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First-Time-Buyer
Mortgages
Drummonds Finance Group
Buying your first home should be exciting, not confusing. At Drummonds Finance Group, we compare mortgages from across the market and guide you through the process from your first affordability check to getting the keys.
Find out which rates you could get based on your circumstances. Call or message us today to speak to a broker.
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Why First-Time Buyers Choose Drummonds
We understand how big this decision is, both financially and emotionally. That's why we offer personalised, step-by-step support from the moment you first contact us until you collect your keys—and beyond.
✅ Whole-of-Market Access
We work with a panel of over 100 lenders, including major high street banks and specialist lenders. This allows us to find a mortgage that matches your specific situation, rather than trying to fit you into a one-size-fits-all product.
✅ Local Knowledge
Our team is based in Oxfordshire and knows the local property market inside out. Whether you're buying in Oxford, Bicester, Banbury, or beyond, we can provide tailored advice that considers your location.
✅ Jargon-Free Guidance
We break down complex mortgage jargon into plain English, ensuring you understand exactly what you're signing up for. We’ll explain everything from LTV (Loan-to-Value) to APR (Annual Percentage Rate) in a way that makes sense.
✅ Nationwide Service
We proudly serve clients across the entire UK. Whether in London, Manchester, Cardiff, or anywhere else, we offer a seamless mortgage advice experience by phone or video call — no need for face-to-face meetings unless you want one.
First-Time Buyer Mortgage Specialist
Buying your first home should be exciting. The mortgage side of it can sometimes make it feel anything but.
How much can you borrow? How much deposit do you need? Which lender should you apply to? And what happens if your income, credit history or deposit doesn’t fit neatly into a standard mortgage application?
At Drummonds Finance Group, we help first-time buyers understand their options and arrange the right mortgage for their circumstances.
We provide whole-of-market mortgage advice and deal with a wide range of lenders, from the major high street banks to specialist mortgage providers.
You’ll have someone to explain what is happening, answer your questions and manage the mortgage application from the early stages through to your mortgage offer.
First Time Buyer Mortgage Advice Without the Jargon
Most people buying their first home have never had a reason to understand mortgages before.
You suddenly start hearing terms such as loan-to-value, fixed rates, affordability, AIPs, product fees and early repayment charges.
We don’t expect you to know all of that.
Our job is to look at your circumstances, explain the options in plain English and work out which lenders are likely to be suitable before an application is made.
That could mean finding a straightforward 90% or 95% mortgage. It could also mean dealing with something slightly more complicated, such as overtime, bonuses, self-employed income, a gifted deposit, previous credit problems or income that different lenders assess in different ways.
The important thing is finding the lender that suits you rather than simply applying to the bank you already use.
What actually happens, step by step
01
We work out what is realistic
A conversation about your income, savings, credit history and what you want to buy. You come away knowing your actual budget rather than a guess, and what your deposit needs to be.
02
You get a mortgage in principle
A lender's statement of what they would lend, based on an initial check. Most estate agents will want to see one before they take your offer seriously.
03
You go and find somewhere
The part that takes the longest and the part we cannot do for you. We are on the end of the phone for the questions that come up at viewings.
04
We submit the full application
Once your offer is accepted, we package everything the lender needs, submit it and chase it. You send us documents once rather than repeatedly.
05
Offer, then completion
The lender issues a formal offer, your solicitor does the legal work, and you get the keys. From accepted offer to completion is commonly eight to twelve weeks.
How Much Deposit Does a First-Time Buyer Need?
For many first-time buyers, the deposit is the biggest hurdle.
Mortgages with a 5% deposit are available, meaning you may be able to borrow up to 95% of the property value, subject to the lender's affordability and eligibility criteria.
Putting down a larger deposit can sometimes give you access to a wider choice of lenders and lower mortgage rates.
There are also some mortgage products designed for buyers with very small deposits or, in certain circumstances, no traditional deposit at all. These products usually have more specific eligibility requirements, so they will not be suitable for everybody.
Before you spend another year saving because you think your deposit isn't large enough, it is worth checking what is actually available.
