Buying Your First Home: A Step-by-Step Guide
Taking your first step onto the property ladder is one of the most exciting decisions you will ever make. It can feel daunting at first, but with the right support the process is far more straightforward than many first-time buyers expect. At Akers Pritchett, our first-time buyer mortgage advisors are with you every step of the way, from your very first conversation through to collecting your keys.
Step 1: Understand Your Budget Before You Start Searching
Before browsing properties, the most important first step is understanding what you can realistically afford. Our advisors will assess your income and outgoings to agree a sensible budget, and walk you through all the costs involved, not just the deposit, but also solicitor fees, survey fees, lender fees, and Stamp Duty Land Tax where applicable. Knowing the full picture from the outset means you can search with genuine confidence.
To get started, you will need documents including payslips (or SA302 forms if self-employed), bank statements, proof of deposit, proof of residency, and proof of identity.
Step 2: Obtain a Decision in Principle
Once we have a clear view of your finances, we will apply for a decision in principle (DIP) from a suitable lender. This is an initial confirmation that a lender would, in principle, be willing to lend you a certain amount based on a credit check and your financial information. Having a DIP in place before you start viewing properties shows sellers and estate agents that you are a credible, prepared buyer, which can be a real advantage when making an offer.
Step 3: Find Your Property and Make an Offer
Now that your budget is clear and your DIP is in place, the search begins. As a first-time buyer, you are often in a stronger position than you might think. Because you are not part of a chain, sellers may view you as a more straightforward buyer. Our team can recommend trusted property agents across Nottingham, Derby, and Leicester to support your search. Once you find the right property and your offer is accepted, it will be confirmed in writing.
Step 4: Instruct a Solicitor and Submit Your Full Application
At this point, you will need a solicitor to handle conveyancing, which is the legal process of transferring ownership of the property to you. If you do not already have one, we can recommend a solicitor experienced in supporting first-time buyers. We will then submit your full mortgage application, including all supporting documents and the property details, and the lender will carry out a valuation before issuing a formal offer.
Step 5: Exchange Contracts and Complete
Your solicitor will carry out the necessary searches and draft contracts for you and the seller to sign. You will need to have your deposit ready at exchange. Before completion, you will also need buildings insurance in place, as most lenders require this from the date contracts are exchanged. On completion day, the funds are transferred and you receive the keys. Your first mortgage payment is typically due a month after you move in.
Our team coordinates with estate agents and solicitors throughout to keep everything on track. Get in touch today to take your first step.
Frequently Asked Questions
How much deposit do I need as a first-time buyer?
Most lenders require a minimum deposit of 5% of the property’s purchase price, though a larger deposit typically gives you access to more competitive rates. Your deposit is one of several upfront costs to budget for. Our advisors will give you a full cost breakdown before your search begins so there are no unexpected surprises along the way.
Does being a first-time buyer help when making an offer?
Yes, it can. First-time buyers are chain-free, meaning there is no related sale that could delay or derail the transaction. This makes you a more attractive proposition for sellers who want a smooth completion. Our advisors will help you prepare to put your strongest foot forward when you find the right property.
When is my first mortgage payment due?
Your first mortgage payment is typically due in the month following completion, though the exact date varies by lender. The lender will confirm this, usually within 14 days of completion. Our team will talk you through exactly what to expect before your moving day so you feel fully prepared.
Your home may be repossessed if you do not keep up repayments on your mortgage.