First Time Buyers - The Full Buying Journey

1. Saving for a Deposit

For most first-time buyers, the biggest challenge is building up a deposit. Typically, 5% of the property’s value is the minimum you can put down, however, there are some lenders that will allow 0% deposit in the right circumstances.  Though putting down 10–15% opens the door to better mortgage rates.

• If you’re buying a £200,000 home, a 10% deposit would mean saving £20,000.
• Government-backed schemes like Lifetime ISAs can help boost your savings with a 25% bonus (up to £1,000 a year).
• Keep an eye on property prices in your preferred area. Hastings, for instance, may offer better value than some surrounding towns.

2. Understanding Your Budget

Before you start house hunting, it’s important to know how much you could realistically borrow. Lenders will look at your income, credit history, and monthly expenses to work this out. A mortgage broker like Connect can help calculate this quickly and give you a more accurate picture.

You’ll also need to budget for upfront costs such as:

• Solicitor fees
• Valuation and survey
• Stamp duty (though first-time buyers often pay reduced rates)
  

4. Finding the Right Property

Now comes the exciting part. With your DIP in hand and budget clear, you can start viewing homes. For first-time buyers it’s worth considering:

• How long you plan to stay in the property
• Transport links, work commute, and local schools
• Whether the property needs work (and if you have the budget for it)
  

5. Making an Offer and Applying for a Mortgage

Once you’ve found a place you love, you’ll make an offer, or we can put the offer in to the estate agents on your behalf. If it’s accepted, you can begin your full mortgage application. This is where using a broker really comes into its own — Connect will handle the paperwork, chase lenders, and support you through every step.

7. Exchange and Completion

Once all the checks are done and everyone’s happy, contracts are exchanged and a completion date is set. On this day, funds are transferred, and you get the keys to your new home.

1. “I need a perfect credit score to get a mortgage.”

This isn’t true. While a stronger credit score can open doors to better rates, you don’t need to be flawless. Many lenders are happy to work with buyers who have a few missed payments or limited credit history, especially if you have a solid deposit and stable income.

Tip: It’s still a good idea to check your credit report before applying. A broker like Connect can flag any potential issues early and suggest improvements.

2. “I should use my bank because they know me best.”

It might feel natural to go straight to your bank for a mortgage — but they’re just one lender. They might not offer the best deal or even be willing to lend you what you need.

Reality: A broker searches across many lenders, including some that don’t deal directly with the public. That means you can compare rates and criteria to get something more tailored to your situation.

4. “Buying is always better than renting.”

Buying isn’t automatically the right move for everyone. It’s a big financial commitment that comes with responsibilities — from repairs and maintenance to interest rate changes.

Tip: Make sure the timing is right for you, financially and personally. The best mortgage advice will always take this into account, not push you toward buying if you’re not ready.