Buying your first home is exciting, but it can also feel overwhelming. There’s a lot to think about, a lot of jargon, and a lot of “where do I even start?”
At RH Mortgages, we often say that the smoother your first purchase goes, the more it comes down to preparation. In other words: getting your ducks in a row before you start house hunting.
Here’s a simple guide to what first-time buyers should have in place.
1. Know Your Numbers
Before you fall in love with a property, it’s vital to understand what you can realistically afford.
That means:
- Your income (and whether it’s salaried, self-employed, commission-based, etc.)
- Your regular outgoings
- Any loans, credit cards, or finance agreements
- How much deposit you can put down
Online calculators can give a rough idea, but lenders all assess affordability differently. A proper affordability check with a mortgage adviser gives you a far clearer picture and helps avoid disappointment later.
2. Get Your Deposit Ready (and Traceable)
Your deposit isn’t just about the amount, but it is also about where it comes from.
Lenders will usually want to see:
- How long you’ve had the money
- Bank statements showing the build-up of savings
- Evidence for any gifted deposits (with a gift letter)
If part of your deposit is a gift from family, it’s best to talk that through early, as lenders have specific requirements.
3. Check Your Credit File
This is one of the most overlooked steps and one of the most important.
Before applying for a mortgage:
- Check your credit report with agencies like Experian, Equifax or TransUnion
- Make sure your address history is correct
- Look out for missed payments, defaults or errors
- Avoid taking out new credit just before applying
Small things, like being registered on the electoral roll or paying off old balances, can make a real difference.
4. Gather Your Paperwork
Mortgage applications are much quicker and smoother when your documents are ready.
Typically, you’ll need:
- Photo ID (passport or driving licence)
- Proof of address
- Last 3 months’ bank statements
- Last 3 months’ payslips (or accounts/tax returns if self-employed)
- Proof of deposit
Having this to hand can shave weeks off the process.
5. Get a Decision in Principle (DIP)
A Decision in Principle is a lender’s initial indication of how much they may be willing to lend you.
Why it matters:
- It shows estate agents and sellers you’re serious
- It strengthens your position when making an offer
- It highlights any issues early, not halfway through a purchase
It doesn’t lock you into anything, but it gives you confidence to start viewing properties properly.
6. Budget for the Extras
It’s not just the deposit and mortgage.
First-time buyers should also budget for:
- Solicitors’ fees
- Survey costs
- Mortgage arrangement fees
- Broker fees (if applicable)
- Removal costs
- Furniture and moving-in expenses
- Stamp Duty
7. Speak to a Mortgage Adviser Early
This is the biggest “duck” to get in a row.
An independent mortgage adviser can:
- Explain what lenders are really looking for
- Find deals you won’t see on comparison sites
- Flag issues before they become problems
- Guide you through the entire process
At RH Mortgages, we focus on making the process clear, simple and stress-free, especially for first-time buyers who are doing this for the very first time.
Final Thought
Buying your first home doesn’t have to be confusing or chaotic. With the right preparation and the right advice it can be an exciting, well-planned step forward.
If you’re a first-time buyer and want to get your ducks in a row, we’d be happy to help you start with a clear plan.