Author: mortgaged

What Is Porting a Mortgage?

Porting a mortgage means taking your existing rate and product terms with you when you move home. Secured a competitive fixed rate and want to buy elsewhere? Porting could let you keep it, rather than giving it up for today’s rates.

What Does Porting a Mortgage Mean?

Despite the name, nothing simply moves from one property to the other.

Your current mortgage gets repaid when you sell. Your lender then issues a new one, secured against the property you’re buying and carrying across the existing product and rate, provided they approve the new application.

That approval matters. Portability is a feature of the deal, not an automatic right to borrow again. Your lender still assesses your current income, spending and overall affordability, and checks that the new property meets its lending criteria. FCA rules require lenders to assess affordability for regulated mortgage contracts.

Many fixed-rate mortgages from major lenders, Nationwide, Halifax and Barclays among them, can be ported, though the rules vary between lenders and products. Check your original mortgage offer or product documents. Don’t assume the option is there.

How Does Porting a Mortgage Work?

Here’s how it usually goes:

1. Check your original mortgage offer or product documentation to confirm that your deal is portable.
2. Speak to your existing lender or mortgage adviser about the new property and the amount you need to borrow.
3. Apply for a Decision in Principle based on your current circumstances.
4. Submit the full mortgage application.
5. The lender reassesses your income, expenditure, credit position and affordability.
6. A valuation is carried out on the new property.
7. If everything is approved, the lender issues a new mortgage offer that carries across your existing product rate.
8. Your solicitor repays the old mortgage and draws down the new one when the sale and purchase complete.

Completing the sale and purchase on the same day is the simplest route, but not essential. Some lenders allow a gap and refund the Early Repayment Charge if the new mortgage completes within a set window. Nationwide currently allows up to 180 days in qualifying cases. Halifax confirms no ERC is due if you borrow the same amount or more when porting, though a refund on other scenarios is not guaranteed and depends on your circumstances.

There’s no universal timescale. A straightforward application can move quickly. Valuation delays, affordability questions or a snag elsewhere in the chain can just as easily slow it down.

Who Is Eligible to Port a Mortgage?

Lenders treat porting much like any new mortgage application. This catches plenty of people off guard.

Your income and expenditure get assessed as they stand now, not as they looked when you first took the mortgage out. A lower income, larger credit commitments or higher household costs could all reduce what you can borrow. Recent arrears or other credit problems may affect the decision too.

The new property has to meet the lender’s criteria too. Non-standard construction, flats above commercial premises and short leases can all cause problems, depending on the lender and the property itself.

Joint borrowers still need to qualify together. Add someone to the mortgage, or remove an existing borrower, and the application gets more involved. The lender has to assess the new borrowing and ownership arrangement from scratch.

Moving to a cheaper property can also mean a partial port. You take only the amount you still need, and the rest of the existing mortgage gets repaid. An Early Repayment Charge may then apply to the part you leave behind. Nationwide, for example, confirms an ERC may be charged on the balance that isn’t ported.

Porting to a More Expensive Property

Buying a more expensive home usually means borrowing more.

The balance you port keeps its existing rate for the rest of that product period. Any additional borrowing normally sits on a separate sub-account, on one of your lender’s current products. That rate may land higher or lower than the one you’re porting.

The lender assesses both parts together. So even if the original balance looks perfectly affordable on its own, the whole application can still be declined if the combined borrowing doesn’t pass the lender’s checks.

You may also end up with two rates and two different deal end dates. Port £150,000 at 2.1%, say, while borrowing another £40,000 at 5.4%. Both amounts sit under the same mortgage. But they carry different monthly costs and may need reviewing at different times.

It is manageable. But it needs planning.

Porting to a Cheaper Property

Move to a cheaper property and you can only port the amount you still need to borrow. Any surplus gets repaid when the old mortgage is redeemed.

If you’re still within a fixed or discounted deal, the lender may charge an Early Repayment Charge on the part you don’t port. ERCs often fall between 1% and 5% of the amount repaid early, though the percentage and calculation depend entirely on your mortgage product. Check your mortgage offer or latest statement for what applies to you.

The new mortgage must also fit the lender’s permitted loan-to-value range. A cheaper property doesn’t automatically mean a lower LTV. What you’re borrowing matters just as much as the purchase price.

Negative equity will usually stop a standard port. The sale simply doesn’t generate enough to repay the existing mortgage. You’d need to cover the shortfall, or find another route, before the move could go ahead.

