Buying Your First Home: Top Tips

Know Your Budget

Work out what you can comfortably afford each month, not just what a lender may offer.


Factor in:

  • Mortgage payments
  • Council tax
  • Utilities
  • Insurance

Keep an emergency fund after your purchase.

Check Your Credit Profile

  • Review your credit report before applying.
  • Ensure you're registered on the electoral roll.
  • Avoid taking on new credit commitments before your mortgage application.
  • Maintain all existing payments on time.

Save More Than Just the Deposit

You'll need funds for:

  • Solicitor/conveyancing fees
  • Survey costs
  • Mortgage arrangement fees (if applicable)
  • Moving costs
  • Furniture and home improvements

Get Mortgage Ready

  • Proof of ID
  • Proof of address
  • Last 3 months' payslips
  • Latest P60
  • Bank statements
  • Evidence of deposit


Self-employed applicants should also have:

  • SA302s and Tax Year Overviews
  • Business accounts where applicable

Obtain an Agreement in Principle (AIP)

An AIP can:

  • Show estate agents you're a serious buyer
  • Give you a clearer idea of your borrowing potential
  • Help strengthen your position when making an offer

Be Realistic About Property Viewings

Consider:

  • Location and commute times
  • Local schools and amenities
  • Future plans (family, work, lifestyle)
  • Property condition and potential renovation costs

Don't Skip the Survey

A survey can identify:

  • Structural issues
  • Damp
  • Roof problems
  • Hidden repair costs

Spending a little upfront could save thousands later.

Avoid Major Financial Changes

Until your mortgage completes:

  • Don't change jobs unless necessary
  • Don't take out loans or finance agreements
  • Don't make large unexplained transactions
  • Avoid excessive spending on credit cards

Understand the Buying Process

  1. Agreement in Principle
  2. Property search
  3. Offer accepted
  4. Mortgage application
  5. Valuation and survey
  6. Conveyancing
  7. Exchange of contracts
  8. Completion and collect the keys

Ask Questions

No question is too small when buying your first home.

Make sure you understand:

  • Mortgage terms
  • Interest rates
  • Monthly payments
  • Fees and charges
  • The timeline and process

Need Help?

A mortgage adviser can help you understand your options, explain affordability, and guide you through the process from application to completion.