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Mortgage Advice

Mortgage Advice for the First-Time Buyer

Buying your first home is an exciting milestone, but mortgages can seem overwhelming, difficult to understand and navigate. At Nikki Homes, clear, practical advice can make your home-buying journey smoother, more confident, and far less stressful. Whether you’re just beginning to explore your options or you’re ready to apply, the right guidance can help you make informed decisions.

Money, Savings & Expenses

The first step towards buying your first home is knowing what you can afford. For this, you’ll need to look at your income, expenses, savings, and credit history. A mortgage lender will evaluate these factors before making an offer. Writing out these figures in a list or spreadsheet can really help wrap your head around what’s realistic for you, and make making decisions easier.

First-time buyers should also be aware of the additional costs associated with purchasing a home. These can include valuation fees, legal fees, surveys, council tax, and moving expenses. You won’t need to pay capital gains tax on your first property purchase as long as it’s under £300,000.

The deposit you pay on your first house will most likely come out of your savings, or your family might be contributing to your payments. A bigger deposit often means better mortgage rates, lower monthly payments, and increased borrowing options. Many first-time buyers also explore government schemes designed to support those entering the housing market, such as shared ownership or first-time buyer incentives provided through lenders.

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mortgage advice for first time buyers

Types of Mortgages Available

Once you know your budget, the next step is exploring the different types of mortgages available. There are pros and cons to each type of mortgage; talking to a professional about this is advised. 

Fixed-rate mortgages are often ideal for first-time buyers because they offer stability. Every monthly repayment will remain the same amount of money and the interest rate remains the same. This can really help with managing all other expenses, too, for the first time.

Variable-rate mortgages can start with lower rates and interests, but they can fluctuate over time, meaning your repayments aren’t as stable or predictable. 

Interest-only mortgages mean paying only the interest each month for an agreed period, without reducing the mortgage balance, but this balance must be paid off in full by the end of the term.

Buy-to-Let Mortgages are designed specifically for purchasing a property you intend to rent out, with lending criteria tailored to rental income and investment needs.

See our rental yield calculator here

Working with a knowledgeable mortgage advisor can make all the difference. At Nikki Homes, our advisors are dedicated to helping first-time buyers understand their choices, compare lenders, and secure competitive mortgage deals. If you are a landlord and own multiple properties, or you’d like to get into the renting business, then we can offer our advice here, as a landlady-run business! 

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Mortgage Advice for Non–First-Time Buyers

For buyers who have been through the process before, securing a mortgage often comes with a different set of considerations. 

Remortaging a Home

Remortgaging your home simply means switching from your current mortgage deal to a new one, either with your existing lender or a different provider. Many homeowners choose to remortgage their home to save money and access better terms, or release equity from their property. If you're planning on moving to a property worth more money or expanding your portfolio, then understanding your equity is crucial. The value of your current home, combined with how much you've already paid off, will significantly impact your borrowing power. If the value of your home has risen, you may be able to borrow more against your property to fund home improvements, consolidate debts, or invest in other financial goals. 

Non–first-time buyers should also prepare for the additional costs that come with moving, such as estate agent fees, legal fees, stamp duty, and potential early repayment charges if leaving a current mortgage early.

 Mortgage Advice: How Long is the Process?

On average, getting a mortgage can take 4 to 8 weeks from application to completion, but it can take longer. A mortgage agreement in principle can take just minutes by filling out forms online with a provider. This acts as a realistic estimate for what you can borrow, and this can be presented to your solicitors and estate agents when putting a deposit down on a house. 

After choosing a property, submitting your full application typically takes a few days. Lenders review your income, credit history, and financial situation. Once approved, the lender issues a formal mortgage offer, which may take 1–3 weeks.

Contact Us Today

Contact us today to speak to an agent about our services and set up a meeting with us. Feel free to call 01789 532211 or fill out our contact form here.

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