A deposit may still be required. Suppose you sell for £250,000 with £180,000 left on the mortgage. That gives you £70,000 before estate agent, legal and moving costs. You then buy for £230,000. If the lender allows a maximum 75% LTV, the largest mortgage would be £172,500, so you would need a £57,500 deposit. That leaves £12,500 of the sale proceeds before the other costs of moving are taken into account.

Benefits of Porting a Mortgage

The biggest advantage is keeping a low fixed rate when new mortgage rates are higher.

Porting may also help you dodge some or all of the Early Repayment Charge on your existing deal. On a £200,000 balance with a 3% ERC, the full charge would be £6,000.

You also stay with a lender you already know. That doesn’t remove the application, valuation or legal work, but it can make the product side of the move feel more familiar.

Disadvantages of Porting a Mortgage

Porting is not automatically the cheapest choice.

If rates have fallen since you fixed, keeping the old one could mean paying more than a new deal would cost. And if you need additional borrowing, your lender’s top-up rate may be less competitive than what’s available elsewhere.

Affordability is the other risk. Your deal may be portable on paper, but the lender can still decline the new application. If that happens, you might end up moving to another lender anyway and paying the ERC on your existing mortgage regardless.

This is why checking affordability early matters. A Decision in Principle isn’t a guarantee, but it gives you a clearer read on whether the figures work before you exchange contracts and become legally committed.

There’s also the admin of managing separate mortgage parts. Different rates and end dates can leave you reviewing one section while the other’s still locked into a fixed deal.

Once your fixed rate has ended, there’s often little benefit left in porting. No fixed product to preserve, usually no ERC to avoid. Comparing remortgage options across the market tends to make more sense at that point.

Mortgage Porting vs Remortgaging: Which Costs Less?

You need to compare the full cost of both routes, not just the headline rates.

Total cost of porting: the cost of the retained rate on the ported balance, plus the cost of any additional borrowing at your lender’s current rate, together with any product, valuation or legal fees.

Total cost of remortgaging: the cost of the new rate across the full mortgage, plus any Early Repayment Charge, arrangement fee, valuation fee and legal costs.

When the ERC outweighs the saving from switching lenders, porting usually comes out ahead.

Here’s a simplified interest-only example. On a £200,000 balance with two years left at 2.5%, the interest over those two years would be around £10,000. At 4.5%, it would be around £18,000. Leaving the original deal would also trigger a 3% ERC of £6,000. In that example, porting is clearly cheaper.

A repayment mortgage needs a more detailed calculation, since the balance falls every month. The remaining term, repayment basis, fees and any additional borrowing all affect the result.

The answer flips when rates move in your favour, the ERC is nearly finished or your lender’s top-up rate is poor.

How Much Does It Cost to Port a Mortgage?

Lenders don’t usually charge simply for porting the rate. Moving home still comes with costs, though.

• Valuation fee: Often £250 to £500 for a standard residential property, although some mortgage products include a free valuation.
• Conveyancing costs: Usually around £1,000 to £2,500 for a standard residential purchase in England, depending on the property, location and complexity of the transaction.
• Early Repayment Charge: If you move to a cheaper property and do not port the full balance, an ERC may apply to the amount you repay.
• Arrangement fee: Additional borrowing may come with a product or arrangement fee.
• Stamp Duty Land Tax: Porting does not reduce the SDLT due on the new purchase. The tax is based on the property transaction and your circumstances, not on whether you keep your existing mortgage rate.

When Does Porting a Mortgage Make Sense?

Porting is worth considering when your fixed rate sits comfortably below what’s available now and you’ve still got a meaningful Early Repayment Charge period left.

It works best, too, when your circumstances are stable, the property meets the lender’s criteria and you’re not borrowing so much more that the top-up rate wipes out the benefit.

Remortgaging may make more sense when current rates undercut your existing deal, your ERC has ended or the additional borrowing tips things towards another lender.

The closer you get to the end of the deal, the less valuable dodging the ERC becomes. At that point, comparing your lender against the wider market matters more.

Buy-to-let mortgages play by different rules, and portability isn’t available on every product. Some buy-to-let mortgages also sit outside FCA regulation, depending on the circumstances. Worth speaking to someone who knows that corner of the market.

Not Sure Whether to Port or Remortgage?

Porting can save you thousands. It can also leave you tied to a lender whose top-up rate no longer stacks up.

At Mortgaged, we can run both options properly. Your existing rate, Early Repayment Charge, additional borrowing and the wider mortgage market all go into the calculation. With more than 120 lenders to draw on, you see what the move actually costs instead of guessing.

Get in touch today and we’ll help you work out which route makes sense.

