We've helped hundreds of first time buyers through the process. And while everyone's situation is different, the same mistakes come up again and again.
None of them are stupid. They're the kind of thing that seems fine until it isn't. Here are the five that trip people up most often.
1Applying for credit just before you apply for a mortgage
You're three months away from buying. Your car is getting old. You take out a new car finance deal. Or you open a new credit card for the cashback. Or you buy a sofa on 0% finance because you'll need it for the new flat.
Each of these leaves a mark on your credit file. Each one asks lenders the question: "Why is this person taking on new debt right now?" It's not necessarily a deal-breaker, but it can lower your score just when you need it highest, and it gives underwriters something to query.
The rule: don't open new credit accounts in the 3–6 months before your mortgage application. If something genuinely can't wait, tell us before you do it and we'll advise.
2Starting property viewings before getting a Mortgage in Principle
This one's more about time and heartbreak than logistics. You fall in love with a property. You make an offer. The estate agent asks if you have a MIP. You don't. In the three days it takes to get one, someone else — who was ready — puts in a competing offer and gets accepted.
It's incredibly common and entirely avoidable. Get the MIP first. It costs you nothing, takes a day, and means you can move on a property the moment you find the right one.
3Underestimating the costs beyond the deposit
You've saved your deposit. What people sometimes forget is how many other costs arrive at the same time:
Stamp duty (even at first-time buyer rates, this can be significant on higher-value properties). Solicitor fees (typically £1,500–£2,500). Surveyor fees (£400–£1,500 depending on type). Mortgage arrangement fee (sometimes £1,000+, though often added to the loan). Moving costs. Buildings insurance from exchange.
On a £250,000 purchase, these additional costs regularly come to £5,000–£8,000 on top of your deposit. Budget for them from the start rather than scrambling at the end.
We give every client a full cost breakdown before they commit to anything. There shouldn't be any surprises.
4Going to just one lender
Your bank has been looking after your current account for ten years. You walk in, you get offered a mortgage, it sounds reasonable, you take it.
What you don't know is that three other lenders would have offered you a lower rate. Or a lower fee. Or they would have been willing to lend 10% more, which means the house you really wanted is back in play.
A broker has access to the whole market. The rates we access aren't always the same as what's on the high street. And critically, we know which lender is going to look most favourably at your particular profile — your income type, your deposit size, the property you're buying. That matching matters more than most people realise.
5Not getting life insurance and income protection sorted at the same time
You've just taken on a 25-year debt. That's a long time. A lot can happen. If you can't work — through illness, injury, redundancy — how do you keep paying the mortgage?
It's not a pleasant thing to think about, but it's an important one. Life insurance to cover the mortgage is usually remarkably cheap when you're young and healthy. Income protection is more expensive but more comprehensive. Critical illness cover sits somewhere in between.
Most first time buyers put this off because they're exhausted by the buying process. We sort it alongside the mortgage so it doesn't get forgotten. It's one of the most valuable things we do.
Buying your first home?
We'll guide you through the whole process — from Mortgage in Principle to completion, and the protection you need in between.
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