First Time Buyer Mortgage
Advice in London

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.