Buying your first home is a big step, and understanding mortgages for first time buyers early on makes the whole process far easier to manage, from working out what you can afford to finally collecting your keys. That’s where BM14 Finance comes in. We guide you through every step, with clear advice at each stage.
Buying your first home can feel like a lot, deposits, mortgage deals, endless paperwork, and choices you’ve never had to make before. We make it a lot simpler. Our financial advisers in london sit down with you, walk through a proper first time buyer checklist together, and guide you from saving your deposit right through to picking up your keys.
We aren’t tied to any single bank, which means we can search the market properly on your behalf. We work with all the major high street lenders: Nationwide, Santander, Halifax, Barclays, HSBC and Metro, as well as a range of specialist mortgage broker for buyers whose circumstances are a little more complex. Having more lenders to choose from gives you a genuinely better chance of finding the best mortgage deals for first time buyers, rather than settling for the first option you come across.
We provide independent mortgage advice tailored to first-time buyers across the London, UK. With access to a wide range of lenders, we help you secure a mortgage that works for your income, deposit, and long-term plans.
Whether you qualify as a first time buyer isn’t really about your age or your income. It comes down to your property ownership history. Here’s what lenders look at.
You're classed as a first-time buyer if you've never owned a home before, anywhere in the world. This can mean you pay less stamp duty and qualify for certain schemes.
You'll need ID, proof of your income (like payslips), and proof of where your deposit has come from. Lenders will also check your credit, so it's worth getting your finances in order before you apply.
There's no single best mortgages for first time buyers answer, it really depends on your deposit, your income, and how long you want to fix your rate for. Comparing a few lenders, rather than just going to one bank, usually gets you a better deal.
Mostly, lenders ask for at least 5% of the property price. If you can save 10% or more, you'll usually get access to better rates.
Most lenders will lend around 4 to 4.5 times your yearly income, though this depends on your credit history and what you already spend each month. A mortgage adviser give you a proper number based on your situation.
