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My Approach to First-Time Buyers: No Question Is Too Basic
Written by Oliver Smith, Mortgage Broker
Last reviewed: September 2026
Buying your first home comes with a strange expectation.
You are making what may be the biggest financial commitment of your life, yet somehow you are also expected to understand mortgages, deposits, solicitors, surveys, estate agents, valuations, fixed rates, Stamp Duty, leasehold, exchange and completion before you have ever done any of it before.
I don't think that is realistic.
When I speak to first-time buyers, one of the things I try to make clear very early is:
there is no question you should feel embarrassed asking.
You don't need to know what loan-to-value means.
You don't need to understand the difference between an Agreement in Principle and a mortgage offer.
You don't need to know when you instruct a solicitor.
And you certainly don't need to pretend you understand something because everybody else seems to.
Hi, I’m Oliver. I’m a mortgage broker based in Sale, helping first-time buyers across Trafford and further afield understand the mortgage process properly before they commit to buying their first home.
This is a little more personal than my usual mortgage guides.
It's about how I approach first-time buyer advice and why I think making the process easy to understand is just as important as finding the mortgage itself.
Nobody Is Born Knowing How to Buy a House
This sounds obvious, but I think it gets forgotten.
Most people don't buy houses regularly.
As a first-time buyer, you have never gone through:
A mortgage application.
A property valuation.
Conveyancing.
Searches.
Exchange of contracts.
Completion.
Why would you automatically know how everything works?
Even MoneyHelper's own recent first-time buyer article was based around the questions one of its writers found herself asking when purchasing her first property — including what comes first, the mortgage or the property, and whether negotiating on asking price is normal.
If somebody who writes about money for a living still has questions when buying for the first time, there is absolutely no reason a first-time buyer should feel uncomfortable asking them.
I Would Rather You Ask the “Obvious” Question
I would much rather somebody say: “Oliver, what actually is a mortgage?”
than sit through a conversation pretending they understand.
Because if you don't understand one part, everything that follows becomes harder.
For example, if someone doesn't really understand what an Agreement in Principle is, they may wrongly believe they already have a guaranteed mortgage.
If they don't understand a fixed rate, they may not appreciate what happens when the fixed period ends.
If they don't understand leasehold, they may focus entirely on the price of a flat without considering the lease or service charge.
Questions prevent misunderstandings.
And mortgage decisions are too important to make based on misunderstandings.
What Does a Mortgage Broker Actually Do?
This is one of those questions people sometimes hesitate to ask.
A mortgage broker or adviser looks at your circumstances, researches mortgage options and recommends an appropriate mortgage based on your needs.
MoneyHelper explains that mortgage advisers understand lenders' different criteria, can search the mortgage market and help identify options that suit a borrower's circumstances. They can also help with paperwork and consider costs and features beyond simply the headline interest rate.
But I think there's another part of the job.
A broker should help you understand what you're doing.
If I simply tell you:
“This is the mortgage I recommend. Sign here.” without making sure you understand why, I don't think that is a particularly good client experience.
I Don't Expect You to Speak Mortgage Jargon
The mortgage industry has plenty of abbreviations.
AIP.
DIP.
LTV.
ERC.
SVR.
APRC.
To someone working with mortgages every day, these terms become normal.
To somebody buying their first home, they can sound like another language.
So if I use a mortgage term you don't understand, stop me.
I would much rather explain it in ordinary English.
For example: LTV simply means how much you are borrowing compared with what the property is worth.
A £180,000 mortgage on a £200,000 property is: 90% loan-to-value.
That is all the abbreviation is describing.
What Is an Agreement in Principle?
This is probably one of the most common first-time buyer questions.
An Agreement in Principle — sometimes called a Mortgage in Principle or Decision in Principle — is an initial indication of how much a lender may potentially be prepared to lend based on certain information.
It is not the same as a formal mortgage offer.
MoneyHelper explains that an Agreement in Principle can help give you an indication of your borrowing and property budget, but the full mortgage application still needs to be completed once you have agreed to buy a particular property.
I would rather explain that clearly at the beginning than have someone make an offer believing their mortgage is already guaranteed.
“How Much Can I Borrow?” Is Not a Silly Question
It is usually one of the first questions people ask.
And it makes sense.
You cannot sensibly search for a £400,000 property if the mortgage and deposit only support a £300,000 purchase.
But I also like to move the conversation beyond: “What is the absolute maximum?”towards: “What would feel comfortable?”
Those are not necessarily the same figure.
A lender's affordability calculation is important.
But you also know your own life.
