First-time buyer mortgage advice in London

Buying your first home in London brings the usual mortgage questions, with a few extra decisions around flats, leaseholds, service charges and local homeownership schemes. Count Ready can help you work out a sensible budget, understand the mortgage options open to you and prepare an application. We advise by phone and online from our Chelmsford base; a face-to-face appointment may be possible in some circumstances. We do not have a London branch. For the wider process, see our first-time buyer mortgage advice page.

Start with the monthly cost, not just the asking price

A lender will look at your income, existing credit commitments, regular spending, deposit and the property. Your own budget should also leave room for legal work, a survey, moving costs, insurance and an emergency fund. If you are considering a London flat, ask about ground rent where applicable, service charges and any planned major works before you make an offer. Those costs can affect what feels affordable even when a lender is willing to lend.

Use our mortgage affordability calculator as a starting point. It is an estimate, not an offer. For a tailored review, tell an adviser about your income, deposit, commitments and the type of home you hope to buy.

How much deposit might you need?

Some lenders offer mortgages with a 5% deposit, but availability depends on your circumstances and the property. A bigger deposit can widen your options; it does not remove the need for affordability and property checks. On a £400,000 home, 5% is £20,000 and 10% is £40,000. These are deposit examples, not quotes or lending criteria. Keep the buying costs separate from the deposit when planning your savings.

If family is helping, the lender and conveyancer will usually need to understand where the money came from and whether it is a gift or a loan. See our guides to first-time buyer deposits in London and gifted deposits. Ask us before moving money or committing to a property if the deposit arrangement is unusual.

London property questions worth raising early

• Flats and leaseholds: find out the remaining lease term, current service charge, ground rent terms and any proposed works. Your solicitor checks the legal detail; your adviser can check whether the property appears to fit lender criteria.
• New-build homes: tell us if the property is newly built or off-plan. Deposit, valuation and completion-date requirements can differ by lender and development.
• High-rise buildings: ask the seller or agent about cladding, fire-safety documents and any remedial work. Requirements vary; do not assume a flat is mortgageable because another flat in the block sold recently.
• Shared ownership: budget for rent and service charge as well as the mortgage on your share, and check eligibility with the housing provider.

Our high-rise flat mortgage guide and shared ownership mortgage page cover those situations in more detail.

Schemes and tax: check the current rules before relying on them

First Homes is an England-only scheme for eligible first-time buyers purchasing an available qualifying home. London has a £90,000 household-income cap under the national rules, and councils may apply local requirements. Availability is property-specific; an eligible buyer is not guaranteed a home. Check the current First Homes rules on GOV.UK.

Shared ownership may suit a household that cannot afford a suitable home outright. The current London household-income limit is £90,000, alongside other eligibility and affordability checks. You buy a share and pay rent on the remainder; service charges may also apply. Check the current eligibility rules and the individual property terms.

Lifetime ISA: the first-home purchase price must be no more than £450,000 and the account must meet the minimum holding period. That cap can matter particularly in London. Our Lifetime ISA guide explains the decision and links to the official rules. The Help to Buy equity loan scheme in England is closed to new applications; see current alternatives instead.

Stamp Duty Land Tax: London purchases follow England’s SDLT rules. As at October 2026, qualifying first-time buyers pay no SDLT on the first £300,000 and 5% on the portion from £300,001 to £500,000. Above a £500,000 purchase price, first-time buyer relief does not apply. Eligibility and any other surcharge must be checked for your transaction. Use our SDLT calculator and confirm the figure with your conveyancer against HMRC’s current rates.

How Count Ready helps you move from research to an application

1. Talk through your plans. Tell us whether you are still saving, viewing homes or ready to offer, along with your income, deposit and any concerns.
2. Review your options. An adviser can consider affordability, your credit position, relevant lender criteria and the property you want to buy. We explain the trade-offs and the costs before you decide what to do.
3. Prepare the next step. Where suitable, we can discuss an agreement in principle, the documents likely to be needed and an application when you have found a home. An agreement in principle is not a mortgage offer.
4. Stay informed. We explain what the lender is asking for and keep you updated through the mortgage process. Your conveyancer deals with the legal purchase and tax return.

You do not need to have found a property before speaking with us. If you already have an offer accepted, say so when you enquire and include any deadline. Our guides explain agreements in principle and mortgage documents.

Questions London first-time buyers ask

Can I buy in London on one income?

Possibly. It depends on the loan you need, deposit, commitments, credit history and the property. A single income does not rule out a mortgage, but any budget should allow for the full cost of owning the home. See our single first-time buyer guide.

Will a 5% deposit work for a London flat?

It may, but lenders assess both you and the flat. Lease terms, the building, valuation and any service charge can affect the available mortgage. Check the specific property before relying on a low-deposit product.

Do I need an agreement in principle before viewing?

It is not always mandatory, but it can help you understand a lender’s preliminary view and show an estate agent that you have considered finance. It is conditional and does not guarantee a later offer.

What will Count Ready charge?

The initial consultation is free. Any further advice or processing fees depend on your case and will be agreed before chargeable work starts. A separate £199 processing fee may apply in some cases; it is not included in any mortgage-offer fee. We usually charge £595 on mortgage offer, although the amount can vary. We may also receive commission from the lender. See our Terms of Business and ask for the fee details for your circumstances.

Information checked in October 2026. Mortgage products, lender criteria, tax thresholds and scheme rules can change. Check current terms and obtain advice for your own circumstances. Your home may be repossessed if you do not keep up repayments on your mortgage.