Types of Mortgages We Specialise In:
First-time buyers
Specialists in First-Time Buyer Mortgages
At Prosper Mortgages, helping first-time buyers is one of our favourite parts of the job. There’s nothing better than seeing someone step into their first home—and knowing we played a part in making it happen.
We’re here to cut through the jargon, search the whole market, and find the right mortgage for your needs and budget. And to make things even easier, we will guide you every step of the way - from finding the right home, checking affordability to getting a suitable solicitor.
What Is a First-Time Buyer Mortgage?
If you’re buying your very first home, you’re considered a first-time buyer—and that can open up some great benefits. From government-backed schemes to reduced interest rates, there’s real support available to help you get on the property ladder.
Available Schemes for First Time Buyers
Government Schemes:
You may be eligible for one of the following support options:
These schemes are designed to make buying your first home more affordable. At Prosper Mortgages, we know how they work and can guide you through what you’re eligible for and how to apply.
Innovative Lender Offers:
Some lenders are now offering new ways to support first-time buyers:
- 1) 1% Deposit Mortgage: In 2024, Accord Mortgages launched a scheme allowing buyers to purchase properties up to £500,000 with just a 1% deposit (available only through brokers like us.)
- 2) 100% Mortgages: For renters who’ve consistently paid rent for at least 12 months, some lenders offer 100% mortgages—no deposit needed.
- 3) Own New Rate Reducer: This scheme helps you buy a new build and reduce your mortgage rate for the first few years, with the developer contributing 3–5% toward the purchase price.
- 4)
Enhanced Income Multiples: Some building societies offer higher borrowing limits for first-time buyers, helping you stretch your affordability when needed.
Next Steps for Getting Your First Mortgage
01
Understand Your Budget
We’ll help you figure out how much you can borrow and what your monthly repayments might look like.
02
Check Your Credit Score
A good score helps your chances—be mindful of spending in the months leading up to your application. Check out our tips on improving your credit score.
03
Get Pre-Approved
We can usually secure a mortgage in principle within 30 minutes, including a certificate to support your offer on a home.
04
Explore Your Options
Your dedicated adviser will search the market and match you with the right mortgage product.
05
Submit Your Application
We’ll take care of the paperwork and guide you through the application process.
06
Receive Your Mortgage Offer
Once approved, the lender will issue a formal offer that gets sent to you and your solicitor.
07
Complete Your Purchase
We’ll work closely with you and your solicitor to complete the process and get you moved in.
08
Get Protected
Our protection experts can help you choose the right insurance so you’re covered from day one.
We’re With You Every Step of the Way
Buying your first home can feel overwhelming—but we’re here to make it easier. At Prosper Mortgages, we offer friendly, expert advice that’s completely free and pressure-free. Let’s get you moving.
📞 Call 07825 770882 or book your free consultation to get started.
Home movers
Whether you’re moving up, scaling down, or buying your next family home, Prosper Mortgages is here to help. We’ve supported thousands of home movers and pride ourselves on finding the right mortgage for your needs—quickly, clearly, and stress-free.
As an independent broker, we search the whole market to secure the best deal for your circumstances.
What We Offer
Mortgages up to
95% loan-to-value
Mortgage in principle in just 30 minutes
Access to
exclusive home mover deals
Cashback and
free valuations on selected products
Thousands of mortgage options at your fingertips
📞 Call 07825 770882 or book your free consultation to get started.
Remortgages
Time for a Remortgage? Let’s Make It Work for You
At Prosper Mortgages, we don’t just help you get your first mortgage—we’re here to make sure it stays the right deal for you. Whether your fixed rate is ending, your circumstances have changed, or you’re simply looking to save money, our remortgage specialists are ready to help.
We search the whole of market to find competitive remortgage deals, compare hundreds of products, and handle the switching process—all at no cost to you.
Why Remortgage with Prosper?
Loans available up to
90% of your property’s value
Release equity from your home or buy-to-let for any purpose
We
compare the market for you—you could lower your monthly payments
Access to
exclusive rates and schemes not found on the high street
Free valuations and legal fees available with selected lenders
Let’s Talk Remortgage
📞 Call 07825 770882 or book your free consultation to see how much you could save.
Equity release
Equity Release with Prosper Mortgages
By referral
If you’re over 55 and own your home, Equity Release could help you unlock tax-free cash tied up in your property—for any purpose you choose. Whether it’s to boost your retirement income, help family onto the property ladder, or simply enjoy life a little more, we’re here to guide you.
