Common mistakes first-time buyers often make
Buying your first home is one of the most exciting things you will ever do. It is also one of the biggest financial decisions you will make, and the more prepared you are, the smoother the whole experience becomes. The good news is that with a bit of planning and the right advice, you can go into it feeling confident rather than uncertain.
Here is what is worth knowing before you start.
How much deposit should you save?
The more you can put down, the better position you will be in. A larger deposit means you will have access to a wider range of mortgage deals, often with better interest rates, and your monthly repayments will be lower. It also means you start with more equity in your home, which is a good foundation for the future.
There is no single magic number, but most lenders look favourably on deposits of 10 percent or more. If you can stretch to 15 or 20 percent, the deals available to you improve again. It is worth taking the time to build your savings before you rush into the market, even if it means waiting a few extra months.
What costs should you budget for beyond the deposit?
This is one of the things that catches first-time buyers off guard. The deposit is the headline figure, but there are other costs that add up quickly, and it helps to know about them early so you can plan ahead.
Solicitor and conveyancing fees cover the legal side of the purchase. A survey gives you a professional assessment of the property's condition. There are search fees, Land Registry fees, and potentially stamp duty depending on the price. You will also want a budget for moving costs, and it is wise to keep something aside for any work you want to do once you move in, even if that is just fresh paint and new curtains.
Knowing the full picture early means you can save with a clear target in mind rather than being caught short later.
Should you get a mortgage agreement in principle before viewing?
Yes, and it is one of the most useful things you can do before you start looking. A mortgage agreement in principle (sometimes called a decision in principle) tells you how much a lender is likely to offer you based on your income, outgoings, and credit history. It is not a guarantee, but it gives you a realistic budget to work with.
It also shows sellers and estate agents that you are serious and financially prepared, which can work in your favour when you find a property you love. Getting this sorted early means you can focus your search on homes you can genuinely afford, rather than falling for something outside your reach.
Before you apply, it helps to check your credit report, reduce any outstanding debts where you can, and make sure your finances are in good shape. Small steps here can make a real difference to the deals available to you.
How can you make the most of being chain-free?
As a first-time buyer, you have something that many other buyers do not: no property to sell first. That makes you chain-free, and it is a genuine advantage.
Sellers often prefer chain-free buyers because there are fewer moving parts and the process tends to move more quickly. It can also give you more room to negotiate on price, because you are offering a simpler, more certain transaction. It is worth mentioning this when you put an offer in, and your estate agent can help you present your position in the best light.
What should you look for when viewing a property?
Viewings are exciting, and it is easy to be drawn in by the feel of a place, the light in the living room, or a beautifully styled kitchen. Those things matter, but it is worth looking a bit deeper too.
Ask about the heating system, the age of the boiler, and whether any work has been done recently. If something has been freshly painted or newly carpeted, it is worth asking why.
A survey is always a good idea. It gives you a professional, independent view of the property's condition and can flag things you might not spot yourself. Think of it as peace of mind rather than an extra cost.
How important is it to research the area?
Very. You are not just buying a house; you are choosing a neighbourhood, a commute, a set of local shops and schools and parks. Spend time in the area at different times of day. Walk the streets in the evening as well as the morning. Visit the local high street, check the transport links, and look at what is nearby.
Talk to people who already live there if you can. They will tell you things you will not find in a listing. Is the road busy at rush hour? Are the neighbours friendly? Is there anything planned for the area that might affect it in the future?
The house itself might be perfect, but the right house in the wrong location will not feel like home for long.
What questions should you ask your estate agent?
Do not hold back. A good estate agent will welcome your questions and help you understand the process. Here are a few worth asking:
How long has the property been on the market? Has the price been reduced? Why is the seller moving? Have there been any previous offers? Is the seller in a chain? What is included in the sale? Are there any issues with the property that you should know about?
The more you understand about the property and the seller's situation, the better placed you are to make a fair and well-judged offer.
Is it worth getting professional advice?
Absolutely. A good mortgage broker can search across the market for deals you might not find on your own, and they can guide you through the application process. A solicitor who specialises in residential property will handle the legal side and flag anything that needs attention. Your estate agent is there to help you through every stage, and a surveyor gives you an honest view of what you are buying.
First-time buyers sometimes feel like they should figure everything out on their own, but this is one of those moments where professional advice pays for itself. Surround yourself with people who know the process, and the whole experience becomes something to enjoy rather than something to get through.
Frequently asked questions
What is the first thing a first-time buyer should do?
Start by understanding your budget. Check your savings, look at your income and outgoings, and speak to a mortgage broker or lender to find out how much you could borrow. Getting a mortgage agreement in principle early gives you a clear idea of what you can afford.
How much deposit do I need for my first home?
Most lenders ask for a minimum of 5 percent, but the more you can save, the better the mortgage deals available to you. Deposits of 10 to 20 percent open up more options and usually come with lower interest rates.
What extra costs should first-time buyers expect?
Beyond the deposit, you should budget for solicitor fees, survey costs, search fees, Land Registry fees, and moving expenses. It is also worth keeping something aside for any work you want to do on the property once you move in.
Do first-time buyers pay stamp duty?
First-time buyers in England and Northern Ireland are exempt from stamp duty on properties up to a certain price threshold. It is worth checking the current thresholds when you start your search, as they can change.
How long does it take to buy a house as a first-time buyer?
The process typically takes between three and six months from the point your offer is accepted to the day you get the keys, though it can vary depending on the chain, the searches, and how quickly the legal work progresses.
Contact us
Buying your first home is a big step, and having the right support makes all the difference. Your local Guild Member can guide you through the process with expert, local knowledge.
The Guild is a UK-wide network of hand-selected independent estate agents across the UK. Whether you are buying, selling, letting, or renting, explore where our Members are.
