Top 10 Tips For First Time Buyers in 2026

Buying your first home in 2026 is an exciting milestone, but it can also feel overwhelming. As a first-time buyer, understanding the key steps in the process is essential. This guide covers important tips, from choosing between a mortgage broker and a bank to setting a realistic budget. Learn how to get a Mortgage Agreement in Principle, navigate conveyancing, and the value of property surveys. With insights on mortgage protection and preparing for completion, you'll be ready to make confident decisions and enjoy a smooth homeownership journey.

Essential First-Time Buyer Tips

1. Choosing the Right Mortgage Path

When starting your home-buying journey, decide between a mortgage broker or dealing directly with your bank. Brokers provide access to a vast array of mortgages from various lenders, increasing your chances of finding an ideal deal. Banks offer their own products, which might limit options, but provide straightforward, direct services. Explore both avenues to see which aligns best with your needs and preferences.

Not all mortgage brokers charge a fee, so it's worth shopping around. For more insights, check out our article Do All Mortgage Advisers Charge Fees?

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2. Smart Budgeting Tips for First-Time Buyers

Setting a realistic budget is crucial. Analyse your income, expenses, and savings, then consult with your selected broker or lender to determine how much you can realistically borrow. This step not only helps manage expectations but also streamlines the property search by clearly defining your affordable price range.

For a comprehensive overview, refer to our article How Much Can I Borrow?

3. Secure your Mortgage Agreement in Principle

A Mortgage Agreement in Principle (AIP) offers a preliminary estimate of what you can borrow, providing a solid foundation for your house search. Securing an AIP demonstrates to sellers that you are serious and financially prepared, helping to prioritise your offers over others without this document.

To secure your mortgage AIP you will need to provide some basic documentation, typically including your most recent pay slip, bank statement, and identification. If you are self-employed, you will need to supply your latest year's accounts, tax calculation, and tax year overview.

Securing an AIP early on is a key first time buyer tip to streamline your home buying journey. Once armed with your AIP, start researching the local areas where you want to purchase. Register with local estate agents and share your mortgage AIP to show you are a serious buyer and have your mortgage all lined up. Do not feel pressurised to engage with the estate agents mortgage broker.

To learn more about AIP's you may find the following articles helpful - Understanding Mortgage Agreement in Principles and Mortgage Application Document Checklist.

4. Make a Smart Offer

Once you have found a property that meets your criteria, work with the estate agent to make an offer that fits your budget. Consider the general condition of the property, the time it has been on the market, and the current owner's motivation for selling.

For more essential tips on putting forward your first offer, visit How to Make an Offer on A Property in our Learning Centre.

5. Submit Your Mortgage Application

Once your offer is accepted, proceed with a full mortgage application. This involves submitting recent payslips, bank statements, and details of the property to your broker or lender. Being organised and responsive can speed up this process and reduce stress.

Await your mortgage offer, which can take anywhere from 24 hours to several weeks to arrive. Once it’s arrived, check the details to ensure it matches your expectations, your broker will do this for you too.

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6. Choose a Conveyancer

You will need to hire a solicitor, often called a 'conveyancer,' to help with your purchase. They handle all the legal paperwork, including local searches, drafting contracts, and managing enquiries with the seller’s solicitor.

Keep in mind that in recent years the home buying process has become longer than usual and is now typically around 4 to 5 months. While legal procedures can sometimes be quicker, they may also extend beyond the usual timeframe, so it’s important to be patient and prepared for a longer wait.

7. Arrange a Survey

Your chosen lender will arrange a valuation of the property as part of their checks before offering you the mortgage. Remember, this is not a survey. It's advisable to seek an independent survey for a more thorough inspection. Upgrading the lender’s valuation may be cheaper, but an independent survey provides more choice and reduces your costs before mortgage approval. For more details, check out Should I Arrange a Survey in our Learning Centre.

8. Review Your Protection & Insurance Cover

Buying a home is a major milestone and likely your biggest investment. To protect that investment, it's important to have the right insurance in place. Mortgage protection covers you financially if you face serious illness, injury, or death, helping secure your home and loved ones. Ensuring you’re protected is a vital step in your home-buying journey.

While comparison sites offer a quick snapshot of costs, consulting with a mortgage protection adviser brings several significant benefits, leading to more detailed and cost-effective coverage.

To dive deeper into the many ways that you can protect yourself and your mortgage check out our article, Safeguard Your Home, An Essential Mortgage Protection Guide.

9. Time to Exchange Contracts

Once your mortgage offer has arrived and your solicitor is drawing up contracts, you are almost over the line. If you appointed an independent survey, you should have received the results by now.

Finalise your mortgage protection and insurance arrangements with your broker. You will be ready to exchange contracts once all parties agree on a completion date and your solicitor has requested your deposit funds. Upon exchanging contracts, you become legally committed to the transaction, so it is crucial to initiate your insurance coverage immediately.

10. Prepare for Completion Day

Your solicitor prepares a completion statement and requests funds from your mortgage lender. On moving (Completion) day, the seller vacates the property, and the keys are released by your estate agent once your mortgage funds have arrived with your solicitor. Your solicitor will send the funds from your mortgage lender to the seller’s solicitor and, if applicable, send the stamp duty payable to HMRC. After completion, you will receive a copy of the registered title from the land registry.

Moving day has arrived so the seller vacates the property, and the keys are handed over once your mortgage funds have been transferred. Your solicitor finalises the transaction and updates the land registry with your details.

Supporting You Every Step of the Way

The house buying process can be overwhelming, but with the right guidance and knowledge, it can be managed efficiently. Establishing your borrowing capacity, saving for a deposit, building a good credit score, and researching mortgage options are critical steps for first-time buyers. If you have any questions along the way or need further assistance your mortgage broker, if this is your chosen path, will be on hand supporting you throughout.

We hope this guide has provided some valuable insights into the key stages involved in buying your first home and the timelines for each stage. Happy house hunting! 😎

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Your home may be repossessed if you do not keep up repayments on your mortgage.

Typically we do not charge a fee for arranging a mortgage, however, the actual fee will depend on your circumstances.

Published by Adrian Collins, Founder of Beechwood Mortgages Ref: 219335 with review and approval from Stonebridge Mortgage Solutions Limited who is authorised and regulated by the Financial Conduct Authority Ref: 454811.1.