Everything You Need to Know
Buying your first home is a huge milestone, but it can feel overwhelming. This guide is here to explain everything in simple, easy-to-understand language, so you can move forward with confidence.
Whether you're buying in Thame or anywhere in the UK, this guide is packed with expert advice, first-time buyer hacks, and answers to every question you might have.
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Why Choose Bright Money?
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Access to over 90 lenders and thousands of mortgage products
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Local experts who understand the market in Thame & Oxfordshire
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We simplify the mortgage process - no stress, no nonsese!
STEP 1
Understanding Your Budget & Mortgage Affordability
How Much Can You Borrow?
Lenders assess how much you can borrow based on:
1
Your income and regular outgoings
2
Your credit history and score
3
The deposit you can provide
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Collated from 3 credit reference agencies, CheckMyFile is a great way to check your credit score and history, enabling you to make more informed decisions when it comes to mortgage applications.
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Deposit Requirements
Lenders assess how much you can borrow based on:
- Minimum deposit: 5% (e.g., £10,000 on a £200,000 home)
- Best mortgage rates: 20%+ deposit
- Gifted deposits from family members are allowed by many lenders
First Time Buyer Hack
Some lenders offer 100% mortgages for those with a guarantor, or can demostrate affordability by paying rent for a certain period of time.
What if I have bad credit?
You can still get a mortgage, but your options may be more limited. Some specialist lenders cater to buyers with lower credit scores.
STEP 2
Getting Mortgage Ready
Boosting Your Mortgage Approval Chances
Follow these steps to improve your chance of obtaining a FTB mortgage:
- Check your credit score and fix any errors
- Reduce debts where possible
- Avoid new credit applications before applying for a mortgage
Check the links section on our website for a free credit report – you must cancel within 30 days if you don’t want to pay (print the pdf then go to the cancel subscription section to avoid costs).
Get a Mortgage in Principle (MIP)
This is a lender’s confirmation of how much they’d be willing to lend you. It helps prove to estate agents that you’re a serious buyer.
Our advisers can provide you with one of these within minutes
First Time Buyer Hack
Ask your solicitor for regular updates to avoid delays in the process.
STEP 3
House-Hunting Checklist
Making an Offer
Follow these best practices for making an offer:
- Research house prices in Thame & surrounding areas
- Prioritise location, transport links & schools
- Book multiple viewings and take notes
- Check the Energy Performance Certificate (EPC)
First Time Buyer Hack
View properties at different times of the day to check for noise levels, traffic, and natural light.
Should I buy a new build or an older home?
New builds often come with warranties, better energy efficiency and enhanced deposit schemes, but older homes may have more space and character, bigger gardens and without the premium of a new home.
STEP 4
Making an Offer & Securing Your Mortgage
Making an Offer
Follow these best practices for making an offer:
- Research local property values
- Negotiate based on market conditions
- First-time buyers have an advantage as they aren’t in a chain
Securing Your Mortgage
Here’s how to best secure your FTB mortgage:
- Choose the right mortgage type (fixed-rate, tracker, etc.)
- Submit a full mortgage application
- Arrange for a valuation & survey
First Time Buyer Hack
Your first mortgage payment is usually higher because it includes interest from the day you move in to the end of the month.
What happens if my mortgage is declined?
Don’t panic! Your lender should tell you why. You may need to improve your credit score or find a lender with different criteria.
STEP 5
Legal & Survey Process
What Does a Solicitor or Conveyancer Do?
- Handles all legal paperwork
- Conducts searches (flood risks, planning permissions, etc.)
- Arranges building insurance (a requirement before exchanging contracts)
First Time Buyer Hack
A MIP typically lasts 60-90 days. If it expires before you find a home, you may need to reapply.
STEP 6
Exchanging Contracts & Completion
What Happens at Exchange?
- Both parties sign legally binding contracts
- You pay the deposit (usually 5-10%)
- A completion date is agreed
What happens if I pull out after exchanging contracts?
You may lose your deposit and face legal consequences, so be 100% sure before signing.
STEP 7
First-Time Buyer Schemes
The UK government offers various schemes to help first-time buyers:
- First Homes Scheme (discounted properties for key workers and first-time buyers)
- Shared Ownership (buy a share, pay rent on the rest)
- Help to Buy Equity Loan (available on new builds, but closing soon)
- Lifetime ISA (LISA) (25% government bonus on savings for first-time buyers)
First Time Buyer Hack
Some schemes can be combined for extra benefits—always check eligibility.
