10 Essential Tips for First-Time Buyers

1. Set a Realistic Budget

Before you start house hunting, it’s important to understand what you can afford. Consider your income, savings, and monthly expenses. At Campbell Financial, we’ll help you with this in our initial meeting by assessing your maximum borrowing capacity and determining your mortgage eligibility.

2. Save for More Than Just the Deposit

While saving for your deposit is vital, don’t overlook the additional costs like stamp duty, solicitor fees, broker fees, surveys, and moving expenses. These costs can vary depending on the property and its price, so it’s wise to have a cushion ready.

3. Check Your Credit Report

A healthy credit profile can improve your chances of getting a mortgage. Review your credit report for any errors and take steps to improve your score if needed. During our initial meeting, we’ll review your credit report with you and offer suggestions for any areas that may need attention.

4. Understand Mortgage Basics

Mortgages can seem complex, but understanding the basics can make them less intimidating. A mortgage is essentially a loan secured against your home, giving the lender the right to repossess the property if repayments are not maintained.

You’ll also need to decide on a fixed or variable interest rate and the term of your mortgage, which is the length of time you’ll take to repay the loan (e.g., 25 or 30 years). At Campbell Financial, we’ll explain every detail so you feel confident and comfortable with your mortgage setup. 

5. Get an Agreement in Principle (AIP)

An AIP shows sellers and estate agents that you’re serious and financially prepared. However, at Campbell Financial, we take a different approach. We help protect your financial privacy by advising you on how to make offers without revealing your maximum borrowing capacity—ensuring you’re not disadvantaged during negotiations.

6. Don’t Worry About Everyone Else

This is your journey, so focus on making decisions that are right for you. While friends and family may offer advice or share their experiences, remember that their circumstances aren’t yours.

Rely on the professionals supporting you - your mortgage broker, solicitor, and surveyor - as they understand your specific situation and will guide you through the process.

7. Find the Right Mortgage Broker

A good mortgage broker can save you time, effort, and stress. They’ll find the best deals for your situation and guide you through the application process.

It’s best to speak to a broker early in your journey to set realistic expectations. Keep in mind that brokers may differ in their advice style, authorisations, meeting structure, and fees. At Campbell Financial, we pride ourselves on honesty and transparency, ensuring our advice is tailored to your goals and plans.

8. Choose a Location Wisely

Think carefully about where you want to live. Consider proximity to family, work, schools, transport links, and local amenities. If you’ve found a property, visit the area at different times of the day to get a better feel for the neighbourhood.

For local recommendations, we trust Downshire Estate Agents in Hillsborough for property purchases and sales.

9. Don’t Skip the Home Survey

A home survey can uncover issues that may not be obvious during viewings, saving you from costly surprises. This is different from the basic survey carried out by your lender. If you need a reputable surveyor, we’re happy to recommend Gold Standard Design & Surveying.

10. Be Patient

Buying your first home can take time, and delays are common. Stay organised, keep your paperwork in order, and try not to get discouraged—it’s all part of the process and it’ll work out.

"Buying your first home is a big step, but with the right preparation and guidance, it can be incredibly rewarding. At Campbell Financial, we’re here to support you at every stage. Get in touch to discuss your plans and take the first step toward owning your dream home."

Sheena Campbell