Your Questions Answered

Although we've tried to think of everything you might need or want to know about First Start, obviously there will be things that are very particular to you and your circumstances.

If you can't find the answers below, or at any time you want to speak to one of our Mortgage Specialists, call us on 0845 603 6096* to discuss your First Start mortgage needs.

We hope the following will help you feel more confident about how we can help you.

Is there an age restriction?

You must be 18 years old to take out a First Start mortgage.

What if I'm a first time buyer?

Our First Start mortgages have been created with first time buyers in mind! However, First Start isn't restricted to first time buyers. Divorced or separated borrowers and those relocating to a more expensive area will also be considered.

How much deposit will I need?

You can borrow up to 100% of the property's value with some of our First Start mortgages, meaning you don't need a deposit to take these mortgages out.

What are the minimum and maximum loan sizes?

Generally the least we'll lend you is £15,001 if you're buying a property and £25,0001 if you're remortgaging an existing property. The most we'll lend you is £1 million.

What fees will I pay?

We charge a range of fees to cover our reasonable administrative costs. These vary from one mortgage to another and may include some of these:

  • An arrangement fee for setting up your mortgage, which is paid on completion and can be added to the mortgage
  • A non-refundable booking fee paid before you apply, on some mortgages
  • An Early Repayment Charge if you repay all or part of your loan before the end of the promotional period to cover our losses
  • We charge new customers a lending fee of £195.00. This fee is for making a loan under a new mortgage. The fee becomes due on completion but you can defer payment until the mortgage is fully repaid. We will assume that you want to defer payment unless you tell us otherwise. We will not charge interest on the fee in the meantime. We will not be entitled to vary the fee if you choose to defer payment
  • When you repay the whole of the loan you must pay us any mortgage release fee we charge at the time of repayment
  • A part repayment administration fee if you repay part of your loan to cover our costs
  • A £30 fee when we send money for your mortgage by CHAPS (Clearing House Automated Payment System).

Please note that we may vary our administration fees during the course of your mortgage to reflect our costs.

Can I add the arrangement fee to my mortgage?

Yes, you can. Don't forget we'll add the fee to the total mortgage and interest will be charged on it.

Can I make overpayments?

Yes. You can pay up to 10% of the mortgage balance each year without incurring any early repayment or administration charges. Subject to a minimum payment of £2,000, based on the outstanding balance as at the previous 31st March.

Are there any geographical restrictions?

We lend in England and Wales. Sorry, but we don't lend in Scotland and Northern Ireland.

What would happen if you were out of work for a while? Would your parents be able to afford the repayments?

We've got together with specialist insurers Pinnacle to offer complete Mortgage Payment Protection Insurance.

What about buildings insurance?

When you take out a mortgage you must have buildings insurance to protect against fire, structural damage and other mishaps. To make it simpler for you to arrange it, we've teamed up with Zurich Insurance. Or if you prefer, it's fine for you to arrange your own cover. Then, once we're happy with your choice, we'll charge £25 to cover our administration costs.

Can I get a mortgage offer before I find my property?

You can choose the mortgage that suits you best and get an 'agreement in principle' from us. Once you've found your property, simply complete a full application form to progress. However, we won't make you a formal mortgage offer until a valuation has been carried out on the property.