Buying a house, especially for the first time, can be both exciting and overwhelming. However, by breaking down the beginning process step by step, it becomes much more manageable.
Determine what you can afford
The most important step before you start looking to buy a house is to find out how much you can realistically afford. Lenders typically offer around four times your gross income, but they’ll assess your full financial situation. To get an accurate figure, consider booking an appointment to a mortgage adviser. They will be able to help calculate how much you can borrow and how much you’ll need to save.
Save for your deposit
Saving is essential when planning to buy a house. The minimum deposit is usually 5% of the property price. For example, if you’re buying a home for £200,000, you’ll need at least £10,000 saved. However, the more you save, the better the mortgage rates you can access, so aim to save as much as possible.
Start your home search
When you begin searching to buy a house, think about your priorities—whether it’s the location, the size of the house, or specific features like the number of bedrooms. Online property portals such as Rightmove and Zoopla make it easy to filter options by price range and location. But keep in mind that homes can look different in person, so be open to adjusting some of your initial preferences.
Get an Agreement in Principle
Once you’ve found a few properties you like, securing an Agreement in Principle (AIP), also known as a Decision in Principle, is essential. This document shows that you’re financially prepared to buy a house and can help speed up the process once you find the right home.
Book viewings
Viewing homes may feel like the most exciting part of buying a house, but it’s important to stay practical. Focus on factors like the size, layout, and location rather than getting swept away by décor.
Make an offer
After finding the house you want, it’s time to make an offer. Contact the estate agent and let them know the amount you’re willing to pay. Don’t hesitate to negotiate—starting with a lower offer gives you room to negotiate while keeping within your budget.
If you have any questions or need guidance to get the house-buying process started, feel free to reach out to us. Our mortgage advisers are here to assist every step of the way.
Important information
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount will depend upon your circumstances.
The fee is up to 1% but a typical fee is £598.
