Getting a mortgage for many first time buyers can seem impossible, especially with the news that it takes almost a decade for a quarter of first time buyers to save their deposit. Then there are the long lists of criteria set by each individual lender, which may make first-time buyers feel a little hopeless.

Thankfully, mortgages can generally be split into two categories: variable and fixed rate. Simply speaking, variable mortgage rates change in-line with the Bank of England’s base rate, meaning monthly payments can fluctuate. While fixed rate are mortgages from lenders like Saffron Building Society offer the same monthly repayments for a specified term.

Fixed rate mortgages tend to be the most popular option among first-time buyers, and something to consider when checking the market (from to local banks and the like). As such, here is a brief guide to fixed rate mortgages for first time buyers.


Security and Stability – choosing a mortgage with repayments that will not be affected by interest rates provides first time buyers with security, helping them to budget and plan for the future.

Affordability – fixed rate mortgages also tend to make home ownership more affordable, as first time buyers do not have to worry about any increase in repayments.


No Reduction in Repayments – because repayments on fixed rate mortgages are just that, fixed, it means that should interest rate falls, you will not be able to take advantage of lower repayments.

Higher Fees – fixed rate mortgages typically carry higher arrangement fees. This is because if interest rates were to rise, your lender would not recoup the amount from higher repayments.

Types of Fixed Rate Mortgages

If you decide that a fixed rate mortgage is the right choice, you will then need to consider what type is best. There are a variety of fixed rate mortgages available to first time buyers, often between two and five years in length.

When choosing the length of your fixed rate mortgage, consider the current financial climate and whether securing a fixed rate for a longer term could prove beneficial – this may be the case if interest rates were predicted to rise.

In addition, talk to lenders about the size of your deposit. Each mortgage offers a different rate, often dependent upon the percentage of deposit. While you can find a fixed rate with as little as 5%, the lowest rate mortgages are often only available to those with a bigger deposit.

Fixed rate mortgages provide first-time buyers with stability and security, even if interest rates increase. Before choosing a mortgage, research different lenders, look at the criteria for different rates and consider the term.