LISA Changes 2026: What First-Time Buyers Need to Know

The government plans to replace the Lifetime ISA with a new First Time Buyer ISA. There is no confirmed launch date yet, but the government’s Tax Update 2026 confirms that new LISAs can still be opened until the replacement arrives, and existing account holders can keep saving under current rules indefinitely. There should be no gap where neither product exists.

For most first-time buyers, the practical questions matter more: what happens to money already saved, whether you can still open a LISA now, and whether withdrawing early would cost you money you do not need to lose.

What Changes Are Happening to the Lifetime ISA?

The government published its consultation on the new First Time Buyer ISA in June 2026. The consultation closes on 18 August 2026, so key details remain unconfirmed, including the new annual contribution limit, bonus rate, and property price cap. Those will be confirmed at a future fiscal event.

Under today’s LISA rules, you must make your first payment before turning 40. You can then contribute up to £4,000 each tax year until you turn 50, with the government adding a 25% bonus worth up to £1,000 a year. The account can be used towards a qualifying home costing no more than £450,000.

The proposed First Time Buyer ISA would remove the upper age limit. Anyone aged 18 or over could open one, provided they are a UK resident buying their first home with a mortgage.

People are already using LISAs to buy. HMRC recorded 87,250 account holders withdrawing for a first-home purchase in 2024/25, around 30,500 more than the previous tax year.

How Would the Bonus Work Under the New Account?

With a current LISA, the 25% bonus lands in your account as you save. Under the proposed First Time Buyer ISA, it would build up in the background and only be paid when you withdraw to buy, with 90 days from claiming the bonus to complete the purchase.

The withdrawal penalty would also disappear from the new account. Right now, taking money out for anything other than a qualifying first-home purchase, retirement from age 60, or terminal illness triggers a 25% charge on the full amount withdrawn. That does not simply claw back the bonus. It takes some of your own savings too.

Take a £10,000 balance made up of £8,000 you contributed and a £2,000 government bonus. A 25% withdrawal charge removes £2,500, leaving you with £7,500. You lose the entire bonus and £500 of the money you originally saved.

Under the current proposal, the replacement account would carry no withdrawal charge. You could take your savings out if your plans changed, but you would only receive the government bonus when using the funds for a qualifying first-home purchase.

Why Is the LISA Being Replaced?

The withdrawal charge is the central problem. Government research found that financial difficulties were commonly cited by people making unauthorised withdrawals, yet the charge still removes the bonus and a slice of the saver’s own contribution.

The Treasury Committee concluded that combining first-home saving and retirement planning in a single account creates unnecessary complexity. A savings approach suited to buying in three years looks very different from one built for retirement decades away.

The £450,000 property cap has not changed since the LISA launched in 2017. Most first-time buyers across the country remain below it, but in parts of London, a property costing slightly too much can shut buyers out of the bonus entirely.

The proposed account is designed to separate the two jobs. It would support first-time buyers saving for a property purchase, while existing LISAs would remain available to current holders using them for later life.

What Happens to Your LISA Balance When the New Account Launches?

Your existing LISA will not disappear. The government has confirmed that current holders can keep their accounts and continue saving under existing rules indefinitely, including using their balance and any bonus already received towards a qualifying first-home purchase.

Under the current proposal, you would not be able to transfer your LISA balance directly into the new account. The government’s reasoning is that LISA contributions have already earned a bonus, so moving them into another bonus-paying account could reward the same savings twice.

You would be able to hold both accounts and put funds from each towards the same purchase. However, you could only contribute to one of them in any given tax year. That gives existing holders a choice: stay with the LISA or, once the replacement launches, stop contributing to it and switch to the new account in a later tax year. Either way, your existing balance stays where it is.

If you have been using a LISA for retirement, the proposed new account would not replace that function. It is intended solely for buying a first home. Current rules still allow qualifying withdrawals from a LISA from age 60 without the 25% charge.

Should You Withdraw From Your LISA Before the Changes Take Effect?

In most cases, no.

The 25% charge still applies to non-qualifying LISA withdrawals, and the current consultation does not propose removing it from existing accounts. Withdrawing early because a replacement has been announced typically means paying a charge you do not need to pay.

Withdrawing your balance and paying it into a First Time Buyer ISA once it launches would not be a clean workaround either. You would lose part of your savings to the LISA charge, your contribution could be restricted by whatever annual limit is eventually confirmed, and the new account would need to have been open for at least 12 months before its bonus could be claimed.

If you hold a Cash LISA or Stocks and Shares LISA, keep an eye on provider updates as the consultation develops. There is no government deadline requiring you to close the account.

