Common Mistakes First-Time Buyers Make (And How You Can Avoid Them)
Guide for buyers in Washington & Sunderland
Buying your first home is exciting, but it can also feel overwhelming. As mortgage brokers working with first-time buyers a LOT across Washington, Sunderland and the wider North East, we regularly see the same avoidable mistakes cost buyers time, money and unnecessary stress.
The good news though is that most of them are easy to prevent with the right preparation and advice. Here are the most common first-time buyer mistakes - and how you can avoid them!!
1. Starting House Viewings Before Knowing Your Budget
Scrolling property listings way out of your budget is exciting, we all do it!
But viewing homes before knowing:
How much you can borrow
What your monthly payments will look like
What lenders are realistically willing to offer
Can lead to disappointment or delays when you make an offer.
How to avoid it:
Before viewing properties, speak to a mortgage broker and secure an Agreement in Principle. This gives you clarity, confidence and credibility with estate agents (and can help you look better to potential sellers when you put in an offer!).
2. Assuming You Need a 15–20% Deposit
One of the biggest myths we hear from first-time buyers in Sunderland is:
“I’m waiting until I have a 20% deposit.”
But many lenders accept deposits from as little as 5%!! While a larger deposit can improve your rate options, waiting years unnecessarily may not always be the right strategy.
How to avoid it:
Get tailored mortgage advice early. You may be closer to buying than you think.
3. Not Understanding What Lenders Actually Look At
Getting a mortgage isn’t just about income. Lenders assess things like:
Existing loans or credit commitments
Spending patterns
Bank statements
We’ve seen so many buyers in Washington unknowingly weaken applications by taking out new finance shortly before applying. This is one of the biggest things we tell people to avoid!! It’s heartbreaking when people are 90% of the way through the house buying process and decide to take out a new line of credit, which leads to their offer being rescinded at the last minute.
How to avoid it:
If you’re planning to buy within the next 3–6 months, avoid:
Applying for new credit
Large unexplained transactions
Missed payments
Preparation is everything!!
4. Applying Directly to One High Street Bank
Many first-time buyers apply to their own bank first. If they get declined, they assume they can’t get a mortgage at all.
But in reality, different lenders have very different criteria. This is especially important if you are:
Have complex income
Recently changed jobs
How to avoid it:
Work with a whole-of-market mortgage broker (ahem, us 👀) who can place your case with the most suitable lender from the start.
5. Forgetting About the Full Cost of Buying
Buying a home involves more than just your deposit. You may also need to budget for:
Solicitor fees
Survey costs
Mortgage product fees
Moving costs
Buildings & contents insurance
Underestimating these can cause unnecessary stress close to completion.
How to avoid it:
Ask for a full breakdown of costs before making an offer so you know exactly what to expect. We’re more than happy to help with this.
6. Waiting Too Long Because You’re “Not Sure”
Many first-time buyers delay speaking to a broker because they think they’re not ready yet. Ironically, that early conversation is often what gives clarity and direction.
Even if you’re planning to buy in 6–12 months, preparation now can strengthen your position significantly.
Final Thoughts
Most mortgage problems aren’t caused by affordability. They’re caused by lack of preparation or applying to the wrong lender!
With the right guidance, buying your first home can be so much smoother than you expect!! If you’re considering buying in the next 6–12 months, getting advice early can make all the difference.
We can help you with this. Get in touch with us for first time buyers advice! 🫶🏻🏠
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We are a whole of market broker. Contact us today to discuss your options!
📳07442869863
📞0191 466 1304
📩info@fairwaymortgageadvice.co.uk
🖥️www.fairwaymortgageadvice.co.uk
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Your home may be repossessed if you do not keep up with the repayments on your mortgage. Not all buy to let mortgages are regulated by the financial conduct authority. You may have to pay an early repayment charge to your existing lender if you remortgage.