First Time Buyer Guide

First-Time Buyer Guide – Your Step-by-Step Path to Homeownership

Buying your first home is one of the biggest milestones in life. It’s exciting—but it can also feel overwhelming when faced with unfamiliar terms, endless paperwork, and big financial decisions.

At South West Mortgage Brokers, we’ve helped hundreds of first-time buyers just like you navigate the process with confidence. This guide will walk you through the journey, from preparing your finances to getting the keys in your hand.

Step 1 – Understand How Much You Can Borrow

Before you start browsing property websites, it’s important to know your budget. Lenders base their decisions on your income, outgoings, credit history, and the size of your deposit.

Top Tips:

• Aim for at least a 5–10% deposit (though more can get you better rates).
• Use a mortgage calculator as a rough guide, but remember—an adviser can give you a far more accurate figure.
• Consider extra costs like stamp duty (if applicable), solicitor fees, surveys, and moving costs.

Step 2 – Get a Mortgage in Principle (AIP)

An Agreement in Principle is a lender’s indication of how much they might be willing to lend you. It’s not a guarantee, but it’s a useful first step and shows estate agents you’re a serious buyer.

At SWMB, we can arrange an AIP for you quickly—sometimes the same day.

Step 3 – Start House Hunting

Once you have your AIP, you can search for properties within your budget. Remember to:

• View at different times of the day to get a real feel for the area.
• Ask about the property’s history, maintenance, and running costs.
• Think about the future—will it still suit your needs in five years?

Step 4 – Make an Offer

When you’ve found “the one,” you’ll submit an offer through the estate agent. This is often the most nerve-wracking part—but we’ll be here to advise you on making a fair and competitive offer.

Step 5 – Apply for Your Mortgage

Once your offer is accepted, it’s time to make your full mortgage application. We’ll:

• Compare the whole market to find the most suitable deal.
• Handle the paperwork on your behalf.
• Liaise with the lender to keep things moving smoothly.

Step 6 – Surveys & Legal Work

The lender will arrange a valuation survey to confirm the property’s worth. You may also choose a more detailed homebuyer’s report for peace of mind.

Meanwhile, your solicitor will:

• Handle contracts and property searches.
• Manage the transfer of funds.
• Register your ownership with the Land Registry.

Step 7 – Mortgage Offer & Exchange

If all goes well, you’ll receive a formal mortgage offer. You’ll then exchange contracts with the seller and pay your deposit. At this stage, the sale becomes legally binding.

Step 8 – Completion Day!

On the agreed completion date, the balance is paid to the seller and you receive the keys. Congratulations—you’re officially a homeowner!

Why Use a Broker for Your First Mortgage?

As a first-time buyer, it’s easy to feel lost in a sea of options. By working with South West Mortgage Brokers, you benefit from:

• Whole-of-market access – we’re independent, so we’re not limited to one bank’s products.
• Expert guidance – we explain everything in plain English.
• Ongoing support – from your first enquiry to after you move in.

Final Tip for First-Time Buyers

Start preparing early. Check your credit score, reduce debt where possible, and start saving for your deposit now. The earlier you start, the smoother your journey will be.

Ready to take your first step onto the property ladder?
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Contact South West Mortgage Brokers today on 01392 927327 or fill in the enquiry form below to get started.

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