Buying your first home is a big deal, and while it’s exciting, it can also feel a bit overwhelming. Between all the paperwork, the financial jargon, and the pressure to “get it right,” it’s easy to feel out of your depth.
But it doesn’t have to be stressful. With a bit of guidance (and a friendly expert in your corner), you can move through the mortgage process with a lot more confidence, and maybe even enjoy it a bit along the way.
Here are five things worth knowing before you dive in:
1. You don’t need a huge deposit — but the more you have, the better the deal
You might have heard you need a 20% deposit to buy a home. Truth is, there are mortgages out there for as little as 5% down – especially for first-time buyers. That said, the more you can save, the better the rates usually are. Even just nudging your deposit up by a few thousand pounds could make a real difference to your monthly payments.
2. Lenders look at more than just your income
It’s not only about what you earn. Lenders will also review your spending habits, existing debts, childcare costs, and even subscription services. You don’t need a perfect record, but showing you can afford the loan comfortably makes a real difference. A bit of planning ahead (such as clearing old credit or trimming unnecessary costs) can really help.
3. The lowest rate isn’t always the best deal
Some mortgage deals come with high fees or tie you in for longer than suits your plans. Choosing the right deal depends on your situation, such as whether you might move again soon. Flexibility can sometimes be more valuable than saving a few pounds each month.
4. Ask as many questions as you like
There’s no such thing as a daft question when you’re buying a home. This is one of the biggest financial steps you’ll take, so it’s important to feel clear and confident. A good adviser will explain everything at your pace and make sure nothing gets missed.
5. It’s about more than just getting the keys
Arranging your mortgage is one part of the picture. Protecting what you’ve worked hard for is just as important. Cover such as life insurance or income protection can offer reassurance if something unexpected happens.
