What is First Step?
First Step could let your client borrow up to 98% LTV with a minimum deposit of just £5,000. Mortgage values range from £96,000 to £350,000, and the 5-year fixed rates give your clients peace of mind their monthly payments won’t change during the product term.
What might this look like?
| First Step (Up to 98%) mortgage | Standard 95% mortgage | |
| House price | £210,000 | £210,000 |
| Mortgage value | £205,000 | £199,500 |
| Deposit | £5,000 | £10,500 |
| Loan-to-value (LTV) | 97.62% | 95% |
Want more detail?
Let’s say your client is buying their first home for £210,000. With First Step, they would only need a £5,000 deposit. This means their mortgage would be £205,000, with a 97.62% loan-to-value (LTV).
By comparison, if they went for a mortgage with a 95% LTV, they’d need to save a £10,500 deposit. That means First Step could help them to save £5,500 in deposit costs, allowing them to buy sooner or keep more of their savings for moving costs or setting up their new home.
A First Step mortgage may be a good fit for your client if:
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They are looking for a mortgage between £96,000 and £350,000
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They have a minimum deposit of £5,000
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They are a first-time buyer
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They want a 5-year fixed mortgage
A First Step mortgage may not be a good fit for your client if:
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They are looking for a mortgage less than £96,000 or more than £350,0000
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Their deposit is less than £5,000 or has been gifted
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They are buying a new build property
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They want to use an affordable home ownership scheme such as Shared Ownership
Showing all of our products
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- Max LTV (high to low)
Mortgage type
Max LTV
Deal term
Rate type
Fees
| Code |
STEP016 |
|---|---|
| Name | 5 Year Fixed Rate - First Step |
| Rate | 6.25% |
| Max LTV | 98% |
| Fees | £0 |
| SVR | 6.31% |
| APRC | 6.5% |
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| Product | Rate | Max LTV | Fees | SVR | APRC | Product links |
|---|---|---|---|---|---|---|
|
STEP016 5 Year Fixed Rate - First Step
|
6.25% | 98% | £0 | 6.31% | 6.5% | Full product details Log in to apply |
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Available across the UK, your dedicated Business Development Manager (BDM) is ready to give expert advice on your product, criteria, or application questions.
Intermediary Support Team
For enquiries, live case support, or document submissions, our Intermediary Support Team is available from 9am to 5pm, Monday to Friday. You can contact them by:
- Phone: 0345 602 2338
- Email: intermediary.lending@newcastle.co.uk