One point worth flagging if you are close to buying: a LISA must have been open for at least 12 months before a charge-free first-home withdrawal. Taking the money out yourself rather than going through your conveyancer can also trigger the charge unexpectedly.

Should First-Time Buyers Still Open a LISA in 2026?

For many, yes.

Opening one now starts the 12-month clock. You can currently open a LISA between the ages of 18 and 39, contribute up to £4,000 a year, and receive a 25% government bonus worth up to £1,000 annually towards a qualifying purchase. New LISAs can continue to be opened until the replacement is available.

Before opening one, consider when you expect to buy and what your target property is likely to cost. The £450,000 cap applies across the UK. The average price paid by a first-time buyer in Bristol was £315,000 in April 2026, a provisional ONS figure, which sits comfortably within that limit. But an average cannot tell you whether the specific home you want will qualify. If your likely purchase price is close to or above £450,000, factor that in before committing your deposit savings to a LISA.

Ready to Buy Your First Home in Bristol?

Working out how your LISA fits into your deposit is only one part of buying your first home. You also need to know what you can borrow, which lenders will work with your circumstances, and how the deposit, mortgage and purchase timeline fit together.

That is where Mortgaged comes in. Our first-time buyer mortgage service covers everything from finding the right lender to keeping your application moving through to completion. We search more than 10,000 products from over 100 lenders and take the time to understand your situation before making any recommendations.

Contact us today to begin your journey to owning your first home.

How Much Does a Mortgage Broker Cost in the UK?

Written with insight from an experienced UK mortgage broker with over five years in the industry.

If you’ve ever Googled “how much does a mortgage broker cost,” you’ve probably landed on a page that gives you a vague range, tells you fees vary, and leaves you none the wiser. This post is different. It’s written with the help of a practising UK mortgage broker who charges clients every day, and who is refreshingly honest about how the whole thing works.

Let’s get into it.

What Does a Mortgage Broker Actually Charge?

Mortgage broker fees in the UK generally fall into one of three models:

1. Fee-free brokers Some brokers charge you nothing directly. They are paid entirely through commission (called a “procuration fee”) from the lender when your mortgage completes. These brokers absolutely have a place in the market and can be a good fit if your case is straightforward.

2. A flat fee for all services A single fixed charge for the service, regardless of your loan size or the complexity of your case. Many brokers, including the one who informed this post, charge a flat fee. In this case, that’s £395, taken at the point of mortgage application. One fee, one service, no surprises.

3. A variable fee based on complexity or transaction type Some brokers charge different amounts depending on the type of mortgage you need and how complex your case is. A straightforward residential purchase may carry a lower fee than a buy-to-let, a bad credit application, or a more unusual income structure. If you fall into a more complex category, always ask upfront how the fee is calculated.

It is also worth knowing that percentage-based fees, where a broker charged a proportion of your loan amount, have largely disappeared following the introduction of the Consumer Duty Act, which requires firms to demonstrate fair value to clients. Flat fees are now the industry norm.

Why Do Brokers Charge a Fee If They Also Get Commission?

This is one of the biggest misconceptions people have, so let’s address it head-on.

Yes, brokers receive a commission from lenders (called a procuration fee) for submitting a mortgage application. But here’s what most people don’t stop to ask: how much is that commission actually worth?

On a £100,000 mortgage, that commission might be around £200.

Now consider what goes into a mortgage case: three to four months of work, multiple team members handling different parts of the application, chasing solicitors, dealing with valuations, navigating lender criteria, and managing the emotional stress of one of the biggest financial decisions of your client’s life. Two hundred pounds does not cover that.

Compare this to other industries where dual income, from both the client and the provider, is completely standard and no one bats an eye. Mortgage broking is no different. The regulation is there (see below), the transparency is there, and the value is there.

The regulation piece is important. By law, any commission a broker receives from a lender must be disclosed to the client. It will appear in your Mortgage Illustration or your Suitability Letter. There is no grey area here. It is fully documented and transparent. The commission also does not change your mortgage product, your interest rate, or your terms in any way.

When Is the Fee Charged?

A well-run brokerage charges the fee at the point of mortgage application, not upfront before any work has been done.

By this stage, you will already know:

• Which lender you’re going with
• Your interest rate
• Your terms and conditions
• Why this product has been recommended for your specific circumstances

You are paying for a service you’ve already experienced and a recommendation you’ve already received. That’s an important distinction. You’re not handing over money on faith.

Fee-Free vs. Fee-Charging Brokers: Which Is Better?

