28/07/2026
Many first-time buyers think the biggest challenge is saving a deposit. In reality, there are three key things you can do during the lead up to your application...
* Be frugal
Lenders don’t just look at what you earn, they stress test your finances to see whether you could still afford your mortgage if interest rates increased.
If you’re close to affordability limits, it’s often worth being more mindful of your spending in the 3–6 months before applying. Reducing unnecessary outgoings can help strengthen your application and demonstrate good financial management.
* Choose the right property
Not every property is mortgageable with every lender.
Factors such as certain new-build developments, restrictive covenants, studio flats, non-standard construction, cladding issues, or properties above commercial premises can all affect which lenders are willing to lend. This is why getting advice before making an offer can be invaluable.
* Avoid the bookies
Your bank statements and credit history tell a story.
Gambling transactions or taking on new credit shortly before applying can all raise concerns for lenders. Good financial habits in the months leading up to your application can make a significant difference.
Buying your first home is about more than just having a deposit. Understanding these factors early can help put you in the strongest possible position when you’re ready to apply.
