Essential Tips for First-Time Home Buyers

10 Mar 2025

by Callum White

Buying your first home is an exciting milestone, but it can also be a stressful experience. From saving for a deposit to choosing the right property, there’s a lot to consider. To help make the process smoother, here are some key tips to guide you through buying your first home.

1. Save as Much as Possible for a Deposit
The more you can save for your deposit, the better mortgage deal you’re likely to secure. Ideally, aim to save at least 10% of the property’s value. If saving a large deposit feels out of reach, don’t worry—there are various schemes available to help first-time buyers, including 100% Mortgages, Shared Ownership, First Homes, and Lifetime ISAs.

2. Check and Improve Your Credit Score
Your deposit and income are crucial, but lenders will also examine your credit score before approving your mortgage. A higher credit score increases your chances of securing a better mortgage deal. Take time to review your credit report and improve it by making timely bill payments, reducing outstanding debts, and avoiding new credit applications before applying for a mortgage. To find out ways to improve your credit score, read our tips here.

3. Set a Realistic Budget
Owning a home comes with more costs than just the mortgage payments. Consider additional expenses such as property taxes, insurance, utility bills, and maintenance. Creating a detailed budget will help you understand what you can afford, ensuring you don’t overstretch your finances.

4. Explore Multiple Properties Before Deciding
It’s tempting to fall in love with the first house you see, but shopping around is essential. Compare different properties, neighbourhoods, and price points to ensure you’re getting the best value for your money. Take your time—buying a home is a long-term investment.

5. Consider Properties That Need Renovation
A move-in-ready home is appealing, but properties that require some work can often be more affordable. If you’re open to a renovation project, you could get a better deal and potentially increase the property’s value over time. Just be sure to factor in the costs and time required for renovations before making a decision.

6. Get a Mortgage Agreement in Principle
Before you start house hunting, it’s wise to secure a mortgage in principle. This is an initial agreement from a lender indicating how much they may be willing to lend you based on your financial situation. Having this in place will give you a clearer idea of your budget and make you a more attractive buyer to sellers.

Why rent when you could buy?

Are you trapped in the rental cycle and struggling to save enough deposit to get onto the property ladder? Did you know there is a 100% deposit-free product available exclusively to Skipton Building Society, that allows buyers who haven’t owned a property in the last three years to purchase a home.

What is a Track Record Mortgage?
It is a mortgage aimed at those renting who wish to purchase a property of their own, that doesn’t require a deposit. The mortgage will be on a fixed rate for five years, and you won’t be charged a completion fee for the mortgage.

Who can apply?

• You haven’t owned a property in the UK in the last three years
• You are aged 21+
• You haven’t missed any payments on debts or credit commitments in the last six months
• You want to borrow up to £600,000
• You are not looking to purchase a property in Northern Ireland.

If you would like to find out more and see if you could be eligible, simply give the team a call on 01344 860121.

Final Thoughts
Buying your first home is a big step, but with careful planning and research, you can navigate the process with confidence. By saving a substantial deposit, maintaining a good credit score, setting a realistic budget, and exploring all your options, you’ll be well on your way to securing the perfect home for you. Happy house hunting!