying a £180,000 home in Lincoln, you’ll usually need at least £9,000 saved.

That said, there are ways to improve your options:

  • A 10% or 15% deposit can help unlock better interest rates
  • Some lenders accept gifted deposits from family
  • If you’ve used a Lifetime ISA, your savings will be boosted with a government bonus

Every lender has slightly different criteria, so the amount you’ll need depends on your income, credit history, and the property you’re buying.

What Are Your Mortgage Options?

There’s no single product for first time buyers. Depending on your circumstances, you might be eligible for fixed-rate mortgages, variable-rate mortgages, tracker products or even offset options.

A first time buyer mortgage in Lincoln should be tailored to your situation.

If you’re unsure where to start, it’s worth speaking to a mortgage advisor who can guide you through the process and find options that match your income and plans.

Are First Time Buyers in Lincoln Eligible for Schemes?

Several government schemes are designed to help first time buyers, including the Lifetime ISA, the Mortgage Guarantee Scheme, and Forces Help to Buy.

These can be used alongside your mortgage application to boost affordability or reduce upfront costs.

Not every lender accepts every scheme, so it’s important to check which ones apply to you.

How Do Lenders Assess First Time Buyers?

Whether you’re employed, self-employed, or have a mix of income types, lenders will look at your income, outgoings, existing debts and your credit history.

They’ll also want to see how long you’ve been in your current job and whether your income is stable. Even if you’ve had some credit issues in the past, you may still be eligible for a mortgage.

Some lenders offer products specifically for buyers with less-than-perfect credit, especially if there’s a strong deposit in place.

As a mortgage broker, we’ll look at your full picture before matching you with a lender. That helps avoid unnecessary applications and increases your chances of being approved first time.

How Can a Mortgage Broker Help?

Applying for your first mortgage can feel overwhelming, especially when you’re trying to understand the market on your own.

As a mortgage broker in Lincoln, we work closely with first time buyers in Lincoln every day.

We understand the common challenges and know which lenders are most likely to support different income types, deposit levels, or credit histories.

From checking your documents to explaining your mortgage options in plain terms, we’ll help you move forward confidently.

Whether you’re just starting to plan or you’re ready to get an agreement in principle, our advisors are here to support you through every stage.

Date Last Edited: 07/11/2025