Buying your first home is one of life’s most exciting milestones. But if you’re a first-time buyer, the process can feel overwhelming, from mortgages and deposits to legal checks and house hunting. The good news? With the right preparation and expert support, you can move forward with confidence.
At PLS Solicitors, we’ve helped thousands of first-time buyers step onto the property ladder. Here are our top tips for first-time buyers to help guide you.
1. Set a Realistic Budget
Before you start scrolling through property sites, calculate what you can realistically afford.
What to include in your budget:
- Monthly mortgage repayments
- Council tax
- Utility bills
- Ground rent or service charges (if applicable)
Having a clear budget helps you avoid financial stress and keeps your house search focused.
2. Get a Mortgage in Principle
A mortgage in principle is essential for first-time buyers. It proves to sellers and estate agents that you’re a serious buyer and gives you a clear idea of what you can borrow.
Many first-time buyers opt for a fixed-rate mortgage, which keeps monthly payments predictable.
3. Be Prepared for Source of Funds Checks
When buying your first home, your solicitor will carry out a source of funds check. This confirms where your deposit money is coming from, savings, gifts, or investments.
Documents you may need:
- Bank statements
- Savings records
- Gift letters (if a family member is helping)
Get these ready early to avoid delays in the process.
4. Do Your Research Before You Buy
Don’t fall for the first house you view. Instead:
- Compare prices on Rightmove and Zoopla
- Check recent sales in the area
- Visit the neighbourhood at different times of day
Doing your homework ensures you’re buying the right home for your budget and lifestyle.
5. Remember the Extra Costs
Buying your first home involves more than a deposit. Budget for:
- Stamp Duty (if applicable)
- Solicitor’s fees
- Survey fees
- Land Registry fees
- Mortgage arrangement fees
Planning for these extra costs avoids last-minute surprises.
6. Get Professional Advice
Buying your first home is exciting, but it comes with challenges. Speaking to professionals, such as solicitors and financial advisors, gives you peace of mind and helps avoid mistakes.
At PLS Solicitors, we specialise in helping first-time buyers. From contracts to source of funds checks, we make the legal process simple and stress-free.
Conclusion
Buying your first home doesn’t have to be overwhelming. By setting a realistic budget, securing a mortgage in principle, preparing for source of funds checks, and researching your options, you’ll be well-prepared to step onto the property ladder.
Contact PLS Solicitors today to start your first home journey with expert support at every step.
