Taunton First-Time Buyer Mortgage: Your Complete Guide to Getting on the Property Ladder

Last Updated: January 2025 | Reading Time: 8 minutes

Buying your first home in Taunton is an exciting milestone, but navigating the mortgage process can feel overwhelming. This comprehensive guide covers everything you need to know about first-time buyer mortgages in Taunton, from deposits and schemes to finding the best deals.

What is a First-Time Buyer Mortgage?

A first-time buyer mortgage is designed specifically for people purchasing their first property. These mortgages often come with special benefits, including:

• Lower deposit requirements (sometimes as low as 5%)
• Access to government schemes like Help to Buy
• Competitive interest rates
• No stamp duty on properties up to £425,000 (first-time buyer relief)

How Much Deposit Do I Need in Taunton?

The deposit required varies, but understanding Taunton mortgage deposit requirements is crucial for planning:

Minimum Deposit Options

• 5% Deposit: Available through government-backed schemes and select lenders
• 10% Deposit: More choice of lenders and better rates
• 15-20% Deposit: Access to the best mortgage rates

For the average Taunton property price of £280,000, you'd need:

• 5% deposit: £14,000
• 10% deposit: £28,000
• 15% deposit: £42,000

Government Schemes for First-Time Buyers

Mortgage Guarantee Scheme

Allows first-time buyers to purchase with just a 5% deposit on properties up to £600,000. The government guarantees the loan, giving lenders confidence to offer 95% mortgages.

Shared Ownership

Buy a share of a property (25-75%) and pay rent on the remainder. A great way to get on the ladder with a smaller deposit.

Help to Build

Equity loan for those wanting to build their own home, available on new build properties.

How Much Can I Borrow as a First-Time Buyer?

Most lenders will offer 4-4.5 times your annual income, though this varies. Learn more about how much you can borrow for a mortgage in Taunton.

Example Borrowing Amounts

• £25,000 salary = £100,000-£112,500 mortgage
• £35,000 salary = £140,000-£157,500 mortgage
• £50,000 salary = £200,000-£225,000 mortgage
• £60,000 combined income = £240,000-£270,000 mortgage

Best Mortgage Rates for First-Time Buyers in 2025

Current Taunton mortgage rates for 2025 for first-time buyers include:

• 5% Deposit Mortgages: From 5.2% (subject to criteria)
• 10% Deposit Mortgages: From 4.8% (subject to criteria)
• 15% Deposit Mortgages: From 4.4% (subject to criteria)

Working with the best mortgage brokers in Taunton ensures you access exclusive first-time buyer rates.

Step-by-Step: Getting Your First Mortgage in Taunton

Step 1: Check Your Credit Score

Your credit score affects the rates available to you. Get a free credit report and fix any errors before applying.

Step 2: Save Your Deposit

Start saving early. Consider a Lifetime ISA which gives you a 25% government bonus (up to £1,000 per year) when saving for your first home.

Step 3: Get a Mortgage in Principle

Also called a Decision in Principle (DIP), this shows sellers you're a serious buyer and indicates how much you can borrow.

Step 4: Find Your Property

Search for homes within your budget in Taunton and surrounding Somerset areas.

Step 5: Submit Full Mortgage Application

Your broker will help you complete the full application with your chosen lender.

Step 6: Property Valuation

The lender arranges a valuation to ensure the property is worth the price you're paying.

Step 7: Receive Mortgage Offer

Once approved, you'll receive a formal mortgage offer.

Step 8: Complete and Move In!

Exchange contracts, complete the purchase, and collect your keys.

Additional Costs to Budget For

Beyond your deposit, first-time buyers in Taunton should budget for:

• Solicitor Fees: £850-£1,500
• Survey Costs: £300-£1,000 (optional but recommended)
• Mortgage Broker Fees: £0 with us - we're fee-free!
• Mortgage Valuation: Usually free with lender
• Moving Costs: £300-£1,000
• Stamp Duty: £0 for first-time buyers on properties up to £425,000 in Taunton

Common First-Time Buyer Mistakes to Avoid

1. Not Shopping Around

Don't accept the first rate you're offered. Compare deals from multiple lenders or use a broker to do it for you.

2. Ignoring Additional Costs

Budget for all costs, not just the deposit and mortgage payments.

3. Borrowing the Maximum Amount

Just because you can borrow an amount doesn't mean you should. Leave room for life's unexpected expenses.

4. Not Checking Credit Reports

Errors on your credit report can cost you thousands in higher rates. Check and fix issues early.

5. Skipping Professional Advice

Independent mortgage advice in Taunton can save you thousands and prevent costly mistakes.

Why Choose Taunton for Your First Home?

Taunton offers first-time buyers:

• More affordable property prices than nearby cities
• Excellent transport links (M5 motorway, train station)
• Great schools and family-friendly amenities
• Beautiful countryside and town center living
• Growing job market and economic development

Finding Cheap Mortgages in Taunton

As a first-time buyer, every penny counts. Our guide to cheap mortgages in Taunton helps you find the most affordable deals without compromising on service or reliability.

Working with Mortgage Lenders in Taunton

We have relationships with over 90 mortgage lenders near Taunton Somerset, including specialists who focus on first-time buyers. This means we can find you deals that aren't available on the high street.

Frequently Asked Questions

Can I get a mortgage with a 5% deposit in Taunton?

Yes! Several lenders offer 95% mortgages for first-time buyers through government-backed schemes. We can help you access these deals.

What credit score do I need for a first-time buyer mortgage?

While requirements vary, a score of 670+ typically gives you access to competitive rates. We can help even if your credit history isn't perfect.

How long does it take to get a first-time buyer mortgage?

From application to mortgage offer typically takes 3-6 weeks. The whole process from finding a property to completion is usually 8-12 weeks.

Do I need a mortgage broker as a first-time buyer?

While not essential, a broker can save you thousands on your mortgage and guide you through the complex process. Best of all, our service is fee-free!

Ready to Buy Your First Home in Taunton?

Getting on the property ladder in Taunton is achievable with the right guidance and preparation. Our expert team has helped hundreds of first-time buyers secure their dream homes.

Take your first step today:

• Book a free first-time buyer consultation
• Get a mortgage in principle within 24 hours
• Access exclusive first-time buyer deals
• Receive support from application to completion