Being a first-time buyer may seem like an impossible dream, particularly with house prices continuing to rise around the country.

But a mortgage expert thinks changes in the financial markets and shifts in legislation could see homes becoming more affordable, particularly for those making the leap from renting to buying.
So much so that property expert Sam Fox, from the UK Mortgage Centre, believes 2026 could be a great year for first-time buyers to get on that first rung of the property ladder, as long as they follow simple steps before they apply.

Rising wages and falling interest rates are good news for people who want to make the leap from renting to buying.

Regulators have recently made changes which allow lenders to be much more flexible when offering mortgages, and there are new products on the market specifically designed for first-time buyers.

There is the choice of low or no deposit mortgages, and rules now permit people to borrow up to six times your income, if it’s affordable.

But it’s also important to be prepared with the practical things you will need for a mortgage, such as proof of income, outgoings and ID.

Early planning really helps: the property market may move fast and having mortgage pre-approval or being able to use online lenders and brokers can really help in speeding the process along.

Getting a mortgage is one of the biggest financial commitments you will make, which is why it is so important that before you apply to buy a home, you follow my simple guide.

Here I share my advice on how first-time buyers can best prepare for a mortgage application:

Check Your Finances Early

Before you apply for a mortgage, you should check your credit score. You can see these free from services such as Experian or ClearScore, and they help you to see the information the lender will get when you apply.

Be sure to correct any mistakes and look at the negative impacts which your spending or financial behaviour is having on your score.

It’s also essential that you have enough money put aside for any deposit, plus extras for fees, stamp duty and moving costs. These can all add up, meaning you will need a decent sum put aside even if you are opting for a zero-deposit mortgage.

2. Understand Affordability

Mortgages are essentially decided on simple financial ratios, such as your debt-to-income ratio and the loan-to-value ratio.

The DTI requirements can vary, but most lenders will look for a total DTI of below 40%. This means your total debt payments, including the prospective mortgage, divided by your gross monthly income, is lower than around 40%.

You can use mortgage calculators to estimate what you can comfortably borrow, but it’s worth speaking to a mortgage advisor to explore deals and get pre-approval.

3. Choose the Right Mortgage

There are a growing number of different mortgage products on the market, so it’s important to compare. The biggest variance is whether you choose a fixed-term mortgage, where the repayment stays the same for the term of the deal regardless of interest rate changes, or a variable rate.

You should also take advantage of your first-time buyer status and look for deals since some lenders offer low deposit options or reduced fees.

Ask your broker to explain all fees, including arrangement, valuation, and solicitor costs.

4. Understand the Buying Process

The buying process can seem overwhelming, even for someone who has gone through it before! Take time to learn about conveyancing, surveys and searches. The latter in particular can take weeks.

There are key legal processes, such as when contracts are exchanged and the difference between that and completing.

Make a timeline for your move so nothing is left to the last minute.

5. Budget for the Hidden Costs

There were major Stamp Duty Land Tax (DSLT) changes which came into effect from April 1st, 2025, which reverted the thresholds at which you pay to pre-2022 levels.

This had an impact for first-time buyers, with the property price at which you need to pay stamp duty cut from £425,000 to £300,000 and ended for properties over £500,000.

Moving costs can also eat into savings. Even if you don’t use a professional mover, you will have to factor in van hire, packing and potentially storage.

You should also have money set aside for post-move expenses, including furniture, white goods and small repairs.

It’s also important to have buildings insurance in place from the date of exchange and contents insurance from the date you move in.


As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments. The Financial Conduct Authority does not regulate some forms of buy-to-let mortgages. The Financial Conduct Authority does not regulate will writing and taxation and trust advice.