Why Choose Prosper for Equity Release?
Unlike many firms, our advisers are fully qualified in both Equity Release and standard mortgages, so we can discuss all your later-life lending options—without pressure.
We’re
members of the Equity Release Council
We offer products with a
No Negative Equity Guarantee
We have access to a
wide panel of lenders, not just one
Cashback and
free valuations on selected products
We don’t spend on celebrity ads—we pass those savings to you
What Is Equity Release?
Equity Release (typically via a Lifetime Mortgage) lets you access cash from your home without needing to sell or move.
- You retain full ownership of your home
- No monthly repayments are required (unless you choose to make them)
- The loan, plus interest, is repaid when you pass away or enter long-term care
- You can take a lump sum or draw down funds as needed
- Your plan can include Inheritance Protection to reserve a portion of your property’s value for loved ones
To qualify, you must be:
- Aged 55+
- Own a home worth at least £75,000
Other Options in Retirement
Equity Release isn’t the only choice. Depending on your income and needs, you might also consider:
- A Retirement Interest-Only mortgage (RIO)
- A Standard Residential mortgage if you still meet affordability criteria
Our advisers will talk through all available options to help you make the right decision for your future.
Common Questions
Can I make repayments?
Yes. Some plans allow partial or full repayments—often penalty-free up to a limit. We’ll explain what’s available based on your needs.
Will I still own my home?
Yes. You remain the legal owner, and you have the right to stay in your home for life.
Can I lose my home or owe more than it’s worth?
No. All our products come with a No Negative Equity Guarantee, meaning you will never owe more than the value of your home.
Will my children still receive an inheritance?
Yes, if you choose. Some plans offer Inheritance Protection, allowing you to reserve a portion of your home’s value.
Take It at Your Pace
Equity Release is a big decision, and we’ll never rush you. We’re happy to start with a no-obligation chat—even anonymously. If it’s not right for you, that’s completely fine. We’re here to help, not to sell.
Book your free consultation today or
📞
call
07825 770882
to speak with a friendly adviser.
Buy-to-Lets
SPECIALISTS IN Buy to Let Mortgages
At Prosper Mortgages, we support professional landlords, first-time investors, and accidental landlords with tailored mortgage advice to help you maximise rental income and grow your property portfolio.
With access to the whole of market, including exclusive Buy to Let deals not available on the high street, our independent advisers ensure you get the most competitive product for your needs—whether you’re expanding or refinancing.
Why Choose Prosper for Buy to Let?
Whole-of-market access with exclusive deals
Expert advice on all types of Buy to Let lending
Loans available up to
85% of the property value
Understand how
rental stress tests affect your borrowing
Support with
HMOs and
Assured Shorthold Tenancy setups
Free, independent advice with no pressure
We’re With You Every Step of the Way
Whether you’re buying your first investment property or managing a growing portfolio, we’ll guide you every step of the way.
📞 Call 07825 770882 or book your free consultation today.
Self Employed & contractor mortgages
Being self-employed or working as a contractor shouldn’t hold you back from getting a mortgage. At Prosper Mortgages, we specialise in helping business owners, freelancers, and contractors secure competitive mortgage deals—even with complex income.
We understand how lenders assess self-employed income and can guide you through what’s needed to get approved.
What You Need to Know:
Mortgages available with
1–2 years of accounts or SA302s
Day-rate contractor options based on your daily income
Access to
specialist lenders who understand self-employed finances
Help with
limited company and
sole trader applications
Expert support if your income is
seasonal, variable, or recently changed
We’re With You Every Step of the Way
With access to the whole of market, we’ll find a mortgage that fits your unique financial setup—no stress, no jargon.
📞 Call 07825 770882 or book your free consultation to speak with a self-employed mortgage expert.
Key Features of First-Time Buyer Mortgages Explained
Lifetime ISA
- You can use a Lifetime ISA (Individuals Savings Account) to buy your first home or save for later life. You must be 18 or over, but under 40 to open a Lifetime ISA.
- You can put up to £4,000 each year until you are 50. You must make your first payment into your ISA before you are 40.
- The government will add a 25% bonus to your savings, up to a maximum of £1,000 per year.
First Home Buyer Scheme
First Homes is a government-backed scheme designed to help more first time buyers onto the property ladder. Brand new homes are available for sale with a discount of at least 30% of the market value, on selected new-build homes in England, up to a maximum price of £250,000 (£420,000 in London) after the discount is applied.
Who is eligible for the First Homes scheme?
