First time buyers end up paying more for a mortgage than home movers. They are typically offered closer to 4% rather than the 1% deals one sometimes hears about. It is vital for first time buyers to build up a good credit history. perhaps with a credit card, and by never defaulting on other payments. It is also important to remember that it’s not only the size of the deposit that’s important but also the salary, especially for higher value properties. A Help to Buy loan could be useful in this regard by reducing the loan amount.

‘I’m a first time buyer with 7pc deposit. How can I get a mortgage?’ – Telegraph.co.uk