Your first home.
A step-by-step guide.

Work out a budget you can live with.

A lender’s maximum is not automatically your comfortable monthly budget. Write down your take-home income, regular commitments and the costs you would still need to cover after moving. Allow room for repairs, bills and changes in circumstances. The mortgage calculator on MOVA’s mortgage page illustrates repayments; it does not tell you what a lender will offer.

• Review committed spending and likely home-running costs.
• Compare repayment scenarios using different rates and terms.
• Keep savings for costs and a buffer, rather than treating every pound as deposit.

Separate the deposit from the buying costs.

The deposit is only part of the money needed. Legal work, searches, surveys, moving costs and any applicable property tax need their own budget. The tax position depends on where you buy, the purchase and your circumstances; check current official guidance with your conveyancer.

• Document where the deposit comes from.
• If family are helping, explain whether money is gifted or repayable.
• Ask early about the evidence the lender and conveyancer will require.

Understand an agreement in principle.

An agreement in principle is an indication based on the information and checks used at that stage. It is not a binding mortgage offer or a guarantee that a particular property will be accepted. The lender may perform a credit check; ask what type applies before proceeding.

• Use accurate income and commitment figures.
• Tell your adviser about credit issues or unusual income early.
• Check how long the indication lasts and what could change it.

Make an offer with the next steps in mind.

Before offering, consider the asking price alongside your budget, the property’s condition and the practical timetable. Once an offer is accepted, tell your adviser and instruct a conveyancer. A new-build reservation or an auction purchase needs particular care because deadlines and obligations can differ.

• Have property details ready for your adviser.
• Ask what fees or commitments arise and at what stage.
• Do not assume an agreement in principle guarantees completion.

Prepare the full mortgage application.

The lender assesses your circumstances and the property. You may need identity and address evidence, bank statements and evidence of income and deposit. Self-employed applicants may need accounts and tax information. Provide current, consistent information and respond promptly if further evidence is requested.

• The exact document list depends on the lender and case.
• Avoid taking new credit without discussing the effect on the application.
• Keep your adviser informed if income, commitments or circumstances change.

Understand valuation, survey and legal work.

A lender’s valuation helps the lender assess its security. It is not a detailed condition survey for you. Discuss an appropriate survey separately. Your conveyancer handles the legal checks and explains the contract, searches and ownership matters. A mortgage offer will include conditions and an expiry date that need attention.

• Read the mortgage offer and ask about anything unclear.
• Check the implications of leasehold or other property-specific issues.
• Coordinate buildings insurance timing with your conveyancer and lender.

Prepare for exchange and completion.

In England and Wales, exchanging contracts normally makes the purchase legally binding. Your conveyancer should explain when you are ready to exchange and the consequences. Completion is when the purchase money is transferred and ownership changes. Do not commit to moving dates before the relevant parties confirm the position.

• Confirm the completion funds and use a verified process for bank details.
• Check insurance requirements and which protection needs remain.
• Keep your mortgage and insurance documents accessible after moving.

You do not need to arrive as an expert.

• What price range is realistic for my income, commitments and deposit?
• How might the rate, term and fees change the overall cost?
• What should I prepare if my income is self-employed or variable?
• What would happen if I moved or repaid early?
• How would the household cope if income stopped or someone died?

Bring an outline of your circumstances. Detailed records can follow through the appropriate secure process.

Related MOVA guides

Keep planning your first home.

• Family help with your deposit
• Self-employed mortgage documents