Buying your first home is exciting — and a little overwhelming. From deposits and credit scores to mortgage jargon you’ve never heard before, it can feel like a steep learning curve. The good news? With the right preparation, you can approach your mortgage application with confidence and avoid many of the common pitfalls first-time buyers face.
Here’s your complete guide to getting mortgage-ready in the UK.
1. Understand How Mortgages Really Work
At its simplest, a mortgage is a loan secured against your home. You borrow money from a lender and pay it back over time with interest. But when you apply, lenders don’t just look at the property — they look closely at you.
Lenders will assess:
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Your income and employment stability
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Your credit history and score
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Your monthly outgoings
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Your deposit size
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The property’s value and condition
Each lender has different criteria. That’s why someone might get approved by one bank and rejected by another.
2. Check Your Credit Report Early
Your credit history plays a massive role in whether you’re approved and what interest rate you’re offered. Before you even browse Rightmove, check your credit file.
In the UK, you can view reports with agencies such as Check my File, Equifax and TransUnion. Look out for:
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Incorrect addresses
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Missed or late payments
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Links to old partners’ finances
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Accounts you don’t recognise
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Electoral register status
Fixing errors can take weeks or months, so start early.
3. Save More Than Just Your Deposit
Most first-time buyers aim for the minimum deposit — often 5% or 10% of the property price. But you’ll need more than this.
Budget for:
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Solicitor fees
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Mortgage arrangement fees
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Surveys and valuations
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Moving costs
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Emergency savings for after completion
Lenders also like to see that you can save consistently, not just that you have savings.
4. Stress-Test Your Budget
Just because a lender offers you a certain amount doesn’t mean you should borrow the maximum.
Ask yourself:
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Could I still afford this if interest rates rise?
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What happens if my income drops?
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Am I budgeting realistically for bills, childcare and lifestyle?
Create a budget using your real spending patterns — not guesswork. Include subscriptions, transport, groceries and leisure.
5. Avoid Making Financial Changes Before You Apply
In the six months before applying, stability is key.
Avoid:
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New loans or finance agreements
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Large overdrafts
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Missed payments
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Job changes (unless unavoidable)
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Big unexplained cash deposits
Lenders don’t like surprises.
6. Understand Your Employment Situation
Lenders love stability. If you’re:
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Employed: You’ll usually need recent payslips and a contract
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Self-employed: Expect to provide 2–3 years of accounts or tax returns
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On probation: Some lenders will still consider you, others won’t
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Contracting or freelance: Specialist lenders may be needed
A mortgage broker can help match your circumstances to the right lender.
7. Use a Mortgage Broker (Not Just Comparison Sites)
While online calculators are helpful, they don’t tell the whole story.
A mortgage broker:
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Understands lender policies beyond interest rates
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Knows who is friendly to first-time buyers
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Can navigate complex income situations
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Has access to deals not on high-street websites
Many brokers are free (they’re paid by lenders), so it’s worth speaking to one early.
8. Get an Agreement in Principle (AIP)
An AIP (also called a Decision in Principle) shows how much a lender might offer based on a quick financial check.
Benefits:
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Estate agents take you more seriously
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You know your price range
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It strengthens offers on properties
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It can reveal issues early
An AIP usually lasts between 60–90 days.
9. Know About First-Time Buyer Schemes
The UK offers schemes that may help:
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Lifetime ISA – Get a 25% government bonus on savings
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Shared Ownership – Buy part, rent part
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100% mortgages – Rare, but available with guarantors or family support
Each comes with conditions — make sure you understand the fine print.
10. Mindset Matters
The mortgage process can be boring, stressful and confusing — but it’s temporary.
Stay organised:
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Create a document folder
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Keep copies of payslips and statements
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Track deadlines
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Ask questions (no one expects you to know everything)
Final Thoughts
Getting mortgage-ready isn’t about being perfect — it’s about being prepared.
The earlier you start:
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Checking your credit
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Saving consistently
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Controlling your spending
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Seeking professional advice
…the easier the process becomes.
Your first home is one of the biggest purchases you’ll ever make. Treat it like a project, not a panic.
Get help: Speak to a UK mortgage broker
