Disclaimer
This article was written by The Independent, as part of a paid sponsorship with Lloyds Banking Group. The information in this article was correct on the 16th June 2025.
Renting can really suck – it’s easy to feel like you’re throwing money down the drain, frustrating when you have very little say on decorating, and in some cases, landlords can be a little, well, difficult. The money leaves your bank each month, yet you feel like you have little to show for it, and soon enough, the shine of not having to be responsible when something breaks or goes wrong, wears off.
If you find yourself in that in-between, tired of renting but not sure of your next move, that’s where Lloyds comes in. Ready to hold your hand and guide you through the emotional and nerve wracking experience of buying your first home, Lloyds have made it their mission to make the journey of buying a home as easy as possible. You’ll be able to rely on Lloyds to understand your needs, support you along the way and help find you a mortgage that works for you, your life and budget.
No matter whether you’re looking to buy a forever home with your family, a charming apartment near the seaside, or a space just big enough for you and your four-legged best friend, Lloyds is there to help you, along with thousands of other first time buyers, make the step forward into property ownership.
A drop in mortgage rates could finally mean home ownership
Although the price of homes is continuing to skyrocket, mortgage rates are thankfully dropping for the first time in a few years. On 8 May, the Bank of England bank rate went down by 0.25 per cent from 4.5 per cent to 4.25 per cent. There might be light at the end of the tunnel when it comes to buying your first home. Lloyds are able to provide expert guidance along each step of the way for first time buyers, which soon enough, could include you.
Fortunately, the number of first time buyers was up 19 per cent in 2024 compared to 2023, and first time buyers also made up over half (54 per cent) of all home purchases made with a mortgage last year, according to data from Halifax which is part of Lloyds Banking Group. So forget thinking that the next step will never happen for you – Lloyds wants to support you through the processes as much as possible.
Extra help is available for first time buyers
Lloyds has a number of different mortgage options for first time buyers, geared towards helping them get on the ladder with a little helping hand. The Lloyds Lend a Hand mortgage allows family members help first time buyers to get their own home faster, without the need to gift a deposit. If this option works well for you, your family can place 10 per cent of the agreed property purchase price into a three year fixed term savings account as security.
Similarly, you could borrow up to 22 per cent more than Lloyds could normally lend those shopping for a mortgage, with the First Time Buyer Boost mortgage.
Whatever option you decide on, you can apply online from the comfort of your own home, at a time that suits you. Lloyds also offers an online chat functionality to speak to a mortgage expert at any point during the online process. Equally, you can speak to a Mortgage Adviser and seek mortgage advice. If you’re nervous and want some more support? You could drop into a free First Time Buyer event run by Lloyds Bank before you apply to find out more about the process Please remember you can lose your property if you fail to keep up with your mortgage repayments.
Finally lay down your roots
It’s an incredibly emotional and proud time, owning bricks and mortar and finally feeling like you’ve made it – because let’s face it, in this economy, getting on the property ladder can feel like catching clouds. Before you start the search for your first home, you can use Lloyds’ handy mortgage calculator to find out how much you may be able to borrow in 5 minutes or less, and what your monthly repayment might be.
Get a free fractional share worth up to £100.
Capital at risk.
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Get a free fractional share worth up to £100.
Capital at risk.
Terms and conditions apply.
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Once you’ve done your sums, and want to be able to tell your estate agent that you’re ready to take that next step, you can apply online for your agreement in principle, which only takes around 15 minutes. Lucky for first time buyers.
Whether you’re laying down roots in trendy East London, or will forever be a Northerner through and through, there’s no need to go through this process alone. Lloyds team of mortgage experts, free online first time buyer events and dedicated customer service, will ensure you’re not navigating this minefield of a journey alone.
Product terms and conditions and exclusions apply.
All lending is subject to status. You could lose your home if you don’t keep up your mortgage repayments.