Honest answer: it depends on what you need.

Fee-free brokers serve a genuine purpose. If your case is straightforward, you’re comfortable with the process, and you don’t need much hand-holding, a fee-free broker may well be the right choice.

But here’s what you might miss:

A fee-charging broker with a strong service model will often provide:

• Unhurried appointments where you’re genuinely listened to
• A personalised product recommendation built around your specific situation
• An annual check-in to make sure your mortgage is still working for you
• Contact six to eight months before your mortgage product ends to prepare you for your next steps
• An ongoing relationship, not just a transaction

As one broker put it: “Our knowledge is the free part. The processing and the service: that’s what you’re paying for.”

That framing matters. You’re not paying for advice. You’re paying for the infrastructure, the time, the expertise applied to your case, and the relationship that continues long after completion.

Real-World Example: When the Fee Pays for Itself

Here’s a case that illustrates the value clearly.

A client pushed back on the £395 fee. Rather than simply justifying it, the broker made a straightforward offer: “How about we charge the fee only if, by the end of our conversation, I’ve shown you enough value to justify it?”

By the end of that appointment, the broker had found a mortgage product that would save the client £1,000 over the next five years compared to what she’d been considering.

Minus the £395 fee: net saving of £605.

The process effectively paid for itself, and then some. That client now returns year after year.

This is the case for fee-charging brokers in a single conversation. They don’t just find you a mortgage. They find you the right mortgage, and the difference in cost can far exceed their fee.

Does the Fee Change for Complex Cases?

Not all brokers are the same here.

Some brokers charge higher fees for more complex cases: buy-to-let mortgages, bad credit applications, self-employed clients, or unusual income structures. These do require more work, more lender research, and more careful handling.

Others charge the same flat fee regardless. The rationale: a client is paying for the service of having their mortgage processed and managed professionally. The complexity of the case doesn’t change what that service is worth, and charging more for harder cases could disadvantage exactly the people who need the most help.

If you have a complex situation, always ask a broker upfront how they structure their fees, and whether complexity affects the amount.

Should You Ever Go Directly to a Lender?

In short: no.

Here’s why. When you go directly to a lender, that lender can only tell you about their own products. They cannot tell you whether a competitor has a better rate, more flexible criteria, or a product that better suits your circumstances.

Now consider this: there are roughly 90 mortgage lenders in the UK.

If you wanted to truly compare the market yourself, you’d need to sit through approximately 90 separate fact-find appointments, each taking around an hour, just to understand your full range of options. That’s 90 hours of your time before you’ve even made a decision.

A mortgage broker does all of that for you. They search the whole market, match you to the right lender, and handle the application process from start to finish.

Beyond product sourcing, a good broker will also:

• Appeal mortgage valuations if they come in low
• Overturn declined applications where possible
• Translate technical jargon into plain language
• Manage your stress throughout the process

And if your time is worth anything, if the mental load of navigating this alone has a cost, then a £395 fee looks very different from “an unnecessary expense.”

Red Flags to Watch Out For When Choosing a Broker

Not every broker operates with the same standards. Here are some things worth knowing:

“Don’t speak to other brokers, it’ll damage your credit score.” This is a scare tactic. While hard credit searches can leave a mark, most lenders offer a soft Decision in Principle that does not affect your credit report. A broker who discourages you from seeking a second opinion may be trying to lock you in, not protect you.

A good broker will encourage you to speak to others and make your own informed decision.

Review the individual, not just the company. A mortgage application is not submitted by a brand. It is submitted by a person, with their individual skills, knowledge, and relationships with lenders. When reading reviews, look for feedback about the specific advisor you’d be working with. Company-wide reviews can mask significant variation in the quality of individual advisors.

Experience is not everything, but knowledge matters. Younger brokers often benefit from improved modern regulation and tend to be strong on compliance and process. More experienced brokers may carry deeper product knowledge built over years in the industry. The best outcome is a broker who combines both, and who you actually trust.

A Quick Summary: What to Expect

The Bottom Line

A mortgage broker’s fee is not a luxury. For most people, it’s one of the smartest financial decisions they’ll make during a property purchase or remortgage.

The right broker doesn’t just find you a mortgage. They find you the right mortgage, manage the process, protect you from costly mistakes, and stay in your corner long after you’ve got your keys.

When you factor in the potential savings on your product, the time you save, and the stress you avoid, £395 often costs you nothing at all.

Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

Do I Really Need a Mortgage Broker in the UK?

Let me be straight with you from the start: in my opinion, yes you absolutely do. But I’m not going to just tell you that and leave. I’m going to walk you through exactly why, using real examples from real clients, so you can make that decision yourself.

