First Time Buyer Mortgages

Saving for a deposit is often the biggest hurdle for first-time buyers, but you may need less than you think to get onto the property ladder. In many cases, mortgage lenders will accept a deposit of just 5% of the property's purchase price, making homeownership more accessible than many people realise.

While a 5% deposit can be enough to secure a mortgage, a larger deposit may open the door to more competitive mortgage rates and a broader range of lenders. This can help reduce your monthly payments and potentially save you thousands over the life of your mortgage.

The good news is that there is no "perfect" deposit amount. Whether you've saved the minimum required or have built up a more substantial deposit, the most important factor is understanding how your deposit works alongside your income, credit profile, and overall affordability.

At James Wong Mortgages, we help first-time buyers across London and the surrounding areas understand exactly where they stand. We'll assess your circumstances, explain your borrowing potential, and identify the most suitable mortgage options available to you. Our goal is to make the process straightforward, transparent, and tailored to your individual circumstances

Understanding how much you can borrow is often the first step towards buying your first home. While many lenders use income multiples as a starting point, the amount you can borrow will ultimately depend on a range of factors, including your income, employment status, monthly commitments, credit history, and overall affordability.

As a guide, some lenders may offer between four and five times your annual income, while others can be more flexible depending on your circumstances. A smaller handful of lenders will offer amplified affordability for first time buyers. Every lender assesses applications individually, which means the maximum borrowing available can vary significantly from one lender to another.

A Mortgage in Principle gives you an indication of how much you may be able to borrow before you begin viewing properties. While it's not a guarantee of a mortgage, it can strengthen your position with estate agents and sellers and help you search for homes within a realistic budget.

We'll guide you through the process and help secure a Mortgage in Principle, giving you confidence as you take your first steps onto the property ladder. 

At James Wong Mortgages, we work with first-time buyers across London and beyond to provide a clear understanding of their mortgage options before they start viewing properties. Knowing your budget from the outset can help you search with confidence, avoid disappointment, and move quickly when you find the right home.

If you're wondering how much you could borrow, speak with an experienced mortgage advisor today.

 Starting a new job doesn't necessarily mean you need to put your home-buying plans on hold. While some lenders prefer applicants to have completed their probation period, many are happy to consider mortgage applications from borrowers who have recently changed jobs, provided the overall circumstances are strong.

If you've moved into a permanent role with a regular salary, there are lenders who may assess your application from your first payslip, offer letter, or employment contract.                                                                         In some cases, securing a mortgage with a new job can be more straightforward than many first-time buyers expect.

Every lender has different criteria, which is why choosing the right lender is crucial. Factors such as your deposit size, employment history, income level, and credit profile can all influence which mortgage options are available to you.

 One of the biggest advantages available to first-time buyers is the potential to pay less Stamp Duty Land Tax (SDLT) when purchasing your first home. However, whether you'll pay stamp duty depends on the property's purchase price and whether you meet the government's first-time buyer criteria.  

Calculate your stamp duty here

Understanding these costs early can help you budget more effectively and avoid surprises later in the process.  At James Wong Mortgages, we help first-time buyers understand the full cost of purchasing a property, including stamp duty, legal fees, survey costs, and lender charges. Our aim is to ensure you have a clear picture of your finances before you make an offer.