First-Time Buyer Guide
First-Time Buyer Guide
Buying your first home is exciting, but it can also feel overwhelming. This guide breaks down the key steps and what to expect so you can move forward with confidence.
1. Understand Your Budget
Before you start looking at properties, it's important to know:
How much you can borrow (based on your income and outgoings)
How much deposit you need (usually a minimum of 5–10%)
Additional costs like solicitor fees, stamp duty (if applicable), and surveys
2. Speak to a Mortgage Broker
This will give you a clear indication of what you could borrow and rather than just assessing your options with one bank, it will allow you to assess the whole of the market. It helps you:
Show estate agents you’re serious
Set realistic expectations on price
Avoid delays when making an offer
3. Choose the Right Mortgage
There are lots of mortgage types: fixed, tracker, offset, and more. We’ll help you:
Understand which product suits your plans
Compare interest rates, fees, and flexibility
Access deals not always available direct from banks
4. Make an Offer and Start Legal Work
Once your offer is accepted:
A solicitor (or conveyancer) will handle the legal side
The mortgage application becomes full and formal (handled by the broker)
A valuation and possibly a survey will take place
5. Finalise the Mortgage
We’ll work with the lender to:
Satisfy all requirements
Answer any queries to avoid delays
Get your mortgage offer issued
6. Exchange and Complete (the slow bit!)
Getting from legals being instructed to exchanging contracts can take anywhere between a few weeks and several months, depending on the urgency and whether there are any complexities to be address
Contracts are exchanged once everything’s in place
On completion day, your solicitor transfers the funds and you get the keys!
Ready to take your first step onto the property ladder?
MSP specialises in guiding first-time buyers through the entire process. We’ll explain everything in plain English and do the hard work for you behind the scenes.
Speak to us today and get the confidence you need to buy your first home with ease.