A GUIDE TO BUYING YOUR FIRST HOME
YOUR JOURNEY TO HOME OWNERSHIP
Purchasing your first property is a significant milestone that combines excitement with new responsibilities. While the process might initially seem complex, this guide will walk you through each step with clarity and confidence.
Qualified Mortgage Support
Our Mortgage Consultants are authorised and regulated by the Financial Conduct Authority and take great pride in finding the right mortgage product for your circumstances. We can:
Search thousands of mortgage deals from our panel of selected lenders to find the right mortgage for you
Confirm how much you may be able to borrow and all the costs involved
Help you construct a suitable offer if your property purchase is for sale through another agent, and as long as we are not acting for the seller of the property*
Help you find a new home and explain everything you need to know about the house-buying process
Take care of all your mortgage & protection arrangements, whether you buy through an estate agent in our network or not
UNDERSTANDING MORTGAGES
A mortgage is essentially a specialised loan designed specifically for property purchase. The lender provides the funds needed to buy your home, which you then repay with interest over an agreed period.
The basic structure works as follows
You select your ideal property
You contribute a percentage of the purchase price as a deposit
A mortgage lender provides the remaining amount. Our mortgage consultants will assess your individual circumstances to arrange a mortgage with a lender from our panel
You make regular monthly repayments, inclusive of interest, until the loan is fully repaid
Essential Documentation
For your mortgage appointment, you will typically need to provide:
Valid photo identification (passport or driving licence)
Proof of current address (recent utility bills, council tax statements or bank statements dated within the last 3 months)
Income verification (Last 3 months’ payslips, and latest P60 or SA302)
THE HOME BUYING PROCESS
We’re here for you every step of the way, ensuring the process is as smooth as possible.
1. Meet with our Mortgage Consultant
Speak to one of our Mortgage Consultants who will help assess your affordability for a mortgage.
2. Mortgage Approval
We will then search for an appropriate mortgage provider and find out how much they are prepared to lend to you in principle (subject to status and lender criteria).
3. Your decisions
We will help you find your dream home as well as give you guidance on what offer to make if the property is for sale with another agent.
4. Applying for mortgage and protection products
If your offer is accepted, we can help arrange your mortgage and happily discuss any protection needs you may have.
5. Legal process
Most people use a conveyancer or solicitor when buying a house, as it can be a complicated process. We can help you appoint one, if you wish.
6. Your lender will arrange a valuation
This is a requirement for your mortgage. Please note that having a survey done on the property would be in addition to this.
7. Mortgage offer
If everything is in order, a mortgage offer will be made.
8. Searches
Local searches are carried out by your conveyancer or solicitor.
9. Exchanges
From this point, the purchase is legally binding. (Note that Building and Contents Insurance must be put into force from this point).
10. Completion
The property is yours, and you can move in!
DETERMINING YOUR BUDGET
Understanding how much you can afford to borrow is a crucial first step. Lenders need to know much more about you than just your salary before making a decision on how much they’re willing to lend by way of a mortgage.
How does this work?
When applying for a mortgage, we can help you understand how much you could borrow and arrange a mortgage agreement in principle. This is a conditional approval from a lender estimating how much they’re willing to lend you.
Your Affordability:
Lenders assess your income, monthly outgoings, existing debts and credit history. Typically, you can borrow around 4.5 to 5 times your income.
Your Deposit:
Most properties require at least a 5% deposit. For example, a £200,000 home would need a minimum £10,000 deposit. To help you determine your budget, chat to one of our mortgage consultants as they’ll be able to help you work out your budget and find the right mortgage option.
FIRST TIME BUYER MORTGAGE AND LOW DEPOSIT SCHEMES
We offer access to various initiatives designed specifically to help first-time buyers. Please note that these are subject to change and individual lender criteria.
Delayed Start Mortgage: No mortgage repayments due for the first 3 months, helping manage other costs associated with moving.
£5K Deposit Mortgage: Buy your first home with only a £5,000 deposit.
