First-Time Buyer Checklist: What You Need to Know Before Applying

Buying your first home is exciting, but the process involves many steps and requirements. Being prepared makes everything smoother and faster.

Check Your Credit Score several months before applying. Get a free report from Clearscore, Experian, or Equifax. Look for errors and address them. Pay bills on time, reduce credit card balances, and don't apply for new credit just before your mortgage application.

Save Your Deposit and proof of savings. Most lenders want at least 5% of the property price, though 10-20% gets better rates. Keep statements showing where the money came from. Gifts from family are usually fine, but lenders need to confirm they're not loans.

Get Your Finances in Order. Gather the last three months of payslips, two years of accounts if self-employed, and recent bank statements. Lenders want to see stable income and responsible spending habits. Avoid large unexplained deposits or transfers.

Save for Costs Beyond the Deposit. You'll need money for surveys, valuations, legal fees, and stamp duty. A surveyor's report costs £300-1,500 depending on the property. Conveyancing fees are typically £500-1,500. Stamp duty varies by price and location but can be substantial.

Get a Mortgage in Principle before house hunting seriously. This shows sellers you're a serious buyer and gives you a clear budget. It's not a full application, just a preliminary check that you can borrow the amount you need.

Understand the Hidden Costs. Beyond the mortgage payment, budget for council tax, buildings insurance, contents insurance, and potentially ground rent or service charges. These are ongoing expenses that affect your affordability.

Research Your Area thoroughly. Check crime statistics, school ratings, transport links, and planned developments. Visit at different times of day. Speak to current residents. The right location matters as much as the property itself.

Get a Survey before committing. A basic survey costs less than a full structural survey but reveals major issues. If problems emerge, you can renegotiate the price or walk away.

Arrange Buildings Insurance before completion. Lenders require this and won't release funds without proof of cover. Get quotes early as this can take time.

Plan Your Move and budget for removal costs, redirecting mail, and updating your address with utilities and organisations. These small costs add up.

Don't Make Big Financial Changes between mortgage approval and completion. Don't change jobs, take out new credit, or make large purchases. Lenders do final checks before releasing funds.

Being organised and prepared removes stress and increases your chances of a smooth purchase. Take your time, ask questions, and don't rush into anything you're unsure about.