Buying your first home is exciting. It is also, if nobody has warned you properly, a process full of costs, timelines and decisions that can catch you completely off guard. Here is the honest version of what to expect, based on the kind of advice that tends to come up once people are already in the thick of it.
Get Your Agreement in Principle Before You Start Viewing
A lot of first-time buyers start browsing properties before they have any idea what they can actually borrow. This is back to front. An agreement in principle (AIP) from a lender or broker takes very little time to arrange and tells you your realistic budget before you fall in love with something you cannot afford. Estate agents also take you more seriously as a buyer when you have one.
The Deposit Is Not Your Only Upfront Cost
This one trips people up constantly. On top of your deposit, budget for:
- Solicitor or conveyancer fees — typically £1,000 to £2,000 depending on the property and complexity.
- Survey costs — a basic mortgage valuation is not the same as a full structural survey. On older properties especially, paying for a more detailed survey is worth considering.
- Stamp duty — most first-time buyers fall under the threshold, but check the current HMRC rates if you are buying at a higher price point.
- Mortgage arrangement fees — some deals carry a product fee. A lower rate with a high fee is not always cheaper than a slightly higher rate with no fee. Run the numbers across the full term.
Whole-of-Market Advice Makes a Difference
Going directly to your bank is the most common mistake first-time buyers make. Your bank can only offer its own products. A whole-of-market broker searches across hundreds of lenders and products to find what actually suits your circumstances. As Which? explains in its mortgage broker guidance, a good broker can also help you avoid applying to lenders unlikely to accept you, which protects your credit score.
If you are based in Norfolk or the surrounding area, advisors like PAB Wealth take a whole-of-market approach to mortgages and can work through your options with you properly rather than limiting you to one lender's range. For buyers further north, brokers such as UK Moneyman based in Hull offer a similar independent service across a wide panel of lenders.
Do Not Take Out New Credit Once Your Application Is in
Lenders can run credit checks right up to completion. Buying a car on finance or opening a new credit card between offer and completion can genuinely cause a mortgage to fall through. Once your application is in, keep your finances completely stable until you have the keys.
The Honest Bottom Line
The process takes longer and costs more upfront than most people expect. Getting independent advice early, understanding your full cost picture before you start, and keeping your finances steady throughout will make a significant difference to how smoothly it goes.