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First-Time Buyer Mortgages in London
We can help you to jump on the property ladder. Find mortgage offers with as little as a 1% deposit. Your dream home is just one step away.
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First Time Buyer Mortgages London
Looking to buy your first home in London? Our experienced mortgage advisors help first-time buyers find competitive mortgage deals, understand affordability, and navigate the home-buying process with confidence.
Expert Mortgage Advice for First Time Buyers in London
Purchasing your first property is one of the biggest financial commitments you will ever make. Whether you're buying a flat in Croydon, a family home in Sutton, or a property in Bromley, understanding your mortgage options is essential.
At Gordon Blair Financial Services, we help first-time buyers throughout London secure suitable mortgage solutions from a wide range of lenders. Our advisors guide you through every stage of the process, from obtaining an Agreement in Principle through to receiving your mortgage offer.
How Much Deposit Do You Need?
Most lenders require a minimum deposit of 5% to 10% of the property's purchase price.
| Property Price | 5% Deposit | 10% Deposit |
|---|---|---|
| £250,000 | £12,500 | £25,000 |
| £350,000 | £17,500 | £35,000 |
| £450,000 | £22,500 | £45,000 |
| £600,000 | £30,000 | £60,000 |
Mortgage Options Available
95% Mortgages
Purchase a property with just a 5% deposit, subject to lender criteria and affordability.
Shared Ownership
Buy a share of a property and pay rent on the remainder, reducing the size of your mortgage.
Family Assisted Mortgages
Use support from family members to strengthen your mortgage application.
How Much Can You Borrow?
Mortgage affordability is determined by:
- Your income
- Employment status
- Credit history
- Existing financial commitments
- Deposit amount
- Monthly expenditure
Many lenders offer between four and five-and-a-half times annual income, although this varies based on your circumstances.
Popular London Areas for First Time Buyers
Croydon
Excellent transport links and a wide range of affordable properties.
Sutton
A popular choice for professionals and growing families.
Bromley
Known for larger properties and desirable residential neighbourhoods.
Purley
Offers strong commuter links and attractive housing options.
Frequently Asked Questions
Can I get a mortgage with bad credit?
Yes. Many lenders consider applicants with previous credit issues depending on the severity and age of the issue.
Can I buy with a 5% deposit?
Yes. Some lenders offer 95% loan-to-value mortgages for eligible first-time buyers.
How long does a mortgage application take?
Most mortgage applications take between two and eight weeks depending on the lender and property.
Do I need an Agreement in Principle?
Although not mandatory, an Agreement in Principle can strengthen your position when making an offer on a property.
Related Mortgage Advice
Mortgage Advisors
Specialist Mortgages
Speak With a First Time Buyer Mortgage Advisor
Get personalised mortgage advice and discover the options available for your first home purchase.
Book Your Free ConsultationCheck Your affordability:
Enter your annual income and get an estimation of how much you can borrow.
Note: There can be terms and conditions on your eligibility. To know the details contact us and speak to a Mortgage Advisor.
Who qualifies for first time buyer mortgages?
Buying your first home is a significant achievement, and first-time buyer mortgages are designed to make this dream a reality. Understanding who qualifies for these mortgages involves considering several factors, including your financial standing, location, and specific lender criteria. Here’s an in-depth look at who typically qualifies:
1. Defining a First-Time Buyer
If you’re dreaming of owning your first home, you’re likely eligible for a first-time buyer mortgage. This category generally includes individuals who have never owned a property before. However, in the UK, even if you’ve owned a home in the past but haven’t done so within the last three years, some lenders still classify you as a first-time buyer.
2. Financial Eligibility
- Income and Affordability: Lenders assess your income to determine how much you can afford to borrow. They look at your regular income and any financial commitments you have, ensuring that your mortgage payments fit comfortably within your budget.
- Credit History: A healthy credit history is crucial. Lenders will review your credit score and history to assess your ability to manage repayments. Aim for a good credit score, which demonstrates your reliability in handling financial obligations.
First-Time Buyer Mortgage Schemes
Here are some mortgage schemes you can take benefit of as a First-Time buyer. We understand it's complicated. We recommend you speak to one of our mortgage advisor to understand which offer is suitable for you. Offer and scheme conditions also vary according to lenders. Gordon Blair mortgage advisors have access to the whole of the market to explore the best options for you.