If you are purchasing your first residential property you are classified as a first time buyer. In the case of joint mortgages, it applies only when both parties are first time buyers. If you or your partner have owned a home before, either in the UK or abroad, you will not qualify for first time buyer status.

First time buyer mortgages can be either repayment or interest only loans. With an interest only loan, your monthly repayment covers only the interest and not the original capital borrowed, which is paid at the end of the term in a lump sum. With repayment loans, your repayments pay off the loan amount until you eventually own your home outright. Most first time buyers choose repayment loans.
Usually you’ll be offered a fixed-rate or variable-rate mortgage. A fixed-rate mortgage sets the rate of your monthly repayments for a specified term - typically two, three or five years, although in some cases it can be as long as 10 years - unlike a variable-rate mortgage, which adjusts the amount of interest paid in line with a specific benchmark or reference rate.

The more money you put down, the less you’ll need to borrow. Whilst in some cases it’s possible to buy with a 5% deposit, most mortgage lenders require at least 10% of the property purchase price. A higher deposit amount will also reduce the Loan-To-Value (LTV) rate, which usually translates to a better deal on your mortgage.