Delayed Start Mortgage: What First-Time Buyers Need to Know
- Penn Financial
- Jun 24
- 2 min read
Buying Your First Home
Buying your first home is a major step, exciting, but also full of financial pressure. One of the biggest challenges many first-time buyers face is managing costs in the early months of home ownership. Taking into account solicitor fees, moving expenses, furnishing your new place, and possibly even adjusting to a new job, the first few months can feel overwhelming.
That is where a delayed start mortgage could make a real difference.
What Is a Delayed Start Mortgage?
A new delayed start mortgage product allows you to start repaying your mortgage a few months after completing your home purchase, typically up to three months. This means that there are no monthly mortgage payments during that initial period, giving you time to settle in and get your finances in order.
This option could be ideal if:
You are transitioning into a new job and need time before your income stabilises
You have significant upfront costs, like renovations or moving expenses
You are trying to build a small financial cushion before monthly payments begin
How Does It Work?
Instead of starting your monthly repayments right away, this lender gives you a grace period. You still secure the mortgage and complete on your home in the usual way but the repayments do not kick in immediately.
It is important to know that interest usually still accrues during this time and is added to your mortgage balance. So, while it gives you short-term breathing room, it is not interest-free. It is crucial to understand how this affects your long-term repayments.
Is It Right for You?
A delayed start mortgage isn't for everyone. It could be a smart short-term solution for managing cash flow, especially if you are juggling big expenses straight after your purchase. But like any financial product, the long-term impact should be carefully considered.
That is where expert advice matters.
Speak to Penn Financial
If you are a first-time buyer and want to explore whether a delayed start mortgage could help you get on the property ladder with more confidence, reach out to Penn Financial. Our advisers can help you understand your options in plain English and, more importantly, whether this type of mortgage fits your unique situation.

Lux Mathiy
0207 183 5938
The information provided in this article is not intended to constitute professional advice and you should take full and comprehensive legal, accountancy or financial advice as appropriate on your individual circumstances by a fully qualified Solicitor, Accountant or Financial Advisor/Mortgage Broker before you embark on any course of action.
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