First-Time Buyer Mortgages

An Agreement in principle, also known as a Mortgage in principle (MIP) and a Decision in principle (DIP) is the initial document provided by a lender outlining how much they could lend you if you made a full application with them. This is not a binding agreement, and you can apply for multiple AIPs prior to making your application.

These can be obtained directly from a lender, or from a mortgage broker, like ourselves, and are free of charge. You’ll need to provide details of your financial circumstances and income to obtain one.

Our mortgage application guide provides a full list of what you’re likely to need when you apply for a mortgage for the first time. Keep in mind that if you’re self-employed, requirements usually differ slightly.

The amount of mortgage deposit you need to provide will depend on the type of mortgage you choose. A standard mortgage will need at least 5% of the property value, and as much as 15% if you buy a new build property.

However, there are some providers who offer 100% mortgages, meaning you won’t necessarily need one at all. Usually these are the types of mortgages that are supported by family, however, one or two providers do offer 100% mortgages as a standard product.

As of 1 April 2025, the SDLT relief for first time buyers in England is as follows:

• Buying a property up to £300,000 - No stamp duty payable

• Buying a property between £300,001 and £500,000 - 5% on the element above £300,000

• Buying a property over £500,000 - 0% on the first £300,000, 5% on the next £200,000 and standard rate SDLT on the remaining amount above £500,000

A conveyancing solicitor specifically deals with the legal process of buying a home, and their rates will vary depending on which company you use and the value of your home.

You can learn more in our conveyancing guide.