A first time buyer’s guide to mortgages

By Furness Building Society

So you’ve decided you’re ready to buy a home for the first time - exciting stuff!

But it can also feel pretty nerve-wracking. Don’t worry, while it’s a big commitment and needs to be taken seriously, it doesn’t need to be difficult. 

Our home buyer's checklist will explain your options clearly and concisely and set out the main things you need to consider when buying your first home.

Your mortgage affordability

Can you afford a mortgage?

Take a long, hard look at your spending habits and assess how you spend your money. This is the first thing you should do and brokers and lenders, like us, can talk to you about this if you need some support.

You can book an appointment with one of our advisors, who will help you work out what mortgage payments you can afford each month based on your income and outgoings. The repayments need to be realistic for you to still have some money left over each month for household bills and any other commitments.

Top tip: Use our mortgage finder to see what mortgages could be available to you.


Is your mortgage deposit big enough?

Do you have a good credit score?

Mortgage fees and costs

What costs do you need to consider when buying your first home?

How much is first time buyer stamp duty?

Ways to buy your first home

Are you getting a joint mortgage?

Are you asking family to help you get a mortgage?

Are you a self-employed first time buyer?

Are you using a broker?

Getting a mortgage

Have you got a Decision in Principle?

When do you make a formal mortgage application?

What paperwork do you need for the application process?

Next steps

Do you have any questions? Our team will be able to help you on your first time buyer mortgage journey. Please get in touch here or give us a call on 0800 220 568.