First-Time Buyer Mortgage Guide:

Buying your first home is exciting, emotional and slightly overwhelming all at once. If you are feeling unsure or wondering where even to begin, you are not alone. Every first-time buyer goes through the same mix of excitement and confusion. The good news is that with the proper guidance, the process becomes transparent and manageable.

At Drummonds Finance Group, we help first-time buyers across Oxford, Bicester and nationwide understand the process step by step. This guide gives you simple, friendly and practical advice so you can move forward with confidence.

Understanding What a Mortgage Is

A mortgage is a loan that helps you buy a home. You repay it monthly over a long period, usually between twenty-five and thirty-five years. The loan is secured against the property, meaning the lender has the right to take the home back if repayments are not made.

It sounds serious, and it is, but with the proper planning and the right mortgage, it becomes a straightforward part of life for millions of people.

How Much Can a First-Time Buyer Borrow

Most lenders offer around four to four and a half times your income, sometimes more, depending on your situation. This is affected by

• your credit history

• your regular bills and commitments

• existing loans or credit cards

• the size of your deposit

We assess your whole situation and give you a precise figure before you even start viewing properties.

How Much Deposit Do You Need

The minimum is usually 5% of the property price. Putting down more can improve your chances of approval and reduce your monthly payments.

For example

• five percent on a two hundred and fifty thousand pound home is twelve thousand five hundred pounds

• Ten per cent is twenty-five thousand pounds

A larger deposit often means a better interest rate and more lender choices.

Smart Saving Tips for First-Time Buyers

• A Lifetime ISA can boost your savings with a twenty-five per cent government bonus each year.

• Set up automatic monthly transfers into your savings

• Review your subscriptions and spending, and redirect small savings into your deposit fund

The First-Time Buyer Mortgage Process

Here is what the journey usually looks like

Agreement in Principle

A short check that tells you how much you can borrow. Estate agents often ask for this.

Find a Property

This is the exciting part. We help you understand what is realistic for your budget.

Make an Offer

This is submitted through the estate agent.

Submit Your Mortgage Application

You provide documents such as payslips, bank statements, identification and details of your deposit.

Valuation and Survey

The lender checks the property value and condition.

Mortgage Offer

This confirms the loan. You are nearly there.

Exchange and Completion

Once contracts are exchanged, you are legally committed to the purchase. Completion is the day you receive the keys.

Government Schemes for First-Time Buyers

Several schemes can make owning your first home more achievable.

Shared Ownership

You buy a share of a property and pay rent on the remaining share. This reduces the deposit needed.

First Homes Scheme

Selected new builds are offered at a discount for local buyers and key workers.

Lifetime ISA

Receive a bonus of up to one thousand pounds a year on your savings.

We explain which schemes you qualify for and how they can help your specific situation.

Things to Watch Out For

Buying a home comes with extra costs. Plan for

• legal fees

• surveys

• moving costs

• furnishing

• possible stamp duty.

Also, avoid taking out new credit or loans during the mortgage process. Lenders check your bank statements and spending patterns.

Frequently Asked Questions

Can I get a mortgage with bad credit?

Yes. Many lenders work with people who have imperfect credit. We match you with the most suitable lender.

What documents do I need?

Usually, three months of payslips, bank statements, identification, proof of address and evidence of your deposit.

How long does the process take

The average time from offer to completion is around eight to twelve weeks. Complex chains may take longer.

Will being self-employed make it harder.

Not necessarily. You will need to show proof of income, often through tax calculations. We handle self-employed cases every day.

Tips to Improve Your Chances of Approval

• Register on the electoral roll

• Reduce existing credit balances where possible

• Keep spending steadily and avoid large purchases

• Organise documents early

• Speak to a broker before viewing properties

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Why Work With Drummonds Finance Group

We give clear guidance without jargon, search high street and specialist lenders and support you from start to finish. We work for you, not the bank.

Buying your first home should feel exciting, not stressful. With the right advice and a friendly expert by your side, the path becomes achievable and straightforward.