First Time Buyer Mortgage Advice in London

Appointments Available on Evenings and Weekends

Holding your hand through the whole mortgage process!

Mortgages are considered to be pretty massive financial commitments. Because of this, if you are a first time buyer in London, getting the process started can be daunting. As an open & honest mortgage broker in London, it’s our job to reduce your stress levels and support you throughout your mortgage process.

 

It’s about more than just the mortgage; it’s about the journey you took to get there. We will do our best to simplify the process, keeping you informed at all times. You will have a mortgage advisor in London by your side, from the beginning until the end.

 

How much deposit do I need for a mortgage in London?

This is dependant on how your credit score is looking, as well as how low you want your monthly mortgage payments to be.

 

Usually, we tend to find that first time buyers in London who have a good credit score, have access to much better rates and can put down a lower deposit, such as 5%.

 

On the flip side, if you happen to be a first time buyer in London with a lower credit score, you may only be able to access lower rates and be required to put down a higher deposit, perhaps around 10-15%.

You may also want to put down a higher deposit if you wish to lower your monthly repayments. The less you need to borrow, the less you need to pay back overall.

 

The amount of deposit you put down will also depend on the value of the property you buy. If you require a larger mortgage for a more expensive property, you will have to put down more deposit.

 

Are there ways to help me get onto the property ladder in London?

If you are unable to save up for the minimum deposit required, there are some government mortgage schemes that could help. They were brought in as a means of helping first time buyers to get onto the property ladder.

 

These schemes include the Help to Buy Equity Loan Scheme, Help to Buy Shared Ownership Scheme, Mortgage Guarantee Scheme, the First Home Scheme and a handful of others. Of course, you’ll have to qualify for each of these schemes first. This is where an experienced mortgage broker in London can help.

 

For additional first time buyer Mortgage Advice in London and to discuss any of the government mortgage schemes if you need them, book your free mortgage appointment and speak to a mortgage advisor in London today.

 

How does it work?Get a quote nowMeet your advisor

We search 1000s of mortgage deals across a large number of lenders, including:

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Common First Time Buyer Mortgage Scenarios in London

Over the years we have helped thousands of first time buyers in London to achieve their mortgage goals. Throughout that time, we’ve encountered various similar mortgage situations, as well as some unique. In any case, we’ll do whatever we can to help you as a first time buyer in London.

 

Here are some mortgage scenarios that we commonly come across as a mortgage broker in London.

How much can you borrow for a mortgage in London?

If you are struggling to figure out how much you can borrow, you can either use our affordability calculator or speak with one of our mortgage advisors in London. Speaking to a real person will be able to give you a better example of what that figure might be.

 

Depending on specific factors, such as your income and how much you earn, the amount that you are able to borrow will change. Once we have carried out a free affordability assessment, we will be able to better advise on that amount.

Ready to make an offer on a property?

Once you have  a property that you are ready to make an offer on, you now need to get started on the mortgage side of things. At this point, you can book yourself in for a free mortgage appointment online with one of our brilliant mortgage advisors in London. Appointments are subject to availability, but if you’re lucky, you might get one for the same day!

Has your offer already been accepted?

If your offer has been accepted, that means you need to get your mortgage sorted! By enlisting the help of a mortgage broker in London, the mortgage process can be done quicker.

Looking for an agreement in principle ahead of your mortgage?

An agreement in principle, or AIP for short,  is essential for your mortgage journey. This helps you through the majority of the process. An agreement in principle tells the seller that you are ready to go, once you provide evidence to support your application. We can normally get this document for you within 24 hours of your initial call.

Struggling to get accepted for a mortgage?

If you are finding it difficult as a first time buyer in London, you should seek the help of a mortgage specialist. Let us take your hand and guide you through your mortgage process.

 

Book your free mortgage appointment and speak with a mortgage advisor in London today.

Why choose us as your Mortgage Broker in London?

There are lots of reasons why you should use a mortgage broker in London over a bank or building society. A mortgage broker like us will always do right by the customer, putting them first.

Fast & Friendly

It is our job to provide fast and friendly mortgage advice in London. We will try and find the most suitable mortgage product for you. Book yourself in online for your free mortgage appointment using our online booking feature. It’s clear and simple, just like our mortgage advice service.

7 days a week

Our team are available 7 days a week, including bank holidays and weekends. This means that as a first time buyer in London, you can book in your own appointment with a mortgage advisor in London at a convenient time, including out of hours!

 

Our reviews

We have some fantastic customer reviews from other first time buyers in London who came to us for mortgage advice in London, and they are a great representation of the levels of service we provide. Take a look to see what our customers said and to see how we may be able to help you too!

 

We can search 1000s of deals

As an open and honest mortgage broker in London, we are able to search through many competitive mortgage products on your behalf. We have a large panel of lenders and will be able to find the best one for you and your mortgage needs!

What our customers say

Common mortgage
questions

Your free initial mortgage consultation in London will last roughly one hour. Your dedicated mortgage advisor in London will then recommend a mortgage for you, with no obligation for you to proceed. At this point, it is up to you to decide whether or not you wish to proceed with the recommended mortgage.

If you choose us as your Mortgage Broker in London, then our process will work as the following; One of our Mortgage Advisors in London will carry out a Fact Find to determine your, needs before recommending the most suitable mortgage available for you. A credit check will then be required for an Agreement In Principle.  Once all the relevant documentation has been gathered and the valuation of the property has been undertaken, a formal mortgage offer can be issued.

In order for you to ensure you are prepared as early as possible, our Mortgage Advisors in London recommend that you obtain an Agreement in Principle prior to viewing properties in London. At the very latest you should obtain a Mortgage Agreement in Principle before you make any offers, in order to help with your bargaining position.

An Agreement in Principle will normally last somewhere in the range of 30 and 90 days. This depends on the Lender that is being used. If your Agreement in Principle expires, your advisor can always refresh this for you.

If you are looking to achieve something like debt consolidation or home improvements, you may be able to get a second mortgage. The option for a second mortgage can also be used on a second property if you are looking at using it for yourself, a family member, a holiday home or a Buy to Let.

The minimum deposit necessary for purchasing a house in London with High Street Lenders is usually at 5%. If you have had previous credit problems, this could be higher.

Obtaining a mortgage if you have had previous credit problems isn’t completely impossible, but you may face certain hurdles, such as some lenders requiring that you put down a higher deposit than usual, perhaps 15% of the property purchase price.

You are able to get a mortgage once you have submitted at least one year’s accounts. The majority of Lenders use your salary plus dividend to calculate the maximum amount you can borrow, whereas others may use your net profit.

Three payslips are generally what is required for an employee to prove their income and if you are Self-Employed, it’s usually the latest 2 years’ accounts. You will also need to produce some proof of ID, your address and the latest 3 months’ bank statements.

If you take up a free initial mortgage consultation with one of our trusted Mortgage Advisors in London, your appointment will last around an hour. Your advisor will be able to turn round an agreement in principle within 24 hours, with a formal mortgage offer taking roughly about three weeks on average.

We make it so easy!
Our 4 step process

Step 1

A telephone test call where we can take some initial details and find out about your plan of action.

Step 2

Enjoy finding a property!

Step 3

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Step 4

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

A telephone call where we can take some initial details and find out about your plan of action.

Enjoy finding a property!

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

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