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First time buyer common mistakes

Buying a first home is an exciting yet terrifying time. 

There are many common mistakes first-time buyers can make, and whilst some can be easily overcome, others can lead to delays, have financial implications, or even mean you can’t buy straight away. 

First time buyer common mistakes
Buying your first home

1 - Not getting ready 

We completely understand the temptation to start looking at a property as soon as you’ve made the decision to buy your first home but let's slow down a minute!


You need to get mortgage ready and speak to a mortgage adviser who can get you a decision in principle. This will tell you how much you can borrow so you can look at the right properties. Having this decision in principle will demonstrate to estate agents and vendors that you are a credible purchaser.   

2 - Being unrealistic about your monthly budget 

The amount you can borrow is one thing, but how does that translate to a monthly payment? Bills, groceries etc add up. With the cost of living rising higher than expected, it is important not to over stretch yourself and leave enough money for the fun stuff. 

3 - Taking out new credit 

Any new borrowing will impact on what a mortgage company will be prepared to lend. And should you take out interest free credit for furniture, or get a new car before the mortgage starts, the lender may well change what they are willing to lend and reduce the loan they have offered. 

4 - Not allowing enough for the added costs 

Property Surveys, solicitor costs, moving costs, stamp duty (if buying under £425,000 AND you meet the definition of a first-time buyer, stamp duty is waived), and annual maintenance fees if buying a leasehold property. 

5 - Not protecting yourself 

You are taking on a new large debt and if you suffer sickness or injury then it will certainly impact on your ability to maintain your current lifestyle. You may even be forced to move out of your home if you cannot meet your monthly mortgage commitments. If you died, how would this affect your partner/spouse & children? 

We are committed to ensuring that, should the worst happen, you are able to not only keep your home, but also maintain you and your family’s standard of living. 


Your home may be repossessed if you do not keep up repayments on your mortgage.

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