What credit score do I need to get a mortgage as a first time buyer 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.

Are there any first-time buyer schemes available in London?

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.

How long does the mortgage application process take for a first time buyer in London?

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.

Can I get a mortgage with a low deposit as a first time buyer in London?

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.

Will student loans affect my mortgage application as a first time buyer in London?

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.

What is an Agreement in Principle (AIP), and do I need one as a first time buyer in London?

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.

Do I need a mortgage broker in London to get a mortgage as a first time buyer?

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.

What costs should I budget for as a first time buyer in London?

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.

Can I get a mortgage if I’m self-employed as a first time buyer in London?

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.

Should I choose a fixed or variable-rate mortgage as a first time buyer in London?

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.

First Time Buyer Mortgages in London | Expert Mortgage Advice

Can I get a mortgage as a first time buyer in London?

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.

First Time Buyer Mortgage <br>Advice in London

How much deposit do I need as a first time buyer in London?

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.

How much can I borrow as a first time buyer in London?

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.

Speak to an Advisor

Important information

Your home may be repossessed if you do not keep up repayments on your mortgage.

There may be a fee for mortgage advice. The fee is up to 1% but a typical fee is £495.

FAQs About First Time Buyer Mortgages in London

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Charlie helped guide me through the process and answered all my questions. Would highly recommend London money man to everyone!

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Anonymous

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Otto

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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 initial 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

Our Simple Mortgage Process

Free Initial Mortgage Appointment

Your journey begins with a free initial 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.

We Can Search 1000s of Mortgage Deals

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 most suitable deal, saving you time and money on your mortgage.

Submit Your Mortgage Application

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.

Protecting You and Your Mortgage

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.

Reasons to Choose Us

A Tailored Service for First Time Buyers

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.

We Handle the Process from Start to Finish

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.

Our Reviews Speak for Themselves

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’re Here 7 Days a Week

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.

Malcolm and Amy Davidson - Mortgage Advice in Newcastle

We Search 1000s of First Time Buyer Mortgages in London

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Londonmoneyman is a trading name of UKMM Limited, which is an appointed representative of Mortgage Advice Bureau (Derby) Limited, who are authorised and regulated by the Financial Conduct Authority.

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First Time Buyer Mortgage Advice in London

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Why are you looking to remortgage?

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Which stage are you currently at?

How much deposit do you have available?

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What is your main source of income?

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Is the house a new build or part of a shared ownership scheme?

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Can I get a mortgage as a first time buyer in London?

How much deposit do I need as a first time buyer in London?

How much can I borrow as a first time buyer in London?

Important information

FAQs About First Time Buyer Mortgages in London

What credit score do I need to get a mortgage as a first time buyer in London?

Are there any first-time buyer schemes available in London?

How long does the mortgage application process take for a first time buyer in London?

Can I get a mortgage with a low deposit as a first time buyer in London?

Will student loans affect my mortgage application as a first time buyer in London?

What is an Agreement in Principle (AIP), and do I need one as a first time buyer in London?

Do I need a mortgage broker in London to get a mortgage as a first time buyer?

What costs should I budget for as a first time buyer in London?

Can I get a mortgage if I’m self-employed as a first time buyer in London?

First Time Buyer Mortgage
Advice in London

First Time Buyer Mortgage
Advice in London