We can look at your deposit, income and budget and tell you what your realistic options are.
How Much Can I Borrow as a First Time Buyer?
There isn't one income multiple that applies to every mortgage lender.
Two people earning exactly the same salary can sometimes be offered very different mortgage amounts.
Lenders will normally consider your income alongside your existing credit commitments, household expenditure, mortgage term, deposit, credit history and the type of income you receive.
Some lenders are also more generous than others when assessing things such as overtime, bonuses, commission, NHS income, professional income or recently self-employed applicants.
That is why an online mortgage calculator should only ever be treated as a starting point.
If you want a more accurate figure, we can assess your circumstances across different lenders and work out how much you may realistically be able to borrow
Finding the Right First-Time Buyer Mortgage
The lowest interest rate doesn't automatically mean the cheapest or most suitable mortgage.
Some mortgages have arrangement fees. Others may offer cashback or free valuations. A slightly higher rate with no fee can occasionally work out cheaper than a lower rate with a large product fee, particularly on a smaller mortgage.
The length of the fixed period matters too.
A two-year fixed mortgage may offer more flexibility, while a five-year fixed mortgage may provide more certainty over your monthly payment.
There is no single “best first-time buyer mortgage” for everybody.
We compare the rate, fees, incentives, lending criteria and your longer-term plans before making a recommendation.
Can I Get a First-Time Buyer Mortgage With a 5% Deposit?
Yes, 95% loan-to-value mortgages are available from a number of lenders.
A 5% deposit on a £250,000 property, for example, would be £12,500, leaving a mortgage requirement of £237,500.
Whether you qualify will depend on affordability, your credit profile, the property and the lender's individual criteria.
Having a 10% deposit instead of 5% can sometimes improve the mortgage options available, but it isn't always necessary to wait until you have saved 10%.
We can compare both scenarios for you before you decide.
Can a First-Time Buyer Get a Mortgage With Bad Credit?
Having had credit problems does not automatically mean you cannot get a mortgage.
We regularly speak to buyers who have had missed payments, defaults or other historic credit issues and assume they need to wait several years before buying.
The reality is more complicated.
Different lenders have very different rules around adverse credit. They may consider how long ago the issue happened, how much was involved, whether it has been repaid and what has happened with your finances since.
The worst approach can be making applications to several lenders, hoping that one accepts you.
We can review your credit history first and identify lenders whose criteria are more suitable for your circumstances.
First Time Buyer Schemes
Depending on where you live and the property you are buying, there may be schemes designed to make home ownership more accessible.
These can include Shared Ownership, First Homes and other affordable home ownership schemes.
The government has also announced plans for a new “Your First Home” scheme in England. Further details, including eligibility rules, are expected to be confirmed, so we would recommend checking the latest position before relying on the scheme as part of your purchase.
We can explain the mortgage implications of the schemes available to you and whether they are likely to work for your circumstances.
What Documents Will I Need for a First Time Buyer Mortgage?
The exact documents will depend on your circumstances and the lender.
Typically, lenders will want to verify your identity, address, income, bank activity and deposit.
For an employed applicant that often means payslips and bank statements.
Self-employed applicants may need accounts, tax calculations or tax year overviews.
If your deposit is being gifted, additional evidence regarding the gift is normally required.
We will tell you exactly what we need before submitting the mortgage so you are not left guessing.
First Time Buyers Across Oxfordshire and the UK
Drummonds Finance Group is based in Oxfordshire and regularly helps first-time buyers in Oxford, Bicester and surrounding areas.
We also provide mortgage advice to clients throughout the UK.
Appointments can be carried out by phone or video, so you don't need to live locally to use us.
Whether you have just started saving, already have an offer accepted or simply want to know what you could afford, you are welcome to speak to us.
First-Time Buyer Mortgage Tips
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Get your paperwork ready: Payslips, bank statements, ID and credit reports.
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Check your credit score: Use tools like ClearScore or Experian to view your report.
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Avoid big purchases: Hold off on buying a car or taking out loans before applying.
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Use a broker: We’ll do the hard work and make sure you don’t overpay.