The essential mortgage checklist for first time buyers

Buying your first home in the UK is exciting, but let’s be honest—it’s also a bit overwhelming. With house prices fluctuating and mortgage rules shifting, first-time buyers are navigating a market that’s more accessible than it was a year ago, but still requires careful planning. The good news? More homes are available, and lenders are relaxing mortgage stress tests, meaning you might be able to borrow more than before. But with competition still fierce in some areas, being prepared is key.

Essential Mortgage Checklist for First-Time Buyers

✅ Proof of ID & Address – Passport or driving licence, plus a recent utility bill or bank statement.

✅ Proof of Income – Payslips (usually last 3 months) or tax returns if self-employed.

✅ Bank Statements – Typically 3–6 months to show financial stability.

✅ Credit Report – Check your credit score and resolve any issues before applying.

✅ Deposit – Aim for at least 5–10% of the property price, though more can get you better rates.

✅ Mortgage Agreement in Principle – Get pre-approved to know how much you can borrow.

✅ Budget for Fees – Stamp duty (if applicable), solicitor fees, survey costs, and moving expenses.

✅ Property Research – Compare prices, check local amenities, and factor in future resale value.

✅ Solicitor & Surveyor – Hire professionals to handle legal checks and property inspections.

✅ Insurance – Consider life insurance and home insurance to protect your investment.

What’s Next for First-Time Buyers?

The UK housing market is showing signs of recovery, with more properties available and mortgage affordability improving. However, regional differences mean some areas are still tough for first-time buyers, especially in cities like Edinburgh, where competition is fierce. If you’re looking to buy, acting fast but staying informed is crucial—homes are selling quicker, and buyers who are well-prepared and in a good position have the best chance of securing a good deal. We offer our FREE Pathway to Property service to pre-first-buyers for up to 18 months before you are ready to apply. This service is designed to help you on your way to your first property with lots of opportunities to ask questions and tap into the wealth of knowledge our team has.