Precision Utility
First-Time Buyer
Mortgage Calculator
FTB Avg Rate
4.49%
FTB Avg Price
£225k
Work out your monthly mortgage repayments as a first-time buyer. Enter your property price, deposit, interest rate and term to see your monthly payment, total interest, stamp duty relief, upfront costs and loan-to-value ratio. Built specifically for UK first-time buyers with automatic FTB stamp duty calculations.
Loan Parameters
£25,000 deposit
Estimated Monthly Payment
£1,253.34
Loan Amount
£225,000
Total Interest
£151,003
Stamp Duty (FTB)
£0
Total Upfront Cost
£25,000
Total Cost
£376,003
Loan-to-Value
90.0%
How the first-time buyer mortgage calculator works
Start by entering the property price you're looking at. Use the deposit slider to set the percentage you plan to put down — most first-time buyers start at 5–10%, though a larger deposit means better rates and lower monthly payments.
Set the interest rate offered by your lender and choose your mortgage term. The calculator instantly works out your monthly repayment, total interest over the full term and your loan-to-value ratio.
It also calculates your first-time buyer stamp duty automatically. Properties up to £300,000 are stamp duty free for first-time buyers. Between £300,000 and £500,000 you pay 5% on the portion above £300,000. If the property costs more than £500,000, standard SDLT rates apply.
The total upfront cost combines your deposit and stamp duty, so you can see exactly how much cash you need to complete the purchase.
What first-time buyers need to know
Buying your first home is one of the biggest financial decisions you'll make. Understanding the costs involved and what lenders look for will help you prepare properly.
Key points for first-time buyers in 2026:
- Most lenders require a minimum 5% deposit, but 10–15% unlocks significantly better interest rates
- Lenders typically offer 4–4.5 times your annual salary, with affordability checks using a stressed rate
- First-time buyers pay no stamp duty on properties up to £300,000
- The Lifetime ISA gives a 25% government bonus (up to £1,000 per year) toward your first home
- Shared ownership lets you buy a 25–75% share and pay rent on the rest
- A mortgage in principle shows sellers you're a serious buyer — get one before house hunting
Remember to budget for additional costs beyond the deposit: solicitor fees, surveys, moving costs and any immediate repairs or furnishing. A common rule of thumb is to set aside an extra £3,000–£5,000 for these expenses.
Frequently asked questions
What is the minimum deposit for a first-time buyer in the UK?
Most UK lenders require a minimum 5% deposit for first-time buyers. However, putting down 10–15% will give you access to significantly better interest rates and lower monthly repayments. A few lenders offer 100% mortgages with a guarantor, but these are rare.
What is Help to Buy and is it still available?
The Help to Buy equity loan scheme closed to new applicants in March 2023. However, first-time buyers can still benefit from the Lifetime ISA (earning a 25% government bonus up to £1,000 per year) and shared ownership schemes to help get on the property ladder.
How does shared ownership work for first-time buyers?
Shared ownership lets you buy a share of a property (typically 25–75%) and pay rent on the rest. You only need a mortgage and deposit for your share, making it more affordable. Over time you can staircase — buying additional shares until you own the property outright.
What is a guarantor mortgage and how does it help first-time buyers?
A guarantor mortgage uses a family member's savings or property as additional security. This can help first-time buyers with a small deposit or lower income get approved. If you miss payments, the guarantor becomes liable, so both parties should consider the risks carefully.
How much can I borrow as a first-time buyer?
UK lenders typically offer 4 to 4.5 times your annual salary, though some may stretch to 5 or 5.5 times for higher earners. Affordability checks also factor in your outgoings, debts, credit score and the stressed interest rate (usually 3% above the product rate).
What are the best mortgage rates for first-time buyers?
First-time buyer mortgage rates depend on your deposit size, credit history and the type of deal. As of 2026, competitive 2-year fixed rates start around 4–4.5% at 90% LTV, with better rates available at 85% LTV and below. Using a mortgage broker can help you find the best deal for your circumstances.