Buying your first home is an exciting milestone, but it can also feel overwhelming. From securing the right mortgage to understanding surveys, legal completion and the true cost of buying, first-time buyers are often navigating unfamiliar territory with significant financial consequences.
At this stage, informed decisions matter. The more clearly you understand the process, the better positioned you are to avoid delays, unexpected costs and unnecessary stress. Drawing on our property expertise, this guide breaks down the key considerations every first-time buyer should take into account before committing to a purchase.
Understanding Mortgages: Choosing the Right Foundation for Your Purchase
For most first-time buyers, a mortgage is the single largest financial commitment they will ever make. Understanding how mortgages work and which type suits your circumstances is essential before you begin viewing properties seriously.
Common Mortgage Types for First-Time Buyers
Fixed-rate mortgages
These offer a set interest rate for an agreed period, typically two to five years. Monthly payments remain stable, making budgeting easier during the early years of ownership.
Variable-rate mortgages
These include tracker and standard variable rate (SVR) mortgages. Payments can rise or fall depending on interest rate movements, which can offer flexibility but less certainty.
Discount mortgages
A reduced rate is applied for a limited time, often linked to the lender’s SVR. These can be attractive initially, but may increase sharply later.
95% and 90% loan-to-value mortgages
Designed specifically for buyers with smaller deposits, these products allow you to borrow a higher percentage of the property’s value but often come with higher interest rates.
Key Mortgage Considerations
Before applying, first-time buyers should assess:
- How much they can realistically afford each month not just what they can borrow
- Whether they prefer payment certainty or flexibility
- The length of the mortgage term and its long-term cost
- Early repayment charges and exit fees
Securing a mortgage agreement in principle (AIP) before making an offer is highly recommended. It demonstrates credibility to sellers and allows you to move quickly in competitive markets.
Preparing an Offer: Laying the Groundwork Before You Commit
Making an offer on a property is not simply about naming a price. The strongest offers are backed by preparation, financial clarity and a clear understanding of the property’s position in the market.
Steps to Take Before Making an Offer
Confirm your finances
Ensure your deposit is accessible, your mortgage agreement in principle is valid and you have budgeted for associated costs.
Research the property thoroughly
Review recent local sale prices, understand how long the property has been on the market and consider why the seller is moving.
Assess your position as a buyer
First-time buyers are often attractive to sellers because they are chain-free. This can give you leverage when negotiating.
Decide your maximum price in advance
Setting a firm upper limit prevents emotional decisions that could stretch your finances beyond comfort.
Making a Confident Offer
When submitting an offer, be prepared to explain:
- Your mortgage status
- Your deposit size
- Your preferred timescale for completion
Clarity and professionalism at this stage can significantly improve your chances of acceptance.
Surveys: Protecting Yourself Before You Buy
A property survey is one of the most important yet commonly misunderstood steps in the buying process. While not always legally required, surveys protect buyers from costly surprises after completion.
Why Surveys Matter
A mortgage valuation only confirms that the property is worth the loan amount. It does not assess condition. A survey, on the other hand, identifies defects, risks and potential repair costs.
Types of Property Surveys
RICS Level 1 Survey (Condition Report)
Suitable for newer or well-maintained properties. Provides a basic overview without detailed advice.
RICS Level 2 Survey (HomeBuyer Report)
The most common choice for first-time buyers. Highlights visible issues such as damp, subsidence or roof concerns and includes a valuation.
RICS Level 3 Survey (Building Survey)
Recommended for older, larger or non-standard properties. Offers in-depth analysis and repair guidance.
Using Survey Results Effectively
If issues are identified, buyers can:
- Renegotiate the purchase price
- Request repairs before exchange
- Reassess whether to proceed
Skipping a survey may save money initially but can expose buyers to significant financial risk later.
Legal Completion: What to Expect in the Final Stages
The legal process, managed by a solicitor or conveyancer, ensures the property is legally transferred into your name. While much of this happens behind the scenes, understanding the stages helps buyers anticipate timelines and responsibilities.
Key Legal Stages Explained
Conveyancing searches
Local authority, environmental and water searches reveal planning issues, flood risks or restrictions affecting the property.
Raising enquiries
Your solicitor will ask the seller’s solicitor questions about boundaries, fixtures, disputes and compliance with regulations.
Exchange of contracts
This is the point at which the purchase becomes legally binding. A deposit, usually 10%, is paid and a completion date is set.
Completion
Funds are transferred, keys are released and ownership officially changes hands.
What First-Time Buyers Should Prepare For
- Requests for documentation and identification
- Regular communication with solicitors and lenders
- Strict deadlines once contracts are exchanged
Delays often occur when paperwork is incomplete or funds are not ready so organisation is essential.
Understanding the True Costs of Buying a Home
One of the most common mistakes first-time buyers make is underestimating the full cost of purchasing a property. Beyond the deposit and mortgage, several additional expenses should be factored in from the outset.
Key Costs to Budget For
Stamp Duty Land Tax (SDLT)
First-time buyers often benefit from relief but thresholds and eligibility should be checked carefully.
Legal fees
Solicitor or conveyancer costs typically include professional fees and disbursements such as searches.
Survey fees
Costs vary depending on the survey type and property size.
Mortgage-related fees
These may include arrangement fees, valuation fees and broker fees.
Moving costs
Removal services, storage and temporary accommodation where needed.
Ongoing ownership costs
Council tax, utilities, insurance, maintenance and service charges for leasehold properties.
Planning Ahead Reduces Pressure
Creating a comprehensive budget early prevents last-minute financial strain and ensures you can proceed with confidence once the right property is found.
Buying with Confidence as a First-Time Buyer
Buying your first home is a major financial and emotional decision, but it doesn’t need to be daunting. By understanding mortgages, thoroughly preparing before making an offer, investing in the right survey, navigating legal completion carefully, and budgeting realistically for all associated costs, first-time buyers can move forward with clarity and confidence.
Expert guidance, careful planning and informed decision-making are the strongest foundations for a successful first purchase. Taking the time to understand each stage now can save significant time, money and stress later, allowing you to focus on what truly matters: turning your first house into a home.
Whether you’re selling to fund your first purchase or simplify your move, We Buy Any House provides a fast and reliable way to sell. Get a free cash offer today and complete on a timescale that works for you.