First-Time Buyer Guide: Everything You Need to Know Before Buying Your First Home

Buying your first home is an exciting milestone, but knowing where to start can sometimes feel like trying to complete a jigsaw puzzle without seeing the picture on the box.

At Diamond Estate Agents, we help first-time buyers across Tiverton, Mid Devon and the surrounding areas navigate the property market every day. From finding the right home and arranging viewings through to making an offer and progressing your purchase, we’re here to help make the process as straightforward as possible.

The first step is understanding your finances and what you can realistically afford.

1. Start with your deposit

For many first-time buyers, saving the deposit is the biggest hurdle.

A larger deposit can potentially give you access to a wider choice of mortgage products and may mean a lower loan-to-value ratio. However, you don't necessarily need a huge deposit to get onto the property ladder.

Some mortgages are available with deposits of 5%, depending on your circumstances and the lender.

There are also schemes and savings products designed to help eligible first-time buyers, including the Lifetime ISA, First Homes and the Mortgage Guarantee Scheme. Eligibility and availability vary, so it's important to take professional advice before relying on a particular scheme.

Don't forget your other costs

Your deposit isn't the only money you'll need when buying a home.

You should also budget for costs such as:

Solicitors' or conveyancing fees
Survey costs
Mortgage fees, where applicable
Moving costs
Buildings insurance
Potential Stamp Duty Land Tax
Any immediate repairs, furniture or improvements

Having some savings left over after completing your purchase can provide a useful financial cushion.

2. Work out how much you can afford

It can be tempting to start browsing Rightmove and immediately fall in love with a property at the very top of your budget.

We'd recommend doing things the other way around.

Before you start seriously viewing properties, work out what you can comfortably afford each month. Lenders will look at your income, expenditure, existing commitments and credit history when assessing affordability.

Remember, what you can borrow isn't necessarily the same as what you should borrow.

Think about the lifestyle you want to maintain once you've bought your home. Mortgage payments, council tax, utilities, insurance and maintenance all need to fit comfortably within your monthly budget.

3. Consider getting a Mortgage in Principle

A Mortgage in Principle (MIP) gives you an indication of how much a lender may be prepared to lend based on your circumstances.

It isn't a formal mortgage offer, but it can be extremely useful when you're beginning your property search.

Having an MIP can:

Give you a clearer idea of your budget
Help you focus your property search
Demonstrate that you're financially prepared when making an offer
Highlight potential issues with your finances at an early stage

At Diamond Estate Agents, we always recommend that buyers understand their finances before getting too far into their property search.

4. Get professional mortgage advice

Mortgages come in all shapes and sizes, from fixed-rate and tracker mortgages to different terms and loan-to-value options.

There isn't one mortgage that is automatically right for every first-time buyer. Your circumstances, deposit, income, credit history and future plans can all influence which products may be suitable.

At Diamond Estate Agents, we refer our clients to Nick at

The Mortgage Quarter for professional mortgage advice.

The Mortgage Quarter can discuss your circumstances, explain the options available and help you understand the financial side of buying your first home.

Please note: Diamond Estate Agents is not authorised to provide mortgage or financial advice. Any financial advice should be obtained from an appropriately regulated financial adviser.

5. Decide where you want to live

Once you have a realistic budget, the fun part begins!

Think carefully about the areas you're considering and what matters most to you.

For buyers around Mid Devon, this might mean considering locations such as:

Tiverton
Cullompton
Uffculme
Bampton
Crediton
Bickleigh
Witheridge
The surrounding Exe Valley villages

Consider your commute, local schools, shops, transport links, green spaces and the type of community you're looking for.

And don't be afraid to explore an area slightly outside your original search. Sometimes moving just a few miles can make a significant difference to the type of property your budget can buy.

6. Think about what you actually need

It's easy to get carried away when viewing properties.

Before you start booking lots of viewings, make a list of your must-haves and nice-to-haves.

For example:

Must-haves

Two bedrooms
Parking
Garden
Within commuting distance of work

Nice-to-haves

En-suite
Garage
Home office
South-facing garden

This can help you remain focused and avoid dismissing perfectly suitable properties because they don't have every feature on your wish list.

7. Register with Diamond Estate Agents

Once you know your budget and what you're looking for, register with us.

Tell our team what you're searching for, including your budget, preferred areas, number of bedrooms and any particular requirements.

We can then keep you informed when suitable properties become available.

It's also worth remembering that some properties can attract interest very quickly, so being ready to act can make a real difference.

8. View properties with an open mind

Photos and floorplans are useful, but nothing replaces seeing a property in person.

When viewing, look beyond the furniture and décor and consider:

The condition of the property
Storage space
Natural light
Room sizes
Outside space
Parking
Potential maintenance costs
Whether the property could work for you in several years' time

Don't be afraid to ask questions. That's what we're here for.

9. Making an offer

When you find the right home, you can make an offer through the estate agent.

We'll put your offer forward to the seller and discuss your position with them.

As a first-time buyer, being chain-free can be a significant advantage. You don't have another property to sell before you can proceed, which can make your offer attractive to sellers.

Having your finances organised and a Mortgage in Principle in place can also demonstrate that you're serious and prepared.

10. What happens after your offer is accepted?

This is where the buying process really gets moving.

Typically, you'll need to:

Instruct a solicitor or conveyancer
Make your full mortgage application
Arrange your survey
Complete the necessary legal checks
Receive your mortgage offer
Exchange contracts
Agree a completion date
Complete the purchase and collect the keys

The process can take time, and there can sometimes be unexpected bumps along the road. That's why having an experienced estate agent keeping an eye on the transaction can be invaluable.

At Diamond Estate Agents, our team works closely with buyers, sellers, solicitors and mortgage advisers to help keep transactions moving.

11. Don't feel pressured to buy the first property you see

Buying your first home is a major financial commitment.

You don't have to buy the first property you view, and you don't have to stretch yourself simply because a lender says you could borrow more.

Take your time, ask questions and make sure the property works for your lifestyle as well as your finances.

The right home is about more than simply finding four walls within your budget.

Your first home starts here

Buying your first home can seem daunting, but you don't have to navigate the process alone.

At Diamond Estate Agents, we're here to help first-time buyers from the moment they begin searching through to the day they pick up the keys.

Whether you're looking for your first home in Tiverton, Mid Devon or the surrounding Devon villages, speak to our team and let us know what you're looking for.

Looking to take your first step onto the property ladder? Get in touch with Diamond Estate Agents today and register your requirements with our team.

Mortgage advice

For mortgage and financial advice, Diamond Estate Agents refers clients to The Mortgage Quarter. Your home may be repossessed if you do not keep up repayments on your mortgage. Mortgage and financial advice is subject to the terms and conditions of the adviser and your individual circumstances.

This article is intended as general property information and does not constitute financial or mortgage advice. Government schemes, mortgage products and eligibility criteria can change, so always seek current advice from a regulated mortgage adviser.