Because here’s the thing: most people sitting on the fence about using a mortgage broker are doing so based on a misunderstanding of what we actually do. And that misunderstanding can cost you sometimes thousands of pounds.

What Most People Think a Mortgage Broker Does

When clients first come to me, the most common assumption I encounter is this: “You find me a lender, right?”

That’s it. Find a lender. Job done.

The reality is almost laughably different. A good mortgage broker isn’t a search engine with a phone number. We are advisers, administrators, document specialists, lender liaisons, rate monitors, and long-term financial guides all rolled into one. And most of that work happens entirely behind the scenes, without you ever needing to worry about it.

The HSBC Problem (And Why “Big Name” Doesn’t Mean Best Deal)

One of the most common mistakes I see when someone goes direct to a lender is assuming that all lenders are essentially the same. The logic goes: “They all lend money, so it’s just about the rate.”

That thinking recently cost one of my clients several thousand pounds.

They came to me convinced that HSBC was the best option. It’s a big name, it feels safe, and they’d done their research. But when we looked properly at their full circumstances income structure, outgoings, the property itself HSBC simply wasn’t the right fit. The right lender was elsewhere, and the difference in product terms amounted to a significant saving.

The comparison between lenders isn’t just the headline rate. It’s criteria, flexibility, speed, and how they treat complex situations. That’s knowledge you only get with experience across the whole market.

My Process: What You Don’t See

Here’s what actually happens when I take on a client most of which you’ll never directly witness:

Before the application, I run multiple Decisions in Principle simultaneously. Not just one multiple. That way, I have a first position and a backup position ready before we’ve even submitted anything. I certify and verify all documentation upfront so there are no surprises when it lands with the lender.

During the application, I liaise directly with the lender on your behalf. They have questions? I answer them. They need clarification on your circumstances? I handle it. You carry on with your day, your job, your life without the stress of a lender querying your bank statements at 2pm on a Tuesday.

After the mortgage offer, I rate monitor right up until exchange and completion. The product you’re offered on day one isn’t always the best product available on completion day. We check.

After completion, I schedule an annual catch-up call not to sell you something, but to make sure you’re using your mortgage product to its full potential.

Six to eight months before your fixed rate ends, I get back in touch to build a plan for your next steps. Most lenders won’t do this. They’ll wait for you to come to them often after your rate has already reverted to something expensive.

You do not get any of this by going directly to a lender.

“But My Credit Isn’t Perfect…”

This is one of the most persistent myths in the mortgage world: that you need a spotless credit file to get a mortgage.

You don’t.

There is, in most cases, a lender for almost every situation. Complex company structures, self-employed income, previous credit blips these are not automatic disqualifiers. They are circumstances that require the right lender, not a perfect credit score.

When a client comes to me with a complex situation, my job is to ask as many questions as possible in a single appointment to build a complete picture. Then I speak to multiple lenders simultaneously based on that one conversation with you so that

while you’re getting on with your work, I’m finding the best first position and the best fallback. One appointment. Multiple outcomes explored in parallel.

What About Comparison Sites and Online Brokers?

Sites like MoneySuperMarket have their place. But here’s my honest opinion: a mortgage isn’t just an advice transaction. It’s a service. And it’s one of the largest financial commitments most people will ever make.

Spending fifteen to twenty minutes with an algorithm or even a broker you’ll never speak to again isn’t the same as building a relationship with someone you genuinely trust with that level of decision.

We’re a company that your parents used. And now they’re sending their children to us. That kind of trust isn’t built through a comparison widget. It’s built through consistent service, honest advice, and being there long after the mortgage offer lands.

A Case Study That Stays With Me

Four years ago, a client came to me after a deeply frustrating experience. They’d worked with another mortgage company, submitted four separate mortgage applications and been unsuccessful every time. Worse, they’d paid hundreds of pounds in fees to that company for the privilege of those four failures.

They sat down with me. We went through their circumstances properly, thoroughly, without rushing. And on the first attempt, we got them a mortgage offer.

They were over the moon. They went on to recommend friends and family. They sent me photos of their home renovation pictures of the life that mortgage had helped them build.

Recently, I received an email from them asking for help with their remortgage and the purchase of an additional property.

That’s what this job is really about. Not just finding a lender. Changing someone’s life and being there for the next chapter too.

What Does a Broker Actually Cost?

Our fee is £395, paid upon mortgage application. It is a once-only fee. If the application isn’t successful, or if you go on to purchase another property, we do not charge again.

