A Complete Guide for First-Time Buyers in 2026
Buying your first home is an exciting milestone, but it can also feel overwhelming if you’re not sure where to start. With so much information out there, it’s important to understand the process clearly and know what to expect. In this guide, we’ll walk you through everything you need to know as a first-time buyer and how a mortgage broker can support you every step of the way.
How Much Can You Borrow?
Most lenders will base your borrowing on your income and financial commitments. Typically, you may be able to borrow around 4 to 4.5 times your annual income, although this can vary depending on your circumstances.
Lenders will also consider your monthly outgoings, credit history, employment status, and overall affordability. Speaking to a mortgage adviser early on can help you understand exactly what’s possible for you.
How Much Deposit Do You Need?
In most cases, you’ll need at least a 5% deposit to get started. However, a larger deposit, such as 10% or more, can open up access to better mortgage deals and lower interest rates.
The more you can put down, the more options you are likely to have available.
The Buying Process
The process of buying your first home usually follows these steps:
Speak to a mortgage adviser
Obtain a Decision in Principle
Start searching for a property
Make an offer
Submit your mortgage application
Complete valuation and legal work
Receive your mortgage offer
Complete and move in
Understanding each stage can help you feel more confident throughout the journey.
Common Mistakes to Avoid
There are a few common pitfalls that first-time buyers should try to avoid. These include making large purchases before applying for a mortgage, changing jobs during the process, or not checking your credit report in advance.
Getting advice early can help you avoid these issues and keep your application on track.
How We Can Help
We support first-time buyers from the very beginning, helping you understand your options and guiding you through the entire process.