--- title: First-time buyer mortgages date: 2026-07-23T15:03:00+01:00 author: "jonny@ipopdigital.com" canonical_url: "https://www.octagonfinance.co.uk/mortgages-in-jersey/first-time-buyers" section: Services --- [![Octagon Finance](/dist/images/octagon-finance-logo.svg)![](/dist/images/octagon-finance-wordmark.svg)](https://www.octagonfinance.co.uk/)[Contact us ](https://www.octagonfinance.co.uk/contact) [Octagon Assurance ](https://www.octagonassurance.co.uk) Latest [Personal Loans![](https://www.octagonfinance.co.uk/assets/images/Photos/AdobeStock_488105723-1.jpeg) ## How to Get Your Finances Ready for a Big Life Decision](https://www.octagonfinance.co.uk/advice-hub/how-to-get-your-finances-ready-for-a-big-life-decision) ![](/dist/images/subhero-octagon-pattern.svg) ![](https://www.octagonfinance.co.uk/assets/images/mortgages-jersey.svg)# First-time buyer mortgages Buying your first home? We’ll guide you through the mortgage process and find the best option that works for you. ![](https://www.octagonfinance.co.uk/assets/images/Photos/First-Time-Buyers.jpg) ![](/dist/images/corner-oct.svg)![](/dist/images/corner-oct.svg)![](/dist/images/corner-oct.svg)![](/dist/images/corner-oct.svg)## Types of first-time buyer mortgages - **95% loan-to-value (LTV) mortgages from 5.30% \*** Get a mortgage with just a 5% deposit. - **10 Year Fixed Rate from 5.24% \*\*** - **Fixed rates available 2, 3, 5 or 10 years.** - **Tracker mortgages available from 2 years to a lifetime tracker.** - **Andium Homebuy scheme.** 0% Deposit, and 25% of the property price deferred. [**Find out more.**](https://www.octagonfinance.co.uk/mortgages-in-jersey/andium-homes) ###### *\*Updated 03 July. \*\*Updated 12 August.* ![](https://www.octagonfinance.co.uk/assets/images/Photos/hand-keys.jpg) ![](/dist/images/corner-oct.svg)![](/dist/images/corner-oct.svg)![](/dist/images/corner-oct.svg)![](/dist/images/corner-oct.svg)**Getting your first mortgage doesn’t have to be overwhelming.** At Octagon Finance, our expert team guides you through the entire process, from checking eligibility to completion. As your independent broker, we streamline your experience by: - Accessing a wide range of lenders to find you competitive rates. - Negotiating the best terms for your financial situation. - Handling paperwork and lender communications to keep the process smooth and efficient. ###### *Your property or home may be repossessed if you do not keep up repayments on your mortgage. All mortgages are subject to status and eligibility criteria.* **Ready to Take Your First Step?** A mortgage “Agreement in Principle” (AIP) is a **quick** and **tailored** estimate of how much you may be able to borrow to purchase a property. Presenting an Agreement in Principle to estate agents or sellers demonstrates your financial capability to buy. Once we have your documentation, Octagon Finance can provide your AIP. ### **Secure an Agreement in Principle** Come and speak to us at Octagon Finance, 3 Mulcaster Street, St Helier, give us a call on 01534 744900, or Get in touch using the link below. **Documentation required:** - **Employed applicants:** 3 months of recent payslips. - **Self-employed applicants:** 2 years of trading accounts. [Let's Talk ](#apply) ## Let’s talk mortgages Book an appointment at Octagon Finance to talk through your plans for purchasing your first home. Paul will help you to fully understand the Mortgage process and give you expert advice every step of the way. ![](/dist/images/corner-oct.svg)![](/dist/images/corner-oct.svg)![](/dist/images/corner-oct.svg)![](/dist/images/corner-oct.svg)## Mortgage Calculator. How much could you borrow as a First-time buyer? Get a quick estimate of what your mortgage could look like and start getting a feel for your options. Property Purchase PriceDeposit AmountInterest RateMortgage Term ### Repayment £2,575.89 ### Mortgage Amount £450,000 ### Legal Fees £2,500 ### Stamp Duty £8,090 ### Total Mortgage Payable £783,358 First time buyer[Get a quote](#apply) ## FAQs for First-Time Buyers Got questions? We’ve got answers. ![](/dist/images/faq-pattern-green.svg) Is there a limit to how much I can borrow?The total mortgage amount you can