First-time buyer
mortgages.

Understand mortgage deposits, buying costs and the application process before buying your first home.

Plan my first mortgage
A couple eating takeaway on the floor after moving into their first flat

Budgeting for
your first home.

There is more to a first-home budget than the biggest mortgage you might be offered.

Your mortgage deposit.

Your deposit, any agreed family help and a separate pot for buying costs. If part of your deposit is a gift, the lender and solicitor will usually need to understand where it came from.

Monthly mortgage affordability.

Start with the life you want to keep living. Think about bills, travel, regular commitments and a buffer for the unexpected. A lender’s affordability assessment and your own comfort level are different things.

Additional buying costs.

Surveys, legal fees, moving costs, insurance and any property tax that applies. For a flat, understand service charges, ground rent where relevant and the lease terms.

Buying your first home,
step by step.

The main stages of a home purchase.
Some steps overlap and timings vary.

  1. 01

    Set your buying budget.

    Look at your deposit, income, commitments and buying costs. Get a sense of what might be possible.

  2. 02

    Find a property and make an offer.

    View, ask questions and make an offer when you are ready. An agreement in principle may help, but is not a guarantee.

  3. 03

    Complete mortgage and legal checks.

    A mortgage application, property valuation and legal work follow. Consider a survey that suits the property.

  4. 04

    Review the offer and complete.

    Review the mortgage offer and legal advice before committing. Ownership transfers to you on completion.

Calculate mortgage repayments

First-time buyer
questions.

Create my mortgage checklist
How much deposit will I need?

It depends on the lender, property and your circumstances. A larger deposit can change the products available, but you still need money for buying costs and a sensible buffer. Avoid building a plan around an unconfirmed minimum.

Should I get an agreement in principle first?

It can give a useful early indication and some estate agents ask for one. Check whether the lender uses a soft or hard credit search, and remember that a full application and property checks are still required.

Is the lender’s valuation the same as a survey?

No. A lender’s valuation is mainly for the lender to assess the property as security. A separate survey can tell you more about condition and potential problems.

Prepare for
mortgage advice.

Create a checklist for your mortgage conversation.
No personal details are needed.

Plan my mortgage
A good listener.
Terrible at paperwork.
Back to UpOnUp