What’s Actually Changed and What to Do Next
If you’ve been watching the property market from the sidelines for the last couple of years, you might be wondering whether 2026 is finally the right time to make your move.
The honest answer is: it depends on your situation. But there are some real opportunities in the current market for first-time buyers who are prepared and some things that have genuinely changed that are worth understanding.
Where Mortgage Rates Are Right Now
Mortgage rates came down through late 2024 and into 2025, and while they haven’t returned to the historic lows of the pre-2022 era, there’s a far wider range of product options available to first-time buyers now than there was eighteen months ago.
Fixed rate deals, which give you certainty about your monthly payments for two, three, or five years, have become more competitive, and many lenders have been keen to attract first-time buyer business.
Getting the right deal isn’t just about the headline rate, though. It’s about finding a product that fits your circumstances: your deposit size, your income structure, whether you’re employed or self-employed, and how long you want to fix for.
What Support is Available for First-Time Buyers?
The mortgage guarantee scheme has continued to support buyers with smaller deposits, making 95% mortgages more widely available than they’d otherwise be.
In Scotland, the First Home Fund and shared equity schemes have helped thousands of buyers get onto the property ladder with a lower deposit requirement. Eligibility and funding availability changes, so it’s worth getting up-to-date advice on what’s currently open.
The Lifetime ISA remains a useful tool if you haven’t yet bought, if you’re between 18 and 40 and have been saving into one, that government bonus is worth factoring into your plans.
How Much Can You Actually Borrow?
Affordability assessments have evolved. Most lenders look at your income, outgoings, existing commitments, and a stress-tested version of your potential payments at a higher interest rate.
The amount you can borrow isn’t simply a multiple of your salary. It depends on your whole financial picture, which is exactly why speaking to an independent mortgage broker rather than going direct to one lender makes such a difference.
As a whole-of-market broker, I can look across the entire mortgage landscape and find the lender whose criteria best fits your situation. That can make a significant difference to what’s possible.
What to Do Next
If you’re seriously considering buying in 2026, the best thing you can do right now is get a clear picture of your financial position and speak to a broker early, before you start viewing properties.
A mortgage in principle gives you clarity about what you can afford and makes you a credible buyer when you find something you want. It doesn’t commit you to anything, but it does put you in a much stronger position.
Get in touch for a no-obligation chat. We’ll look at your situation honestly, tell you what’s realistic, and map out the steps from here.
