Loans for first-time home buyers no credit history

What is a first-time home buyer loan?

A first-time home loan is a mortgage or financial assistance scheme specifically designed to help people buy their first property. That is, the programs of banks and financial companies are designed specifically for those who buy an apartment, building, or other real estate for the first time. That is why lenders offer special conditions to help and encourage buyers. Let's consider them in more detail.

1. Standard Mortgages for First-Time Buyers. Lenders typically offer high loan-to-value (LTV) ratios for such borrowers, allowing them to finance a significant portion of the cost of the apartment or house. If we talk about the interest rate, then borrowers can choose between constant and variable. To assess affordability, lenders analyze the borrower's income and expenses, as well as his credit history.
2. Help to Buy Equity Loan. This program is supported by the state, its essence is as follows - the government lends up to 20% of the value of the property (40% in London), and the borrower needs a 5% deposit and a mortgage to cover the remaining costs of 75% (55% in London). Another advantage of the program is that the loan is interest-free for the first 5 years. The loan must be repaid after the sale of the property or at the end of the mortgage term, whichever occurs first, in an amount that depends on the value of the property at the time of repayment

Before taking out a first-time home buyer loan, we recommend comparing mortgage offers from different lenders, this will help you find the best offer from a financial point of view. In addition, before such a difficult step, you can contact a financial consultant or a mortgage broker who specialize in such loans.

Simply follow the links in the list and choose the offer that suits you the most.

Home loan calculations for 20 years (example)

Can I get first-time loans with no credit history in the UK?

Yes, you can get a first loan for 18 year olds in the UK even without a credit history. Of course, it can be a little more difficult, because credit history evaluation is a critical stage for lenders. Before issuing a loan, the ability to repay the loan is important to the lender, so a lack of credit history means they have less information to decide. Therefore, banks and financial companies usually issue first-time loans, but the credit terms will not be as flexible as for borrowers with a credit history.

Can 18 year olds get a home loan?

While it's possible for an 18-year-old to get a home loan in the UK, it requires careful preparation, including building a good credit history, saving a substantial deposit, and possibly seeking support from a guarantor or applying for joint mortgages. Seeking advice from a mortgage broker can also help in finding the best options available.

See the popular FAQ at the link: 

• Bank of Ireland early repayment charge
• Bank of Ireland mortgage application process
• Bank of Ireland mortgage overpayment
• Clydesdale Bank mortgage holiday offer
• Clydesdale for intermediaries

Details of companies offering the financial services:

Furness Building Society

Head office’s address: 2 Lancaster Gate, Lancaster LA1 1NB

Phone: +44 1524-66221

Web-site: https://www.furnessbs.co.uk/

HSBC Bank

Head office’s address: Unit 8, Canada Square, Retail, London E14 5AH

Phone: +44 345 740 4404

Web-site: https://www.hsbc.co.uk/

Swift code: HBUKGB4B

Reference number: 114216

Stock code: HSBA

ABN: 00014259

BSB: HBUK

Monmouthshire Building Society

Head office’s address: Monmouthshire House, John Frost Square, Kingsway Centre, Newport NP20 1PX

Phone: +44 1633-844-400

Web-site: https://www.monbs.com/

NatWest Bank

Head office’s address: 250 Bishopsgate, London, EC2M 4AA

Contact center: 0800-88-11-77

Phone: +44 345 788 8444

Web-site: https://www.natwest.com/

Swift code: NWBKGB2

Reference number: 121878

Stock code: GBP1

ABN: 00929027

BSB: NWBK

Platform (part of The co-operative bank)

Head office’s address: 101, 1 Balloon Street, Manchester

Web-site: https://www.platform.co.uk/mortgages/index

Progressive Building Society

Head office’s address: 33-37 Wellington Pl, Belfast BT1 6HH

Phone: +44 28-9082-1821

Web-site: https://www.theprogressive.com/

Reliance Bank

Head office’s address: Faith House, 23 - 24 Lovat Lane, London, EC3R 8EB

Phone: +44 (020) 7398 54 00

Web-site: https://www.reliancebankltd.com/

Reference number: 204537

ABN: 00068835

Skipton Building Society

Head office’s address: 71 High Holborn, London WC1V 6EA

Phone: +44 20-7242-8147

Web-site: https://www.skipton.co.uk/

TSB

Head office’s address: Henry Duncan House, 120 George Street, Edinburgh EH2 4LH

Phone: +44 (034) 5975 87 58

Web-site: http://www.tsb.co.uk

Swift code: TSBSGB2A

Reference number: 119278

Stock code: 94AQ

ABN: SC095237

BSB: TSBS