Buying your first home is exciting — but overwhelming, especially when it comes to arranging a mortgage. Here are a few simple steps to help you feel more confident as you get started from our partners at Dolphin Financial Services.
1. Work out your budget
Before looking at properties, take a clear look at your income, savings, and monthly expenses. Mortgage lenders will assess what you can realistically afford, but knowing your own limits will keep your search focused and stress-free.
2. Save for your deposit
Most lenders ask for at least 5–10% of the property value as a deposit. The more you can save, the better your mortgage options usually are, and the lower your monthly repayments may be.
3. Check your credit score
Your credit history plays a big role in whether you’ll be approved for a mortgage and at what rate. Make sure your details are up to date, pay off any small debts if you can, and avoid taking on new credit right before applying.
4. Get an Agreement in Principle (AIP)
An AIP is a statement from a lender showing how much they might be willing to lend you. It isn’t a guarantee, but it gives you an idea of your price range and shows estate agents you’re a serious buyer. Speaking to a mortgage broker before viewing houses is usually the best practice.
5. Compare mortgage deals
Mortgages come in different types — fixed, variable, tracker — each with pros and cons. It’s worth speaking to a mortgage adviser or broker who can explain the options and help you find the best deal for your situation.
6. Apply for your mortgage
Once you’ve found the home you love and had your offer accepted, your broker will complete a full mortgage application. The lender will review your documents, carry out a valuation, and if all goes well, issue a formal mortgage offer.
Extra tip: Don’t be afraid to ask questions. Buying your first home is a big step, and professionals — from mortgage advisers to solicitors — are there to guide you. Taking time to understand each stage will help you move into your new home with confidence.
Contact Dolphin Financial Services for further information.
