First Time Buyer Mortgages in London
Taking your first step onto the property ladder is one of the most exciting and important financial decisions you’ll ever make. At Masari Finance, our first time buyer mortgage advisors in London are here to make the process as simple and stress-free as possible, comparing deals from over 170 lenders to help you find the right mortgage for your budget, circumstances and long-term goals.
What Is a First Time Buyer Mortgage?
A first time buyer mortgage is a home loan specifically available to people who have never owned a residential property before. Many lenders offer dedicated first time buyer mortgage products with features designed to make it easier to get onto the property ladder including lower deposit requirements, government backed schemes, and more flexible affordability criteria.
As a first time buyer, you may also benefit from certain stamp duty relief, reduced fees, and access to government schemes not available to existing homeowners.
How Much Deposit Do I Need as a First Time Buyer?
One of the most common questions first time buyers ask is how much deposit they need to save before applying for a mortgage.
Typical deposit requirements:
5% deposit : available through the government Mortgage Guarantee Scheme and some lenders’ own 95% LTV products
10% deposit : gives access to a wider range of mortgage products and more competitive rates
15-20% deposit : unlocks the most competitive first time buyer mortgage rates available on the market
The larger your deposit, the lower your loan to value (LTV) ratio and generally, the better the mortgage rate you’ll be offered. Our advisors will help you understand exactly how much you need to save and which products are available at your deposit level.
Who Qualifies as a First-Time Buyer?
You may qualify as a first-time buyer if you:
Our mortgage advisors can assess your circumstances and explain which first-time buyer mortgage products may be available to you.
Government Schemes for First Time Buyers
Several government schemes are available to help first time buyers get onto the property ladder, particularly in London where property prices are higher.
Our advisors will help you identify which schemes you qualify for and whether they’re the right option for your circumstances.
Ready to Find Your Perfect Mortgage?
Get expert mortgage advice from experienced mortgage advisors online or by phone. We’ll compare mortgage deals from a wide range of lenders and help you find the right mortgage for your needs.
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How Our First Time Buyer Mortgage Service Works
Our simple step-by-step process is designed to get your bridging finance in place as quickly as possible with expert guidance at every stage.
Free First Time Buyer Consultation
We start with a free, no obligation consultation online or by phone. We take time to understand your income, deposit, credit history and the type of property you’re looking to buy, so we can give you accurate, personalised advice from the very beginning.
We Search 170+ Lenders
Our expert mortgage advisors search our full panel of over 170 lenders including specialist first time buyer mortgage providers to find the most competitive rates and products available to you based on your specific circumstances.
Mortgage in Principle
We help you secure a Mortgage in Principle (also known as an Agreement in Principle) a document from a lender confirming how much they’d be willing to lend you. This is often required by estate agents before they’ll accept an offer on a property.
Full Application & Completion
Once you’ve found your property and had an offer accepted, we manage the full mortgage application process handling the paperwork, liaising with your lender and solicitor, and keeping you informed at every stage through to completion.
Do I Qualify for a First Time Buyer Mortgage?
Most lenders assess first time buyer mortgage applications based on the following criteria:
Most lenders will offer between 4-4.5 times your annual income as a mortgage. Joint applications can combine two incomes, which may significantly increase your borrowing potential. Our advisors will calculate your maximum borrowing amount across multiple lenders during your free consultation.
A good credit history improves your chances of being accepted and accessing the most competitive rates. However, some specialist lenders do consider first time buyers with less than perfect credit. We’ll review your credit position and identify the most suitable lenders for your circumstances.
A minimum 5% deposit is required by most lenders for first time buyer mortgages, though a larger deposit will unlock better rates and a wider choice of products.
Most standard residential properties are eligible for first time buyer mortgages. Some property types such as new builds, non-standard construction, or properties above commercial premises may have different lending criteria. Our advisors will check eligibility for your specific property.
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F.A.Q.
Frequently Asked Questions
How much can I borrow as a first time buyer?
Most lenders will offer between 4 to 4.5 times your annual gross income as a mortgage. For example, if you earn £40,000 per year, you may be able to borrow between £160,000 and £180,000. Joint applications can combine two salaries, increasing your potential borrowing. Our advisors will give you an accurate borrowing figure based on your specific income and outgoings during your free consultation.
Can I get a first time buyer mortgage with bad credit?
Yes, it may still be possible. While most high street lenders prefer applicants with a clean credit history, some specialist lenders consider first time buyers with missed payments, defaults, or a limited credit history. Our advisors will review your credit position and identify the most suitable lenders for your circumstances.
What is a Mortgage in Principle and do I need one?
A Mortgage in Principle (MIP), also called an Agreement in Principle is a document from a lender confirming how much they’d be willing to lend you, based on a soft credit check. Most estate agents require one before accepting an offer on a property. We’ll help you obtain a Mortgage in Principle as part of our free first time buyer service.
How long does it take to get a first time buyer mortgage?
From initial consultation to receiving your mortgage offer typically takes 2-6 weeks, depending on the lender and the complexity of your application. After your mortgage offer is issued, completion usually takes a further 4-12 weeks depending on the property chain. Our advisors will give you a realistic timeline based on your specific situation.
Do I need a solicitor to buy my first home?
Yes, you’ll need a solicitor or licensed conveyancer to handle the legal side of your property purchase. This process is known as conveyancing and covers searches, contracts, and the transfer of ownership. While we don’t provide legal services, we can recommend trusted solicitors who work efficiently with first time buyers.