borrow is typically calculated up to 6 times either your sole or joint income. In the case of 95% loan-to-value (LTV) mortgages, the maximum loan size is £750,000. For example, a property purchase of £789,473 with a 5% deposit of £39,473 the maximum mortgage would be £750,000. What’s the difference between a Fixed Rate and a Tracker?With a fixed rate mortgage product, your interest rate will be fixed for the term, 2, 3, 5 or 10 years and will not change for the whole term. A tracker mortgage is linked to the Bank of England base rate. If this base rate changes, your monthly repayments will change accordingly. At the end of the tracker term, you typically revert to a Standard Variable Rate. What are overpayments?Overpayments are extra payments you make to reduce your mortgage balance, which can save you interest and help you pay off your mortgage sooner. - You can usually overpay up to 10% of your remaining mortgage balance each year. - Paying more than this limit may incur Early Repayment Charges. - If you have a Tracker or Standard Variable Rate mortgage, you can often overpay as much as you like without any penalty. - Always check your specific limit with your lender before making any overpayments. What is stamp duty and is it reduced for First-Time buyers?When purchasing any property, Stamp Duty is the tax payable at the time your ownership contract is passed through the Royal Court. Reduced rates are available to first-time buyers on properties valued up to £700,000. Homes up to £350,000 carry a 0% tax rate, properties between £350,000 and £600,000 are taxed at approximately 1%, and a sliding scale applies for values up to £700,000. Purchases above £700,000 are subject to standard stamp duty rates. Use our [mortgage calculator](#calculator) for an indication of how much you will pay. What is an Agreement in Principle?A mortgage “Agreement in Principle” (AIP), often called a 'Mortgage in Principle', 'Decision in Principle', or 'mortgage promise'. It is a tailored estimate of how much you may be able to borrow to purchase or remortgage a property. Presenting an Agreement in Principle to estate agents or sellers demonstrates your financial capability to buy. It is an invaluable tool to secure before scheduling viewings and helps determine a realistic offer on your future home. Contact Octagon Finance today with 3 months of recent payslips, or for self-employed applicants, 2 years of trading accounts. We can crunch the numbers and provide you with an AIP within a day. Can Octagon help me access the Andium Homebuy scheme?As an approved mortgage broker of the Andium Homebuy scheme, Octagon Finance can help you, as a first-time buyer, get onto the property ladder. The scheme enables you to purchase an Andium Homes property with 0% deposit, and you only need to mortgage 75% of the cost of the property, the remaining 25% is deferred and retained by Andium homes. [**Find out more about the scheme here >** ](#) ![](/dist/images/corner-oct.svg)![](/dist/images/corner-oct.svg)![](/dist/images/corner-oct.svg)![](/dist/images/corner-oct.svg)## Mortgage Advice Hub Latest mortgage guidance and advice from the Octagon Finance team [View all ](/advice-hub) [Personal Loans ![](https://www.octagonfinance.co.uk/assets/images/Photos/AdobeStock_488105723-1.jpeg) ### How to Get Your Finances Ready for a Big Life Decision](https://www.octagonfinance.co.uk/advice-hub/how-to-get-your-finances-ready-for-a-big-life-decision) [Personal Loans ![](https://www.octagonfinance.co.uk/assets/images/Photos/Octagon-Office-New.png) ### Finance Jargon Explained: The Terms You Need to Know](https://www.octagonfinance.co.uk/advice-hub/finance-jargon-explained-the-terms-you-need-to-know) [Mortgages ![](https://www.octagonfinance.co.uk/assets/images/Photos/andum-home-v3.jpg) ### First-Time Buyer in Jersey? 10 Things You Need to Know Tiago Silva ](https://www.octagonfinance.co.uk/advice-hub/first-time-buyer-in-jersey-10-things-you-need-to-know) [Mortgages ![](https://www.octagonfinance.co.uk/assets/images/Photos/AdobeStock_458743888.jpg) ### Buying a home in Jersey: The complete guide](https://www.octagonfinance.co.uk/advice-hub/buying-a-home-in-jersey-the-complete-guide)