First Time Buyer Mortgage Oxford

From viewing a home to moving in, it typically takes 8–17 weeks. The mortgage application part alone usually takes 2–4 weeks, depending on the lender and documentation.

It depends on your income, outgoings, and credit score. Typically, lenders will offer 4.5 to 6 times your annual salary, but this varies based on your circumstances.

Most lenders require a minimum deposit of 5% of the property’s purchase price. However, putting down 10–15% can give you access to better mortgage deals with lower interest rates.

Most lenders will ask for:

• Proof of ID (passport or driving licence)

• Payslips (last 3 months)

• Bank statements

• Proof of deposit For self-employed applicants: 2–3 years of tax year overviews and SA302s.

A Mortgage in Principle (also called an Agreement in Principle or AIP) is a statement from a lender saying how much they might lend you, based on a quick financial check. It helps show estate agents and sellers that you're serious.

Besides your deposit, you should budget for:

• Legal fees

• Valuation/survey fees

• Mortgage arrangement fees

• Stamp Duty (if the home is over £425,000)

• Moving costs

• Furniture and setup costs

➡️ Ask your broker for a full breakdown of costs.

Yes, it’s possible. Some lenders specialise in helping buyers with poor credit history, missed payments, or even defaults. A mortgage broker can help you find the right lender for your situation.

Yes! Popular schemes include:

• Shared Ownership

• First Homes Scheme (discounted new builds)

• Lifetime ISA (savings with a 25% government bonus)

Absolutely. A mortgage broker:

• Gives you access to more lenders and deals

• Helps you prepare your documents

• Supports you through the entire process It’s especially helpful if you’re not sure where to start or have unique circumstances.

A first-time buyer is someone who has never owned a property before, either in the UK or abroad. If you’re buying with someone else, both of you must be first-time buyers to qualify for certain schemes and exemptions.

As a local broker, we have in-depth knowledge of Oxford's property market, enabling us to provide personalized advice and access to exclusive deals not available through national lenders

We can typically secure an Agreement in Principle within 1–48 hours, depending on your circumstances.

Yes, we work with lenders offering 5% deposit mortgages and can advise on schemes like Shared Ownership to help you get on the property ladder

Absolutely. We specialize in securing mortgages for self-employed clients, even with just 1–2 years of accounts.

• Proof of ID (passport or driving license)

• Recent payslips (last 3 months)

• Bank statements

• Proof of deposit

• For self-employed: 2–3 years of tax overviews and SA302s

• Legal fees

• Valuation/survey fees

• Mortgage arrangement fees

• Stamp Duty (if applicable)

• Moving costs

• Home setup expenses

On average, a mortgage can take 2 weeks to complete from application to offer, depending on the complexity of the case.

At Drummonds Finance Group, we often secure a mortgage offers faster than 2 weeks for straightforward applications with all documents ready. Factors that can speed up the process include:

• Fast responses from the client

• Clear credit history

• Prompt valuations and solicitor work

We work closely with lenders, valuers, and solicitors to keep things moving and minimise delays wherever possible.

Yes, Oxford is widely regarded as one of the best places to invest in property in the UK. It boasts a strong local economy, world-class educational institutions, a vibrant cultural scene, and excellent transport links. The demand for housing in Oxford remains high due to its university population, medical and research centres, and proximity to London. Whether you're a first-time buyer, a home mover, or a buy-to-let investor, Oxford offers long-term value and strong rental potential.

While no one can predict the market with complete certainty, Oxford’s housing market has shown consistent long-term growth. Limited housing supply, a high volume of renters, and ongoing demand from students, professionals, and commuters support future price resilience. Economic forecasts and local development plans indicate that prices in Oxford are likely to continue rising over time, especially in well-connected and sought-after areas.

As of 2025, the average house price in Oxford is approximately £525,000, though this varies widely depending on the area and property type.

• Flats typically range from £275,000 to £400,000

• Terraced homes average around £500,000

• Detached houses often exceed £800,000 Premium areas like Jericho, Summertown, and Headington command even higher prices.

• Proximity to transport links – access to Oxford Parkway or mainline rail for London commuters can affect value.

• School catchment areas – top-rated schools like Cherwell School and Oxford High can increase demand.

• Leasehold vs. Freehold – many central Oxford flats are leasehold, so always check the remaining term and service charges.

• Flood zones – some areas near the River Thames or Cherwell may carry flood risks.

• Planning and development – check the Local Plan to see if any major changes or developments could affect the area.