Shared Ownership: Buy a share of your first home with help from the Government.
Track Record Mortgage: Borrow up to 100% loan-to-value if you have a proven track record of paying rent for at least 12 months.
Joint Borrower Sole Proprietor: Allows relatives to contribute to the mortgage payments without needing to be on the title deeds.
Gifted Deposit: Build your deposit with money gifted by a family member.
Family Springboard: Get a 0% deposit mortgage with a helper’s savings as security. This is returned with interest after 5 years.
MORTGAGE TYPES EXPLAINED
There are several mortgage structures available.
Your consultant will explain these options in more detail to help you find the one that suits your circumstances best. The main types are:
Fixed rate
You are locked into repaying a fixed monthly amount for a period of time, typically lasting for two, three or five years.
Variable rate (Tracker Rate)
The monthly amount can go up or down. Your payments track the Bank of England base rate plus additional interest. This rate, therefore, is directly affected by the Bank of England base rate.
Variable rate (Standard Variable Rate)
The monthly amount is set by your lender and can go up or down. This rate is usually based on the Bank of England base rate plus additional interest set by the lender.
VALUATION AND SURVEYS
Once you’ve had an offer accepted, it’s time to look more closely at the property to satisfy the mortgage lender, and for your own peace of mind too.
While lenders require a basic valuation to confirm the property’s worth, this is not a comprehensive survey. We strongly recommend commissioning a detailed Home Survey to identify any potential issues with the property that could affect your purchase decision or require future investment.
What is a Home Survey?
While not mandatory, a Home Survey is highly recommended. A Home Survey is a thorough inspection of a property conducted by a qualified surveyor.
The resulting report provides valuable insights into the property’s condition, highlighting potential issues that could influence your purchase decision or require future investment. It’s an essential tool for avoiding unexpected repair costs and understanding the true value of your potential new home.
CONVEYANCING SERVICES
Conveyancing is the legal transfer of a property from one person to another. It includes all the legal work plus a variety of important searches and checks on the property. Our Home Conveyancing Service will offer:
Prepare and review all legal documentation
Conduct essential property searches
Manage Land Registry requirements
Calculate and arrange payment of any applicable stamp duty
Oversee the exchange of contracts and transfer of funds
A conveyancer will charge an additional fee for their services, and there are thousands based around the UK, so to avoid confusion and make the process as stress-free as possible this is where we can help.
PROTECTING YOU, YOUR HOME AND YOUR FAMILY
Buying a property is a major investment, so it is wise to protect yourself and your home.
Buildings Cover
The mortgage lender will require you to have buildings insurance in place from the point you exchange contracts on a freehold property. This helps to cover the costs of repairing damage caused by sudden and unexpected emergencies, such as a burst pipe or structural damage caused by a storm or fire. Building cover ensures your home is safe and habitable after such incidents. There are also options available for additional accidental damage cover.
Contents Cover
Contents insurance protects the belongings inside your home. This includes everything from furniture and appliances to personal items like clothing, electronics, and valuables.
Protecting You and Your Family
There is a range of options to help protect you and your family if you were to die or if ill-health forced you to take time off work. Speak to our Mortgage Consultant about:
Life insurance
Critical illness
Income protection
PREPARING A WILL
When you buy a property, you become the owner of a substantial asset, so it is important to consider putting a will in place.
Making decisions now about what should happen to your home, belongings, and other assets can save your loved ones a lot of stress, expense, and uncertainty – and give them some much-needed security during a difficult time. To make things easier, we’ve teamed up with Redstone Wills, one of the UK’s biggest will-writing specialists.
Any fees payable will be explained in your initial no obligation appointment, before you choose whether to use our Mortgage Services.
MS/CON/8299/07.25
Correct at time of publishing 26.02.2026
* Market Intelligence is a system supported by TwentyEA that accesses a range of information on specific properties, including the market status of each property (e.g, last listed, last transacted and time to sell). If your property purchase is for sale through another agent, and as long as we are not acting for the seller of the property, we can help with negotiations to aim to save you money.
