Buying your first home?
Learn more about the processes involved in buying a house, and how we could help you on your journey.
Become a savvy first-time buyer
There’s nothing quite like the excitement of buying your first home, but the process can sometimes feel overwhelming.
From confusing mortgage jargon to daunting deposits, the journey to homeownership may seem like a distant dream.
This guide provides help and information on each step of the mortgage journey.
Become a savvy first-time buyer
There’s nothing quite like the excitement of buying your first home, but the process can sometimes feel overwhelming.
From confusing mortgage jargon to daunting deposits, the journey to homeownership may seem like a distant dream.
This guide provides help and information on each step of the mortgage journey.
How does the mortgage application work?
Applying for a mortgage might seem complicated but when broken down step by step, it's fairly straightforward.
Step 1: You'll need to assess your finances and determine how much you can borrow, taking into account your deposit amount, income and approximate property value.
Step 2: Meeting with one of our mortgage advisers to get a Decision in Principle. This will give you a clearer idea of how much you can borrow, so you can start looking at properties.
Step 3: Once you find a property, you’ll submit a mortgage application with a mortgage adviser. They'll explain the mortgage process and fees involved. More about this below.
View our detailed step-by-step guide, which tells you everything you need to know about buying your first home.
Your mortgage options
We know saving for a deposit is hard. At The Cambridge we offer a range of options to help you buy your first home:
- Shared Ownership – If you can’t afford a home outright, this scheme allows you to buy a percentage and pay rent on the remaining share. Over time, you can increase your ownership when it suits your budget. Learn more about shared ownership.
- 95% Mortgages – Struggling to save for a big deposit? Our 95% Loan-to-Value (LTV) mortgages let you buy a home with just a 5% deposit, making it easier to take that first step. Find out more.
- Joint Borrower Sole Proprietor - This allows you to use the income of up to four people to apply for a residential mortgage.
Your mortgage options
We know saving for a deposit is hard. At The Cambridge we offer a range of options to help you buy your first home:
- Shared Ownership – If you can’t afford a home outright, this scheme allows you to buy a percentage and pay rent on the remaining share. Over time, you can increase your ownership when it suits your budget. Learn more about shared ownership.
- 95% Mortgages – Struggling to save for a big deposit? Our 95% Loan-to-Value (LTV) mortgages let you buy a home with just a 5% deposit, making it easier to take that first step. Find out more.
- Joint Borrower Sole Proprietor - This allows you to use the income of up to four people to apply for a residential mortgage.
Costs to budget for when buying a house
- Saving for a deposit. The average deposit for first time buyers is 5%-10% of the property value.
- Various mortgage fees. This includes mortgage application fees, valuation and product fees. Along with legal or conveyancing fees, and Stamp Duty. Our mortgage fees are detailed on our mortgage product pages
- Home insurance
- Moving costs (i.e removal company/van hire)
- Furnishings and any home improvements
For more guidance on what to consider, check out our First-Time Buyers Guide.
Understanding common mortgage terms
Here are some of the most important mortgage terms to make the home-buying process less intimidating:
- Loan-to-Value (LTV) – The percentage of the property’s value that you’re borrowing. A lower LTV usually means better mortgage rates.
- Fixed rate mortgage – A mortgage where the interest rate is set for an agreed period of time (the Fixed Rate term).
- Variable rate mortgage – A mortgage with an interest rate that can change, meaning your payments may go up or down.
- Mortgage/Decision in Principle – A lender’s indication of how much they may lend you, based on a soft credit check and basic financial details. It’s not a guarantee but can give you a clear idea of your budget when house hunting.
- Conveyancing – The legal process of transferring home ownership from the seller to the buyer.
Understanding common mortgage terms
Here are some of the most important mortgage terms to make the home-buying process less intimidating:
- Loan-to-Value (LTV) – The percentage of the property’s value that you’re borrowing. A lower LTV usually means better mortgage rates.
- Fixed rate mortgage – A mortgage where the interest rate is set for an agreed period of time (the Fixed Rate term).
- Variable rate mortgage – A mortgage with an interest rate that can change, meaning your payments may go up or down.
- Mortgage/Decision in Principle – A lender’s indication of how much they may lend you, based on a soft credit check and basic financial details. It’s not a guarantee but can give you a clear idea of your budget when house hunting.
- Conveyancing – The legal process of transferring home ownership from the seller to the buyer.
Book a mortgage appointment
Ready to take the next step? We know that buying your first home is a big decision, and we’re here to support you at every stage.
Did you know we're award winners?
We've been named Best First-Time Buyer Mortgage Provider for a second consecutive year in 2025. 🏆
This win reflects our long-standing support, helping first-time buyers step onto the property ladder through our innovative and competitive products. We also manually underwrite each case to provide appropriate solutions that support first-time buyers, including low deposit and shared ownership mortgages.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE