For many aspiring homeowners, getting onto the property ladder can feel increasingly difficult. Rising living costs, deposit worries and uncertainty around mortgage affordability often leave buyers assuming homeownership is simply out of reach.
However, recent research suggests that many first-time buyers could be ruling themselves out too early.
At Gordon Anthony Mortgages, we regularly speak to people across Manchester and across the North West who are surprised to discover there may be more mortgage options available to them than they originally thought.
Many buyers have never spoken to a mortgage broker
Research from the Building Societies Association (BSA) found that nearly half of people hoping to buy their first home have never spoken to a lender or mortgage broker about their options.
This means many prospective buyers may not fully understand:
- What mortgage products are available
- How much they may be able to borrow
- Whether schemes or specialist products could help
- What deposit options exist
- How lenders assess affordability
The research also found that even people who had explored their mortgage options previously may not have up-to-date information, with many not reviewing the market within the last 12 months.
The mortgage market changes regularly
Mortgage products, lending criteria and interest rates can change frequently.
As a result, someone who may not have qualified for a mortgage previously could find that their options look very different today.
This is particularly relevant for:
- First-time buyers
- Self-employed applicants
- Buyers with smaller deposits
- People with variable income
- Buyers using gifted deposits or family support
As mortgage advisors in Manchester, we often find that many buyers underestimate what may be possible until they begin exploring the market properly.
Could you buy sooner than you think?
According to the BSA research, when potential buyers were shown mortgage options requiring little or no deposit, around two thirds said they may be able to buy a home sooner than expected.
This highlights an important point: assumptions around buying a home are not always accurate.
Many people delay speaking to a mortgage broker in Manchester because they assume:
- They need a much larger deposit
- Their income is too low
- Their credit history will stop them
- Mortgage repayments will be unaffordable
- They are not yet in a strong enough position
While affordability remains an important consideration, exploring your options can often provide greater clarity around what may or may not be achievable.
Affordability and deposits remain key concerns
The research showed that affordability remains one of the biggest barriers to homeownership, with 64% of respondents identifying this as a challenge.
Saving for a deposit also continues to be difficult for many aspiring buyers:
- 53% said deposit saving was a major obstacle
- 59% had less than £10,000 saved
Unsurprisingly, these financial pressures can lead many people to feel discouraged about buying altogether.
However, the research suggests that many hopeful homeowners may benefit from having a clearer understanding of the options potentially available to them before assuming homeownership is out of reach.
Why speaking to a mortgage broker can help
A conversation with a mortgage advisor does not automatically mean you are committing to buying a property immediately.
For many buyers, it is simply about understanding:
- What may be possible
- What lenders are currently offering
- What steps could improve future affordability
- How much deposit may realistically be needed
- Whether there are products suited to their circumstances
At Gordon Anthony Mortgages, we help buyers across Manchester, Rawtenstall, Burnley, Accrington and the wider North West better understand the mortgage process in a straightforward and jargon-free way.
The importance of up-to-date mortgage information
One of the key findings from the research is that outdated assumptions can sometimes stop buyers from exploring opportunities that may now exist.
Mortgage lending criteria can evolve over time and new products regularly enter the market.
This means buyers who:
- Were declined previously
- Thought their deposit was too small
- Believed they needed to wait longer
- Assumed affordability would be an issue
may find that their situation looks different today.
Of course, every lender and mortgage application is assessed individually and approval is never guaranteed.
Mortgage advisors in Manchester supporting first-time buyers
As mortgage advisors in Manchester, Gordon Anthony Mortgages works with first-time buyers looking for clear and personalised support throughout the homebuying journey.
Whether you are simply exploring your options or actively preparing to buy, understanding the current mortgage market can help you make more informed decisions.
Frequently asked questions about first-time buyer mortgages
Do first-time buyers always need a large deposit?
Not necessarily. Deposit requirements vary between lenders and mortgage products, although a larger deposit can sometimes provide access to more competitive rates.
Can I get a mortgage with less than 10% deposit?
Some lenders do offer products for buyers with smaller deposits, subject to eligibility and affordability checks.
Is it worth speaking to a mortgage broker before house hunting?
Many buyers find it helpful to understand their potential borrowing position before beginning their property search.
Can mortgage products change quickly?
Yes. Mortgage rates, lender criteria and available products can change regularly depending on market conditions.
What if I was declined for a mortgage previously?
Being declined previously does not always mean future applications will be unsuccessful. Circumstances, lender criteria and available products may change over time.
Here to help
If you are looking for a mortgage broker in Manchester or want to better understand your first-time buyer options, Gordon Anthony Mortgages is here to help.
We support buyers across Manchester and the North West with clear, straightforward mortgage guidance tailored to individual circumstances.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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