Top 5 Common Mistakes First-Time Buyers Make and How to Prevent Them
- Bay Mortgages
- Aug 7, 2025
- 2 min read
Updated: Sep 1, 2025
Buying your first home is one of the most exciting milestones in life — but it’s also full of financial decisions that can trip you up if you're not prepared. At Bay Mortgages, we’ve helped hundreds of first-time buyers across Poole and beyond avoid costly errors. Here are the top 5 common mistakes first-buyers make and how to avoid them
1. Importance of Securing a Mortgage Agreement in Principle First
Many buyers start viewing homes before knowing how much they can actually borrow. This wastes time and sets unrealistic expectations.
Avoid it by: Getting an AIP early. It shows sellers you're serious and gives you a clear budget.
2. Underestimating Upfront Costs
It’s not just the deposit. There are legal fees, stamp duty, valuation fees, surveys, moving costs — and possibly furniture!
Avoid it by: Getting a full cost breakdown from a mortgage adviser before making an offer.
3. Choosing the Wrong Mortgage Product
Fixed? Tracker? Help to Buy? The wrong product can cost thousands over time.
Avoid it by: Speaking with an experienced mortgage broker who can assess your goals, income, and risk profile.
4. Ignoring Credit History Issues
Small credit blips — like missed payments or using too much of your credit card limit — can derail your application.
Avoid it by: Checking your credit score on Experian or Equifax early. Don’t apply for credit in the months before your mortgage.
5. Not Getting Professional Advice
Relying on the estate agent or your bank may not be enough. They won’t compare all the options.
Avoid it by: Working with a whole-of-market mortgage broker like Bay Mortgages. We guide you through the process from start to finish and compare deals from 50+ lenders.
Final Thoughts
Buying your first home doesn’t have to be overwhelming. With the right advice and preparation, it can be an exciting and smooth experience. At Bay Mortgages, we specialise in helping first-time buyers get it right the first time.
Need Help Buying Your First Home?
Get your free Mortgage Discovery Call today.
We’ll assess your options, explain everything in plain English, and help you take the next step.
