Top Tips for First Time Home Buyers

Before buying a property, make sure your finances are in decent shape and account for other costs:

• Check your income and debt to see what you can afford.
• If you currently pay rent, compare this against likely future mortgage payments.
• Use a mortgage calculator to get a rough idea of monthly mortgage payments.
• Seek independent financial advice if you need help planning.
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Only borrow what you can comfortably afford. Consider both your bills and outgoings alongside your future monthly mortgage repayments. Overstretching now could cost money later.

Building a deposit takes time but improves your options for a successful property purchase:

• Aim for at least 5% to 10% of the property price.
• Set up a dedicated savings account.
• If your deposit is a gift, get a signed letter from the giver confirming no repayment is expected.
• Explore government schemes like the Mortgage Guarantee Scheme to help you onto the property ladder.

The bigger your deposit, the better your mortgage rates, especially if you are looking to take advantage of low interest rates.

A good credit score is crucial as it helps you get a mortgage on better terms:

• Review your credit rating and correct any mistakes.
• Keep credit card balances low and avoid taking on new debt.
• Stay in the same job until after your mortgage application.

Most mortgage lenders will check your credit history on your credit file, so good preparation matters.

Remember, buying a property costs more than the purchase price:

• Stamp Duty (if applicable)
• Conveyancing fees and legal fees
• Survey costs and land registry fee
• Buildings insurance
• Moving costs and any initial repairs

Set aside extra savings to cover these.

Choosing the right mortgage loan can save money over time:

• Online mortgage calculators are a great place to start.
• A fixed-rate mortgage term can offer predictable monthly payments.
• Variable-rate mortgages may start cheaper but can rise.
• Consider speaking to a mortgage broker for access to better deals and advice on mortgage rules.

Mortgage advisers and brokers can recommend the best options on the mortgage market and provide personalised help. If you need help finding a mortgage broker, get in touch and we can recommend one. 

Think carefully about where and what you buy:

• Compare house prices across areas.
• Check commute times, schools, and local amenities.
• Look at future resale potential by studying local property values.

We can give local knowledge but always do your own research too.

Getting a pre-approval from a bank or building society, preferably through a mortgage broker, shows you're a serious buyer:

• It gives you clear borrowing limits.
• Strengthens your offer when negotiating with sellers.
• Start gathering your bank statements, ID, and proof of income early.
• Use a mortgage broker if you are self-employed as further guidance will be needed.

Having pre-approval can speed up your purchase when the right property comes along. If you need help finding a mortgage broker, get in touch and we can recommend one. 

Think ahead when buying your first home:

• Will you need extra space for a family?
• What about energy bills? Check the Energy Performance Certificate (EPC) rating.
• Factor in potential repairs or renovations.

Good planning can help you avoid needing to move again too soon.

Stay alert to common mistakes:

• Don't overextend your finances — stick to your budget.
• Always compare mortgage rates and mortgage fees.
• Factor in costs like ground rent if buying leasehold.
• Get advice if you're unsure — family, friends, or professionals can help.

Taking your time leads to better decisions.

Most mortgage lenders require buildings insurance:

• It covers repair costs if your property is damaged.
• Look for extras like home emergency cover or accidental damage protection.
• Insurance may also cover the cost of alternative accommodation if needed.

Home insurance protects your new investment and helps you secure your own home.

Once your offer is accepted:

• Choose a solicitor or licensed conveyancer to manage the legal work involved.
• Pay attention to exchange contracts — this is when the deal becomes legally binding.
• Be ready for the completion date, usually 1–2 weeks after exchange.

Ask early about conveyancing fees and what's included. If you need help finding a solicitor, get in touch and we can recommend one. 

Buying your first home is exciting but requires careful planning. Stay organised, know your finances, research thoroughly, and always protect yourself with a good survey and insurance. By following these tips for first time home buyers, you'll be in a strong position to climb the property ladder with confidence.