Buying your first home is an exciting milestone — but it’s also one of the biggest financial decisions you’ll ever make. As a first-time buyer, it’s easy to get overwhelmed by the process. To help you stay on track, here are the top five mistakes to avoid when buying your first home.
Whether you’re looking at properties in Exeter, Devon, or anywhere in the UK, avoiding these common pitfalls can save you time, money, and stress.
1. Not Getting a Mortgage Agreement in Principle First
One of the biggest mistakes first-time buyers make is starting house-hunting before knowing how much they can borrow. A mortgage agreement in principle (AIP) gives you a clear idea of your budget and shows estate agents and sellers that you’re a serious buyer.
Top Tip: Speak to a mortgage broker early on to get pre-approved. It will help you focus on properties within your price range and put you in a stronger position when making an offer.
2. Underestimating the Costs of Buying a Property
Buying your first home involves more than just the deposit. Many first-time buyers are caught off guard by the additional costs, such as:
- Solicitor/legal fees
- Valuation and survey costs
- Mortgage arrangement fees
- Stamp Duty (if applicable)
- Moving costs
Top Tip: Build a budget that includes all the potential costs so there are no surprises later.
3. Not Considering All Mortgage Options
Some first-time buyers go directly to their bank without shopping around. But sticking to one lender could mean missing out on a better deal elsewhere. There are many types of first-time buyer mortgages, and some lenders offer incentives like cashback, low fees, or higher loan-to-value options.
Top Tip: Use a expert mortgage broker who can compare deals across many lenders — often including exclusive rates you won’t find online.
4. Falling in Love With a Property Without Doing the Research
It’s easy to get emotionally attached to a property, but it’s vital to take a step back and assess:
- Local amenities and schools
- Transport links and commute time
- Future development plans
- Condition of the property (especially older homes)
Top Tip: Arrange a professional survey before you commit. It could reveal hidden issues like damp, structural problems, or outdated electrics — potentially saving you thousands.
5. Skipping Mortgage Protection Planning
Once you’ve secured your mortgage, don’t forget to protect it. If illness, job loss, or unexpected life events occur, how would you cover your repayments?
Top Tip: Talk to your advisor about mortgage protection insurance, income protection, or life cover. It gives you peace of mind and protects your new investment.
Ready to Start Your First Home Journey?
As a mortgage adviser based in Exeter, Devon, we specialise in helping first-time buyers secure the right mortgage and avoid costly mistakes. If you’re thinking about buying your first home, get in touch today for a fee-free, no-obligation chat.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
NxtGen Mortgages is a trading name of Just Mortgages Direct Limited which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.
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