Now let’s put that in perspective.

If navigating this process yourself is going to cost you three to four months of stress, time out of your working day, and potentially thousands in a suboptimal product is £395 really the expensive option?

Think about it this way: you could probably top up your car’s windscreen washer fluid yourself. But when the engine needs work, you take it to someone with the expertise. A mortgage is your engine. It deserves the same thinking.

Not All Brokers Are the Same

I want to be honest about something: you should shop around. Not all mortgage brokers work from the same panel. We don’t all have access to the same lenders, and some brokers have exclusive rates that others simply can’t offer.

What separates a great mortgage adviser from an average one comes down to three things: **knowledge, experience, and personability**. You need someone you can be completely open with. Someone you trust with the full picture of your finances. Because the full picture is what gets you the best outcome.

Still On the Fence?

Book a free consultation. Have a conversation. You don’t have to commit to anything.

As a company, we’re happy to invest time in people in the hope that they’ll return, recommend us, or simply walk away better informed. Not everyone will become a client. But some absolutely will, and we see that as a fair return.

Most mortgage brokers will talk you through the process for free. At the end of that conversation, you’ll be in a much better position to decide whether you want to handle it yourself or hand it to someone with the expertise to do it properly.

In my experience, nine times out of ten, people choose the latter.

And honestly? That’s the right call.

Thinking about buying your first home or remortgaging? Get in touch for a free, no-obligation consultation.

Your home may be repossessed if you do not keep up repayments on your mortgage.

First-Time Buyer Schemes Available in 2026: What Can You Use?

You’re imagining life in your new home and can’t wait to make it happen, but let’s face it, first-time homebuying can be a lot to take in. From saving for a deposit, mastering mortgage deals, and even keeping up with government schemes, it’s hard to know where to start. The good news is that in 2026, there are several options tailor-made to make it easier for first-time buyers to get on the property ladder without putting themselves at financial risk.

There are practical routes to making that first step more manageable, including shared ownership, government-backed mortgages, and savings incentives such as the Lifetime ISA. There are various rules, benefits, and potential drawbacks to each scheme, so it’s worth taking some time to determine which one suits your circumstances best.

In this guide, we will dissect the central first-time buyer schemes of 2026, explain how they work, and ultimately give you a good indication of who they are suitable for, allowing you to make that next step with confidence.

A Critical Note on Stamp Duty (2026)

Before looking at schemes, it is vital to understand the new tax rules. The temporary Stamp Duty relief expired in April 2025. In 2026, the thresholds have reverted to:

• Up to £300,000: £0 Stamp Duty for first-time buyers.
• £300,001-£500,000: You pay 5% on the portion above £300,000.
• Over £500,000: No first-time buyer relief applies; standard rates apply to the entire purchase.

Government First-Time Buyer Schemes

The government runs several different schemes to help people get on the property ladder as first-time buyers. These are built to help make home ownership easier, whether that involves reducing the amount that needs to be put down as a deposit, offering discounts or providing a saving bonus. Here are the top schemes in 2026 that you need to know about:

• Shared Ownership
• First Homes Scheme
• Mortgage Guarantee Scheme
• Lifetime ISA (LISA)

All of them work a bit differently, and the best approach for you will depend on your finances, your long-term plans, and where you would like to end up living. Let’s dive into the details.

Shared Ownership

Under Shared Ownership, you start with as much as you can buy, up to 75%, and pay rent on the rest. Essentially, you purchase a share of a property, usually somewhere between 10 and 75%, and you pay rent on the share that you do not own. Over time, you can buy more and more of your property through a process known as “staircasing,” until you own the property outright if you so wish.

Pros:

The main advantage of Shared Ownership is the lower deposit. Because you’re purchasing only part of the property upfront, your upfront costs are much lower. There’s also the option to gradually increase your ownership, which can help with budgeting for outgoing expenses every month.

Cons:

You should also remember that your monthly costs will be made up of mortgage repayments on the share you own and rent on the share you don’t own. Some shared ownership properties also come with restrictions on resale, so it may take longer to sell or be more complicated than for a regular home.

Who it suits:

Shared Ownership is perfect for families or individuals who won’t get a large mortgage or who can’t afford a large deposit. It’s beneficial if you would be comfortable borrowing enough to be able to afford 50% of a property, but would struggle if buying the whole property. Monthly payments are generally cheaper than buying outright, so it’s an affordable option to get on to the property ladder.

First Homes Scheme

The First Homes Scheme is designed to give local first-time buyers a discount on newly-built homes. The properties are sold with a minmum 30% discount off the market value, meaning you have a 30% equity from the second you move in.

