What is a first time buyer in the UK?

A first time buyer is someone who has never owned property anywhere in the world. If you're buying jointly, both applicants must never have owned property to qualify for full first time buyer benefits, including Stamp Duty relief. Your status is verified by the lender through a credit file search and confirmed by your solicitor during the conveyancing process.

How much deposit do I need as a first time buyer?

The minimum deposit accepted by most lenders is 5% of the property purchase price, which gives you a 95% loan-to-value (LTV) ratio. The more you can save, the better — a 10% deposit opens up more lenders, and a 20% deposit or more gives you access to the most competitive rates on the market. There are also newer schemes that allow deposits as low as £5,000 on a 99% LTV mortgage for eligible buyers.

Can I get a mortgage if I'm self-employed or have bad credit?

Yeah, both are possible, though the options available will differ from a standard application. Self-employed buyers typically need two years of accounts or SA302s, though some lenders accept one year. For adverse credit, specialist lenders outside the high street work with applicants who have missed payments, defaults, or CCJs. In both cases, an experienced broker makes a significant difference in finding the right lender for your circumstances.

What is an Agreement in Principle?

An Agreement in Principle (also called a Mortgage in Principle or Decision in Principle) is a confirmation from a lender that they are willing to lend you a specific amount, based on a credit check and the financial information provided. It is not a guarantee, but it puts you in a much stronger position when making offers on properties, as estate agents and sellers take it as proof you are a credible, mortgage-ready buyer.

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Why choose Alexander Southwell Mortgage Services?

Alexander Southwell Mortgage Services Ltd offer a comprehensive range of mortgage products from across the market. We offer both first and second charge mortgages, but not deals that you can only obtain by going direct to a lender.

We also take care of all the administration for mortgages and life cover applications, as well as liaising with London estate agents, mortgage lenders and solicitors to make sure the whole process is as smooth and stress-free for you as possible.

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Mortgage Broker London Quick Summary

Fee structure:

Typically fee-free for standard residential mortgages, our commission is paid by the lender on completion. Fees may apply for complex or specialist cases, always disclosed upfront in writing.

London coverage:

Based in Romsey, Hampshire, with full remote coverage across London and the wider UK via phone and video appointments.

Client types:

First time buyers, home movers, remortgages, buy to let (including portfolio landlords).

Same-day service:

Speak to a qualified adviser today – we offer flexible appointments including evenings and weekends.

London Mortgage Brokers

Our London mortgage advisers have over 20 years of experience in residential and buy to let lending. We offer whole-of-market access to high-street banks, building societies and specialist lenders, supporting first time buyers, home movers, remortgages, buy to let investors and clients with complex incomes across areas including Canary Wharf, Clapham, Hackney, Islington, Brixton, Greenwich, Shoreditch and beyond. We also advise on life insurance, critical illness cover and income protection to help safeguard your London property purchase.

Expert fee-free mortgage advisers helping clients in Southampton

Over 30 years experience in residential and BTL Mortgages

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Understanding Your Status

How Our London Mortgage Service Works

From your initial consultation to when your mortgage completes we manage the whole process for you. We coordinate with estate agents and solicitors where necessary to keep everyone moving towards your completion date.

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Step 1 – Initial Consultation

A free, no obligation phone or video call to discuss your goals, deposit, income, credit history and the area of London you are looking to buy in. This gives us everything we need to start looking at your options.

Step 2 – Research & Recommendation

Your adviser will compare mortgage products across suitable lenders and prepare a tailored recommendation. You’ll receive an Illustration (ESIS) showing the interest rate, fees and total cost over the mortgage term so you can make an informed decision.

Step 3 – Decision in Principle

We can often get a Decision in Principle the same day or within 24 hours. This is essential when making offers in competitive London areas like Clapham, Hackney or Richmond, where good properties can attract multiple buyers within days.

Step 4 – Full Application & Valuation

We’ll handle the paperwork, submit your documents to the lender, liaise on your behalf and arrange the valuation or survey. You won’t need to chase – we do that for you.

Step 5 – Offer to Completion

We’ll track your case through underwriting, chase solicitors and other parties if needed and keep you updated through to exchange and completion. Once you’ve got your keys we’ll diarise a review before any fixed rate ends so you’re never left on an expensive standard variable rate.

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Being prepared with the right paperwork
Documents You’ll Need

Income evidence: Last 3 months’ payslips for employed applicants, or last 2–3 years’ accounts and SA302s for self-employed clients

Deposit evidence: Savings statements, gifted deposit letters or sale-of-property memorandum if using proceeds from another property

Additional documents: Complex cases may require extra paperwork – for example, multiple buy to let schedules, evidence of foreign income or explanations for recent credit issues

Bank statements: Last 3 months’ current account statements showing income credits and regular commitments

Proof of ID and address: Passport or driving licence, plus a utility bill or council tax bill dated within the last 3 months

London Property Market & Local Knowledge

London is the UK's most diverse and dynamic property market, offering everything from Zone 1 city flats to leafy suburban family homes. Understanding the local landscape helps us give you tailored mortgage advice wherever you are buying in the capital.

Regeneration and growth:

From new build apartments across zones 2 to 4 to up and coming areas in East and South London, there are real opportunities for first time buyers and investors who are willing to look a little beyond Zone 1.

Average property prices:

Average house prices in London vary enormously, from around £400,000 in many outer boroughs to well over £1 million in prime central areas. A good broker helps you focus your search where your budget will work hardest.

Key buyer groups:

Demand comes from professionals, young couples, international buyers and investors, with strong rental yields found in areas like Stratford, Barking, Lewisham and Walthamstow.

Transport links:

London's exceptional transport links via the Tube, Overground, the Elizabeth line and national rail make almost every borough accessible and highly appealing to both buyers and tenants.

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Mortgage Services We Offer in London

How Much Can You Borrow?

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This is an estimate only. Actual lending is subject to your credit profile, outgoings, deposit and lender criteria. Speak to one of our advisers for a personalised assessment.

FAQ

London Mortgage FAQs

Mortgage Brokerin London

Mortgage Broker & Advisers in London

Why choose Alexander Southwell Mortgage Services?

Mortgage Broker London Quick Summary

Fee structure:

London coverage:

Client types:

Same-day service:

London Mortgage Brokers

How Our London Mortgage Service Works

Step 1 – Initial Consultation

Step 2 – Research & Recommendation

Step 3 – Decision in Principle

Step 4 – Full Application & Valuation

Step 5 – Offer to Completion

London Property Market & Local Knowledge

Mortgage Services We Offer in London

How Much Can You Borrow?

First Time Buyers London

Remortgage advice London

Buy to let mortgages London

New build mortgages London

Ready to Take the First Step?

Speak to one of our fee-free mortgage advisers today. We'll calculate your affordability, explain your options, and help you move forward with confidence.

London Mortgage FAQs

Is there a fee-free mortgage broker covering London?

How much deposit do I need to buy a home in London?

Can I get a mortgage in London if I am self-employed?

What is an Agreement in Principle and do I need one when buying in London?

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