To apply for the First Homes scheme, you'll need to:
- Be a first time buyer whose income (combined if couples of group purchasers) doesn't exceed £80,000 per annum
- Meet the local eligibility criteria set by the local authority (if any)^
- Be able to get a mortgage for at least 50% of the discounted purchase price
- Have at least a 5% deposit of the discounted purchase price
- Have the First Homes property as your only home
Where can I find a home with the First Homes scheme?
- The First Homes scheme is available only on selected properties. Explore the collection of brand-new homes to find out if the First Homes scheme is available on the home you want to buy.
£5,000 Deposit Mortgage
In early 2024, Accord Mortgages announced their new £5K Deposit Mortgage for first time buyers with the aim being to help more people get on the property ladder with a lower deposit. This is an intermediary only lender, meaning you must go via a mortgage broker to access this deal.
Eligibility Criteria
First time buyers only (if it is a joint purchase only one of you needs to be a first-time buyer and the second person cannot currently own a property)
- Minimum deposit: £5,000
- Gifted deposit is acceptable
- Houses only (no flats or new builds)
- Minimum purchase price: £100,000
- Maximum purchase price: £500,000
- Maximum term: 40 years
- Maximum age at end of term is 70
- Maximum Loan to value (LTV) 99%
- Only available on a 5-year fixed rate
Call the team at Prosper Mortgages to see if this is the right option for you.
100% Mortgages
Can I Get a 100% Mortgage?
No Deposit? No problem.
If saving a deposit feels out of reach—especially while renting—a 100% mortgage could be the answer. Also known as a track record mortgage or no deposit mortgage, this product allows eligible first-time buyers to borrow the full cost of a property without putting down a deposit.
Who Can Apply?
To be eligible, you’ll typically need to meet the following criteria:
- Aged 21 or over
- Haven’t owned a property in the UK in the last 3 years
- No missed payments on credit commitments in the last 6 months
- Renting for at least 12 consecutive months (within the last 18)
- Buying a property up to £600,000
- Not buying a new build flat
- Not purchasing in Northern Ireland
For Sole Applicants:
- Must show consistent rent payments and possibly other household bills
For Joint Applicants (up to 4 people):
- Proof that rent has been paid in full, either jointly or individually
Pros & Cons of 100% Mortgages
✔ Pros:
- No deposit required – ideal if saving while renting has been a struggle
- Makes homeownership more accessible for renters with good financial habits
✘ Cons:
- Fewer lenders offer this product
- Stricter eligibility criteria
- Risk of negative equity if property prices fall
Tips to Improve Your Chances
1. Check your credit score – a clean history improves approval chances.
2. Budget for extra costs – while you won’t need a deposit, you’ll still need funds for legal fees, stamp duty, and valuations
3. Speak to an independent broker – like Prosper Mortgages! We work with the whole of market and can guide you through your best options.
Ready to See If You Qualify?
At Prosper Mortgages, we specialise in helping first-time buyers get started—even without a deposit. Book a free consultation, and let’s explore if a 100% mortgage could work for you.
Own New: Rate Reducer Scheme
The Own New Rate Reducer is a scheme launched in February 2024 to make buying a new build home more affordable by lowering your mortgage interest rate for the first few years.
How It Works
- The developer contributes 3% or 5% of the property price
- This contribution is used by the lender to reduce your mortgage rate
- You benefit from lower monthly payments for the first 2 or 5 years, depending on your chosen mortgage term
- Available only through approved mortgage brokers via Own New
What Could You Pay?
Rates start from 0.99% for a 2-year fixed mortgage with 60% Loan to Value (LTV). Your actual rate will depend on how much deposit you have.
Example (on a £200,000 mortgage over 25 years):
| Rate | Monthly Payment |
|---|---|
| 0.99% | £752 |
| 4.65% | £1,129 |
Please note: not everyone will qualify for the lowest rate.
Who Can Use the Scheme?
First-time buyers
- Home movers
- Previous homeowners (as long as you’re buying a new build)
Is It Right for You?
This scheme can offer big savings early on, but it won’t suit everyone. At Prosper Mortgages, we’ll look at your personal circumstances and compare all your options to help you decide.
Book a free consultation today to see if the Own New Rate Reducer is right for you.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Equity release will reduce the value of your estate and can affect your eligibility for means tested benefits.
The Financial Conduct Authority do not regulate buy to let mortgages.
We’re With You Every Step of the Way
At Prosper Mortgages, we offer friendly, expert advice that’s completely free and pressure-free. Book a free consultation, and let’s explore mortgage options.
