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Getting a mortgage as a first time buyer in London depends on factors like your income, credit history, and outgoings.
Lenders assess affordability to determine if you qualify and how much they may be willing to lend.
London’s property market can be competitive, so having a strong financial profile can improve your chances.
Even if your situation is more complex, our mortgage advisor in London can explore suitable options and help you take your first step onto the property ladder.
In most cases, a first time buyer in London will need a minimum deposit of 5% of the property price.
However, given the higher property prices in the capital, saving a larger deposit can provide access to better mortgage rates and lower monthly repayments.
Some government schemes, such as shared ownership and the First Homes scheme, can help get your foot onto the property ladder.
As an expert mortgage broker in London, we can explain your options and find lenders that suit your situation.
Lenders determine how much you can borrow based on income, outgoings, and financial commitments.
Typically, a first time buyer in London can borrow around four to five times their annual salary, but this varies depending on the lender’s criteria.
Your credit history, employment status, and the size of your deposit also play a role.
Our mortgage advice in London will help you understand your borrowing potential and find a mortgage deal that works for you.
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5.00 Rating15 Reviews
Anonymous
Charlie helped guide me through the process and answered all my questions. Would highly recommend London money man to everyone!
7 months ago
Anonymous
Ryan at London Moneyman made moving home with my mortgage easier. Thank you, 5 stars service.
7 months ago
Laura
I was nervous buying my first home but londonmoneyman were fab! Thank you for helping me 🙏
7 months ago
Jaycee
A+ service. communication was brilliant, helped me find a mortgage. Will definitely be back!
7 months ago
Tamra
Great company. Great service. Recommend 100%
7 months ago
Otto
thank you chloe for help with my mortgage iwill be back next time.
7 months ago
Tabby
Excellent service very helpful with my mortgage 😀
7 months ago
Seb
Very useful and efficient service. Thank you london money man!
7 months ago
Josie
Dinah and the team at London money man were super helpful with a remortgage on our family home. They got us through the process quickly and found me a much better deal than we were on. Thank you again, we'll be back in touch for our next...
7 months ago
Jeb
Great service from Kayleigh & Leo! Made it easy and stress free, thank you both for finding me a suitable product. I would not have got through this without their help.
7 months ago
Derek
Helped me and my partner on our remortgage. Molly was friendly and polite on the phoen and helped us throughout the process. Would reccomend 👍
7 months ago
Marina
Leoand Kayleigh were great during my process. He made everything stressfree for me as a first time buyer. Would definitely recommend to others going through the same process as it helped a lot. Thank you..Marina
7 months ago
James
Thank you Londonmoneyman. From my free mortgage appointment to completion I was kept in the loop. Jason was great and would definitely recommend.
7 months ago
Ruby
Tom and Louise were so helpful throughout the whole process. As First Time Buyers we were almost scared to start looking for a home but the team at Londonmoneyman put us at ease and now we have a lovely new home. Thanks for everything!
7 months ago
John
Amazing service from start to finish. Charlie, Megan and the application team were very helpful throughout, to help with any queries, and kept me up to date with the process at every stage. Couldn't recommend them enough!
2 years ago
Lenders don’t set a fixed credit score requirement, but a higher score improves your chances of securing a better mortgage deal.
As a first time buyer in London, having a strong credit history shows lenders that you can manage repayments responsibly.
If your score is lower, you may still be able to get a mortgage, though you might need a larger deposit or face higher interest rates.
Yes, there are government-backed schemes designed to help a first time buyer in London get onto the property ladder.
The First Homes Scheme offers discounts on new-build properties, while shared ownership allows you to buy a percentage of a home and pay rent on the rest.
Some lenders also offer low-deposit mortgage options for first-time buyers.
The mortgage process can take anywhere from two to six weeks from application to approval, depending on the lender and your financial circumstances.
Once your offer is accepted, legal work and property surveys typically take a few more weeks before completion.
Yes, many lenders offer 5% deposit mortgages, meaning you could secure a home with a small upfront cost.
However, in London’s higher-priced market, a larger deposit can unlock better interest rates and lower monthly payments.
Some first-time buyer schemes also reduce the amount needed.
Student loans are factored into your affordability assessment, but they don’t automatically prevent you from getting a mortgage.
Lenders focus on your monthly repayments rather than the total loan balance.
As a first time buyer in London, demonstrating that you can comfortably afford your mortgage alongside other financial commitments will be key.
An Agreement in Principle (AIP) is a statement from a lender estimating how much they might be willing to lend based on an initial financial review.
It’s not a mortgage guarantee, but having one can strengthen your position when house hunting, as many estate agents prefer buyers with an AIP.
While you can go directly to a bank, working with a mortgage broker in London gives you access to a much wider range of lenders and mortgage deals.
Banks only offer their own products, whereas a broker searches across the market to find a mortgage that suits your specific circumstances.
Beyond your deposit, you will need to budget for solicitor fees, which cover the legal work such as property checks and contracts.
Mortgage arrangement fees may apply, as some lenders charge a setup fee for processing your application.
Property surveys are essential to assess the condition of the home before purchase, and the cost will depend on the type of survey chosen.
Stamp Duty may also apply depending on the purchase price, but first-time buyers in London can often benefit from exemptions or discounts.
Yes, but lenders typically require more evidence of income.
If you’re a self-employed first time buyer in London, you’ll usually need at least two years’ worth of tax returns, bank statements, and business accounts.
