4,3,2,1: Avoiding First-Time Buyer Mistakes

Intro:

Buying your first home should be exciting, not exhausting. But the truth is, most delays, rejections, and last-minute panics aren’t caused by bad luck - they’re caused by small mistakes that could’ve been avoided.
Here’s how to get it right the first time around.

4 Do’s

1. Know your true affordability.
Don’t guess what you can borrow — get one of our brokers to calculate your maximum sustainable figure based on real lender criteria. Affordability models vary wildly between banks, so don’t rely on online calculators alone.

2. Keep your documents up to date.
Passports, payslips, address history, electoral roll - simple things that can delay an application if they’re incomplete. Lenders love precision, and small admin gaps can cost you valuable days when rates move. They also need to understand your current living arrangements and the electoral roll can help support this.

3. Get a Decision in Principle (DIP) early.
It’s your proof of credibility when making offers. A DIP helps you focus on homes within reach and gives estate agents confidence you’re serious. Most estate agents require a DIP before you’re allowed to submit a offer.

4. Build in a buffer.
Leave breathing room in your budget for fees, surveys, and moving costs. Mortgage approvals are based on numbers - but moving house is real life.

3 Don’ts

1. Don’t over-stretch.
Just because a lender offers the amount doesn’t mean it’s wise to take it. A slightly lower mortgage can mean far greater financial freedom - especially when costs can be volatile.

2. Don’t make big financial changes mid-process.
New jobs, car finance, or credit cards can alter your affordability score and trigger extra checks. Stability is your friend during mortgage applications.

3. Don’t chase the lowest rate blindly.
The cheapest rate doesn’t always equal the best deal. Product fees, flexibility, and your future plans matter more than a few decimal points.

2 Common Questions Clients Ask

Q1. Should I fix for 2 or 5 years?
It depends on your future plans. If you might move or overpay soon, flexibility is key - a 2-year fix or tracker could work best. If you value certainty and plan to stay put, 5 years brings peace of mind. Speak to one of our brokers to give you peace of mind.

Q2. Can I buy with a friend or partner on different incomes?
Yes, but lenders assess affordability on combined figures and dependents. It’s crucial to discuss long-term intentions early, including what happens if one person moves out or earns less.

1 Action to Take Today

Book a free 30-minute “Mortgage-Ready” call with our team.
We’ll check your affordability, review your documents, and make sure your first home journey starts with confidence - not guesswork.

Manchester Independent Mortgages Ltd is authorised and regulated by the Financial Conduct Authority (FCA 431647). The information above is for guidance only and does not constitute personal advice. Your home may be repossessed if you do not keep up repayments on your mortgage