Eligibility:

To qualify for the scheme, typically, you have to be a first-time buyer, subject to local income caps. The price of the property is also capped, at a level that depends on location. The scheme is designed to favour local buyers, allowing communities to retain residents who might otherwise be priced out.

Benefits:

The most significant benefit is the instant equity you accumulate. Get in on buying a home at a reduced price since your property is already worth more than you paid on your first day. It’s an excellent step onto the ladder, particularly in places where property prices are high.

Limitations:

There may be limited availability, and the scheme is also region-specific; not every town or city will have First Homes available. It’s mostly for new-build homes, so that you won’t see much on the resale market under this scheme. But if you qualify and the property is in the right place, it remains a good choice for first-time buyers.

Mortgage Guarantee Scheme

The Mortgage Guarantee Scheme, made permanent in July 2025 and often referred to as the “Freedom to Buy” scheme, is an essential offer to those with lower deposits. It offers mortgages at a 95% loan-to-value (LTV) ratio, which means you can purchase a property with as little as a 5% deposit. The government gives a guarantee to the lender to cover some of the lender’s losses if the borrower defaults, and only mortgages between 91% and 95% LTV have the support.

Eligibility:

It is open to first-time buyers as well as home movers.

Benefits:

The main benefit is obvious: a lower deposit requirement. It gives lenders an incentive to continue selling high-LTV mortgages, and can make a significant difference if you haven’t been able to build up a substantial deposit. It also gives you more choice if you’re buying a home in a tight market.

Considerations:

Though the scheme clears the way to the ladder, affordability checks remain stringent. You’ll have to prove you can afford the monthly repayments, which could be higher than on loans with a larger deposit. And bigger deposits still usually mean better interest rates. It all adds up in the end, and this scheme offers a long-term, government-guaranteed route for home buyers with little to put down, as well as providing a secure environment for mortgage lenders.

Lifetime ISA (LISA)

A LISA is a savings account for first-time buyers that helps them save towards a deposit more quickly. You can save up to £4,000 a year at any time, and the government adds a 25 per cent bonus, up to £1,000 free money per year.

Using a LISA for a first home:

You can use money in a LISA to buy your first home, so long as it is worth £450,000 or less. The bonus can give you a significant lift in the effort to save for a house and can mean the difference when you apply for a mortgage.

Pros:

Here, the free money comes from the government. A LISA is also flexible, so you can save for up to 50, and if you don’t buy your first home straight away, you can continue saving.

Cons:

There are some restrictions. You can use the money only for your first home, or a withdrawal penalty applies. Additionally, the property value limit suggests that if you’re house hunting in a high-value market, you might need more savings on hand to pay the entire amount.

A Lifetime ISA is an easy and low-risk way to receive a little extra help with your deposit. It could also have a significant impact on lowering upfront prices when combined with other government incentives.

Choosing the Right Scheme

With so many choices, it can be overwhelming to know where to begin. The correct answer depends on several factors, such as the size of your down payment, your income, your plans, and where you want to live.

• If you want to pay less a month, but cannot afford a high initial lump sum, shared ownership could be the ideal solution.
• The First Homes Scheme is designed for buyers who prefer a discounted home and meet local criteria, such as those in high-demand areas.
• If you have a small deposit but can afford larger monthly repayments, you may find that the Mortgage Guarantee Scheme is best for you.
• A lifetime ISA enhances these by adding a government bonus to your savings, getting you to your deposit faster.

Schemes should be carefully compared against one another. Each has its pros and cons, and what’s ideal for one person might not work for another. Professional guidance can be priceless; a mortgage adviser or broker can explain your options, work out the likely costs, and prevent you from making mistakes that will prove to be expensive further down the line.

Your Next Steps as a First-Time Buyer in 2026

2026 offers first-time buyers a range of government-backed schemes to help them access the property ladder at a lower cost. From Shared Ownership and the First Homes Scheme, to high-LTV mortgages under the Mortgage Guarantee Scheme, to savings contributions via the Lifetime ISA, there is something in there for almost every scenario. 

There are pros and cons to both, but the question is really what best aligns with your finances and future plans. It is recommended that relevant professional advice be sought to assist with the numerous decisions that need to be made and to ensure that the option you adopt is the right one for you. If you’re considering buying your first home, Mortgaged can guide you through the process and help you take your next step onto the property ladder with confidence.

Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

There may be a fee for mortgage advice. The precise amount will depend upon your circumstances and will be agreed with you before proceeding, but we estimate it will be £395.

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