Some lenders are more flexible with self-employed applicants.
A fixed-rate mortgage keeps your monthly repayments the same for a set period, offering stability in London’s fast-moving property market.
A variable-rate mortgage may start lower but can fluctuate, meaning payments could increase.
The right choice depends on your financial situation and how much risk you’re comfortable with.
Your journey begins with a free appointment with our mortgage advisor in London.
We’ll assess your income, outgoings, and deposit to determine your borrowing potential.
You’ll receive expert advice on mortgage options, repayment terms, and lender criteria.
If you’re ready, we’ll also arrange an Agreement in Principle (AIP), which helps when making an offer on a property.
As a mortgage broker in London, we compare thousands of mortgage deals from high street banks and specialist lenders.
This ensures you get a mortgage tailored to your needs, whether you require a low-deposit option or a competitive fixed rate.
With access to exclusive products, we’ll find the best available deal, saving you time and money on your mortgage.
Once we’ve found the right mortgage, we’ll handle the entire application process for you.
Our team will gather all required documents, submit your application, and liaise with the lender on your behalf.
The lender will assess affordability, conduct property checks, and issue a mortgage offer if approved.
We’ll keep you updated at every stage to ensure a smooth process.
Securing your mortgage is just the first step protecting it is just as important.
We’ll help you explore insurance options such as life cover, critical illness protection, and income protection.
Our mortgage advisor in London will ensure you have the right level of cover, giving you peace of mind that you and your home are financially secure.
As a first time buyer in London, finding the right mortgage can feel overwhelming, but we’re here to make it simple.
We take a personalised approach, understanding your financial situation and guiding you through every stage of the process.
Whether you need help with deposit requirements, affordability checks, or lender criteria, we tailor our service to your needs, ensuring a smooth and stress-free mortgage journey.
Securing a mortgage involves paperwork, lender checks, and legal steps, but we take care of everything for you.
From securing your Agreement in Principle to submitting your mortgage application and liaising with lenders, we manage the entire process.
As a mortgage broker in London, we work efficiently to prevent delays, keeping you updated at every stage so you can focus on finding your dream home.
We’ve helped many first time buyers in London secure their dream homes, and our five-star reviews reflect the quality of our service.
Our clients appreciate our expertise, clear communication, and dedication to making the mortgage process stress-free.
We take pride in offering personalised support, ensuring every homebuyer feels confident and well-informed from start to finish.
We know that buying a home doesn’t always fit into standard working hours, which is why our team is available seven days a week.
Whether you need mortgage advice in London in the evening, at the weekend, or during a break from work, we’re here to help.
Our flexible approach means you can get expert support whenever it suits you, making the mortgage process as convenient as possible.
Your journey begins with a free mortgage appointment with our mortgage advisor in London.
We’ll discuss your financial situation, explain mortgage options, and help you understand how much you could borrow.
Whether you’re just starting your search or ready to apply, we provide expert guidance to set you on the right path.
Before applying for a mortgage, lenders assess whether you can afford the repayments.
We’ll review your income, expenses, and existing financial commitments to determine what’s achievable.
As a first time buyer in London, this step ensures you’re looking at properties within your budget and strengthens your position when applying for a mortgage.
An Agreement in Principle (AIP) is a conditional decision from a lender stating how much they might be willing to lend.
While it’s not a mortgage offer, it helps when house hunting, as many estate agents prefer buyers with an AIP.
We can secure an AIP quickly, giving you a competitive edge in London’s fast-moving property market.
Once you’ve found a property, you’ll need a solicitor or conveyancer to handle the legal side of your purchase.
They will conduct property checks, review contracts, and manage the exchange of funds.
If you’re unsure who to use, our mortgage advisor in London can recommend experienced professionals to ensure a smooth process.
When you find the right home, it’s time to make an offer through the estate agent.
If the seller accepts, the property will be marked as sold subject to contract while mortgage and legal processes take place.
Having an AIP in place strengthens your offer, showing sellers that you’re financially ready to proceed.
Lenders require specific documents to process your mortgage application.
Typically, you’ll need proof of ID, bank statements, payslips, and details of your deposit source.
If you’re self-employed, additional paperwork may be needed.
With your offer accepted and documents ready, we’ll submit your formal mortgage application.
Our team will handle this on your behalf, liaising with the lender to ensure everything is processed efficiently.
The lender will then conduct affordability checks, review the property details, and carry out their final approval checks.
Lenders require a property survey to confirm that the home you’re buying is worth the agreed price.
There are different types of surveys, from basic valuations to detailed structural inspections.
If the lender is happy with your application and the survey results, they will issue a formal mortgage offer.
This confirms that your mortgage is approved and outlines the terms.
We’ll go through the offer with you, ensuring everything is clear before moving to the final stage.
The final step! Once legal work is completed, contracts are exchanged, and your mortgage funds are transferred to the seller.
On completion day, you officially become a homeowner, and your solicitor will arrange for you to collect the keys.
Congratulations! You’re now a first time buyer in London with a place to call your own.
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Londonmoneyman.com & Londonmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 9 Gallows Lane, Beverley, United Kingdom HU17 7FJ.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk.
© Londonmoneyman 2025.
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Londonmoneyman.com & Londonmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 9 Gallows Lane, Beverley, United Kingdom HU17 7FJ.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk.
© Londonmoneyman 2025.
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