Doing something for the first time can feel overwhelming — and buying your first home is no exception.
From decoding confusing mortgage phrases and making major financial decisions to tackling a seemingly endless stream of paperwork — it’s no surprise that first-time buyers can make costly mistakes as they take their first step onto the property ladder.
But here’s the good news: it doesn’t have to be this way! With the right preparation, expert advice and a little know-how, many of the most common first time buyer pitfalls can be avoided.
Unsure on what first time buyer mistakes to avoid? Here’s what award-winning mortgage adviser Jo Jingree, founder of Mortgage Confidence, had to say and how to swerve them.
The first-time buyer mistakes to avoid
1. Reading headlines about mortgages and believing everything you see
“As we all know, headlines can lack context and be inaccurate,” Jo says. “Plus, making decisions based on a single article could lead to unnecessary worry or unrealistic expectations.
“As I’ve said before, a life-changing financial decision, like getting a mortgage, requires context and nuance. So if you are going to believe everything you see in the media, at least read the full article and check that the information is coming from a reputable source before even thinking of applying it to your own personal circumstances.”
2. Waiting for interest rates to fall
Trying to perfectly time the market can be like predicting the next dice roll.
“And, as we’ve seen in the previous months, interest rates can fluctuate from one day to the next,” Jo says. “Therefore, waiting for the ‘perfect’ moment could mean spending longer (and more money) renting or missing out if property prices rise.”
Instead, Jo recommends exploring whether buying is affordable for you right now given your own circumstances. “I’d also suggest working with a mortgage adviser to look into your personalised mortgage options,” she adds.
3. Forgetting to get a mortgage in principle
“Sometimes referred to as an agreement in principle or a decision in principle, a mortgage in principle is a written estimate from a mortgage lender giving you an indication of how much money you can borrow,” explains Jo.
“Generally speaking, this written estimate is valid for anywhere between 30 days and three months,” Jo says. “Having one up your sleeve when you’re buying a home can make all the difference when it comes to securing your dream property.”
That’s because, getting a mortgage in principle can:
- Help guide you, the home buyer, as you will know what a lender might be prepared to lend, subject to a full mortgage application.
- Present you as more of a serious buyer to the estate agent and seller.
- Put you one step ahead in the buying process.
4. Waiting until you have a 20% deposit
Gone are the days when buyers needed to put down a 20% deposit. Instead, in 2026, there are a range of loan-to-value options available.
“For example, Halifax offers a first time buyer £5K Deposit Mortgage,” Jo says. “T&Cs apply and this won’t be suitable for everyone, but for those eligible this type of mortgage product could allow you to borrow more than 95% of the property value.”
Meaning? These mortgage products could help first time buyers get onto the property ladder sooner, avoid paying rent for longer than necessary and knock off years spent saving while house prices continue to fluctuate.
5. Ignoring the importance of a credit score
Heard of a credit score? This all important score is personal to you as it’s built on your credit history. Your credit history will include your total level of debt, your repayment history, your number of open accounts and other factors.
“Essentially, your credit score is your financial footprint,” Jo says. “Lenders want to assess the risk of lending to you and weigh up how likely you are to pay back your debt and on time. If there is something untoward on there – be it a historic phone bill you thought you had paid or a case of identity fraud – you can find out about it and deal with it. As once a mark is there, it can stay there for six years. Which is why it’s best to check your score and deal with issues sooner rather than later.”
Jo suggests using Check My File*, which takes data from the three main credit bureaus, Experian, Equifax and TransUnion.
What to do instead
Get in touch with a mortgage adviser, of course!
There are bundles of benefits of using a mortgage adviser and multi-award-winning mortgage adviser Jo has more than 20 years’ experience working with first time buyers and has a wide range of experience in helping self employed people onto the property ladder.
So if 2026 is the year you plan becoming a homeowner, get in touch and book a free 30 minute no obligation call.
*We may receive a commission for referring a customer.
There may be a fee for mortgage advice. The precise amount will depend upon your circumstances, but we estimate it will be £399.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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