5 Essential Tips for First-Time Buyers

As a mortgage adviser with over 25 years of experience, I understand how daunting it can feel to take your first steps onto the property ladder. The process can seem complex, but with the right preparation and guidance, it’s entirely achievable. Here are my top five tips to help first-time buyers secure their dream home with confidence.

As a mortgage adviser with over 25 years of experience, I understand how daunting it can feel to take your first steps onto the property ladder. The process can seem complex, but with the right preparation and guidance, it’s entirely achievable. Here are my top five tips to help first-time buyers secure their dream home with confidence.

1. Start Saving Early for Your Deposit

The first hurdle for many first-time buyers is saving for a deposit. Typically, lenders require at least 5% of the property’s value as a deposit, though a larger deposit (10% or more) often gives you access to better mortgage deals.

Here’s how to boost your savings:

  •       Set a clear monthly savings goal.

  •       Open a Lifetime ISA (LISA) to benefit from a 25% government bonus on your savings (up to £1,000 per year).

  •       Reduce unnecessary expenses – track your spending to identify areas where you can cut back.

2. Improve Your Credit Score

Your credit score is one of the first things lenders assess when you apply for a mortgage. A strong credit score can improve your chances of approval and help you secure lower interest rates.

To improve your creditworthiness:

  •       Pay all bills on time and avoid missing payments.

  •       Register on the electoral roll at your current address.

  •       Avoid taking on unnecessary debt or making multiple credit applications.

If you’re unsure about your current credit score, use free tools like Experian or ClearScore to check it.

3. Get Mortgage Advice Early

Navigating the mortgage market can be overwhelming, with so many lenders, deals, and criteria to consider. Speaking to a qualified mortgage adviser early in the process can save you time, money, and stress.

Here’s how I can help:

  •       Assess your financial situation to determine how much you can borrow.

  •       Identify the most suitable mortgage products for your circumstances.

  •       Help with paperwork and ensure your application has the best chance of success.

At PBS Mortgage & Financial Advisers, we specialise in helping first-time buyers in Lancaster, Morecambe, and the surrounding areas.

4. Understand the Additional Costs

Many first-time buyers overlook the extra costs of buying a home, which can catch them off guard. Make sure to budget for:

  •       Stamp Duty: First-time buyers don’t pay stamp duty on properties up to £425,000 (in England as of 2025).

  •       Solicitor Fees: Legal costs for property transactions.

  •       Survey Fees: Costs vary depending on the level of survey required.

  •       Moving Costs: From hiring a van to purchasing essentials for your new home.

Factoring these costs into your budget will help you avoid any unpleasant surprises.

5. Get a Mortgage in Principle Before House Hunting

A mortgage in principle (also called a decision in principle) is a powerful tool when you’re looking for a home. It shows sellers that you’re a serious buyer and can help you stand out in a competitive market.

To get a mortgage in principle, you’ll need:

  •       Proof of income and employment.

  •       Bank statements showing your savings and spending habits.

  •       Details of your current debts and commitments.

Getting a mortgage in principle also gives you a clear idea of what you can afford, ensuring you only view homes within your budget.

Ready to Take the Next Step?

Buying your first home is a significant milestone, and it’s one you don’t have to face alone. At PBS Mortgage & Financial Advisers, we specialise in guiding first-time buyers through the process, offering tailored advice to make your property journey as smooth as possible.

If you’re ready to get started, call us today on 01524 888877, email us at advice@pbsfinancial.co.uk, or visit our contact page. Let’s make your dream of owning a home a reality!

Let me know if you’d like help with any aspect of your mortgage journey!

Ready to start planning your financial future?

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