Lenders offer all sorts of incentives for first time buyers. You can choose from cash back deals which give you a lump sum once the mortgage has been completed or there are mortgage deals available which offer refunds on legal and administrative costs.
One thing you might want to bear in mind as a first time buyer is that you are likely to be offered a lower rate of interest if you are able to provide a substantial deposit, although there are many lenders who will happily lend 95% and even 100% mortgages if you meet their lending criteria. It's important not to overextend yourself when it comes to a mortgage, however. A 95% or 100% mortgage may mean that you are borrowing up to your absolute maximum and may leave you struggling further down the line when unexpected situations or bills crop up (as they tend to in life).
Most first time buyers opt for capped or fixed rate mortgages. This can be extremely beneficial in the early years of your mortgage when money may not be plentiful and you have to budget carefully. Remember though, that once the introductory period for these offers expires you will have to start paying interest at your lender's Standard Variable Rate which can be several percent higher that your initial rate.
When you are looking for a mortgage, do your sums. Work out not only what you will be paying at the capped or fixed rate but also what you'll be paying a few years down the line when you're paying the standard rate. Make sure that you can afford it and budget for the increase.
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