If you’ve never owned a home before, you’ll be classed as a first time buyer in Durham.

This applies whether you’ve previously rented, lived with family, or simply never been on the mortgage or land registry.

First time buyers often have access to exclusive deals that aren’t open to current homeowners, which can be a helpful step onto the property ladder.

At Durhammoneyman, we support buyers across Durham who are starting this journey for the first time.

What Mortgage Options Are Available for First Time Buyers?

There are several mortgage types available when you’re buying your first home in Durham. The most common include:

  • Fixed rate mortgages, where your monthly payments stay the same for an agreed period
  • Variable rate mortgages, where the interest rate can change, affecting your repayments
  • Tracker mortgages, which follow the Bank of England base rate

Some lenders offer first time buyer mortgages in Durham with added incentives like cashback or reduced fees.

You might also be offered more flexibility around deposits or income sources, depending on the lender’s criteria.

Choosing between different products can be confusing at first, especially when rates and features vary. That’s where speaking to a mortgage broker in Durham can help break it down.

How Much Deposit Will You Need?

Lenders normally ask for a deposit of at least 5 percent, though putting down more often leads to better rates. For example:

  • A 5% deposit gives access to basic first time buyer mortgages
  • A 10% deposit opens up a wider range of products
  • A 15% or 20% deposit usually leads to lower interest rates and more lender choice

Plenty of first time buyers in Durham use a Lifetime ISA or receive a gifted deposit from family to help meet these thresholds. If your savings are nearly there, these options could make a big difference.

What Do Lenders Look For?

Before offering a mortgage, lenders carry out an affordability check. This involves reviewing:

  • Your income (employment, self-employment, benefits or pensions)
  • Your regular outgoings (such as rent, credit cards, car finance, childcare, and bills)
  • Your credit score and history
  • The stability of your employment or earnings

Having a perfect credit score isn’t essential. There are lenders who consider first time buyer mortgages in Durham for people with missed payments or limited credit history.

The key is finding the right lender for your situation.

Why First Time Buyers in Durham Often Have an Advantage

Not being part of a chain makes your position more appealing to sellers, as your purchase isn’t dependent on someone else selling their property.

This can help your offer stand out in a competitive market.

Schemes like Shared Ownership, Forces Help to Buy, and the First Homes scheme are also worth exploring.

They’re designed to support buyers who need help with deposits or want a more affordable way onto the property ladder.

Why It Helps to Speak to Our Mortgage Advisors in Durham

Buying your first home can feel like a lot to take in. From working out how much you can afford to understanding what lenders expect, getting professional advice can make a real difference.

Our mortgage advisors in Durham will walk you through the process, help you compare deals, and take care of the application on your behalf.

If you’re starting to explore first time buyer mortgages in Durham, we’re here to help you get it right from day one.

Date Last Edited: November 10, 2025