A First-time buyer is someone who has never owned a residential home of their own, however this excludes ownership of Commercial properties. One of the first boxes that needs to be ticked by a first-time buyer is the amount of deposit they are going to put down, as this will establish the amount of borrowing required from a mortgage lender.
The loan to value popularly known as LTV varies from lender-to-lender and hinges on the amount of deposit the borrower is willing to put down. The higher the deposit, the more options there are available, in terms of interest rates.
As part of the First-time buyer mortgage application process, the mortgage lender will look at several aspects pertaining to the applicant and the property including affordability criteria credit history, property valuation and conveyancing. Once satisfied the lender would make an offer and if successful this would proceed to completion.