You may want money left every month for:
Holidays.
Cars.
Savings.
Social life.
Future children.
Hobbies.
Pension contributions.
Getting the largest possible mortgage is not the objective.
Buying a home you can comfortably afford is.
“How Much Deposit Do I Need?”
Another completely reasonable question.
First-time buyers often hear different numbers:
5%
10%
15%
...and aren't sure what they actually need.
MoneyHelper says first-time buyers will commonly need at least around a 5% to 10% deposit, although available mortgages and lender criteria vary.
A larger deposit can reduce the mortgage needed and may potentially give you access to a wider range of products.
But that leads to another question I often think is just as important:
How much money should you keep back?
Using every pound as the deposit may leave you with nothing for:
Solicitor.
Survey.
Furniture.
Repairs.
Emergencies.
So I would rather look at your complete financial position than simply say: “Put as much down as possible.”
“Can My Parents Give Me the Deposit?”
Yes, this is something plenty of first-time buyers ask.
Family help with a deposit is common.
But the lender and solicitor will usually need to understand where the money has come from and whether it is genuinely a gift or something that needs to be repaid.
The exact requirements vary.
If parents or another family member are helping you, tell me early.
It is much easier to structure the mortgage application correctly from the beginning than discover later that the lender needs additional documents.
“Should I Find a House Before I Speak to You?”
You don't need to.
In fact, I generally think it is useful to understand your mortgage position before you fall in love with a property.
We can look at:
Income.
Deposit.
Commitments.
Approximate borrowing.
Monthly payment.
That can give you a much clearer property budget.
You still need a specific property before a formal mortgage application can be completed, because the lender also needs to assess the home being used as security.
But doing the early mortgage work first can make the property search considerably easier.
“Do I Need a Solicitor?”
Yes, if you are buying property, you will need a solicitor or licensed conveyancer to deal with the legal process.
They handle things such as:
Contracts.
Legal searches.
Title.
Transfer of ownership.
Mortgage legal requirements.
Exchange and completion.
MoneyHelper explains that conveyancing is the legal process of transferring property ownership and that your solicitor or conveyancer handles this part of the transaction.
I deal with the mortgage.
Your conveyancer deals with the legal purchase.
Different jobs, but they need to work together.
“What Does the Survey Do?”
This is another area where buyers can confuse different parts of the process.
The mortgage lender may arrange a valuation.
That is primarily for the lender to establish whether the property is acceptable security
for the mortgage.
It is not necessarily a detailed survey of the property's condition.
If you want someone to investigate the condition of the property more thoroughly, you may choose an appropriate home survey.
This distinction matters because mortgage approved does not mean property has no problems.
If you are buying an older home or something that appears to need work, the survey can become particularly important.
“What If the Bank Values the House Lower Than My Offer?”
This is called a down-valuation.
For example:
You agree to buy for: £300,000.
The lender values the property at: £285,000.
The lender's mortgage calculation may then be based on the lower value.
That could affect:
Loan-to-value.
Mortgage product.
Deposit required.
You may potentially need to renegotiate the purchase price, contribute more money or reconsider the mortgage.
It's not the conversation anyone wants.
But it is not something to feel embarrassed asking about.
“What Happens After My Offer Is Accepted?”
This is where first-time buyers often feel as though everyone suddenly starts speaking a different language.
Very broadly, the process normally includes:
Offer accepted
Formal mortgage application
Lender valuation alongside Solicitor/conveyancing work and potentially Your own survey
Mortgage offer
Exchange of contracts
Completion
Real transactions can overlap, and things do not always happen in a perfectly neat sequence.
You do not need to memorise every stage before you start.
Part of my job is helping you understand where the mortgage is within that process.
“What's the Difference Between Exchange and Completion?”
Completely reasonable question.
Exchange of contracts is the stage at which the property transaction becomes legally binding in England and Wales.
Completion is when the remaining purchase money is transferred and ownership changes hands.
In ordinary language:
Exchange = legally committed.
Completion = you get the house.
There can sometimes be days or weeks between them.
In other transactions they can happen much closer together.
Your solicitor will guide you through the legal implications.
“Why Are You Asking About My Car Finance?”
This is another one I like explaining rather than just asking for figures.
Mortgage lenders do not look only at your salary.
They also look at financial commitments.
If you earn £50,000 but have substantial:
Car finance.
Personal loans.
Credit-card balances.
Childcare.
...that can affect the mortgage affordability calculation.
So when I ask: “Do you have any loans?”
I'm not judging what you spend money on.
I'm trying to get the mortgage calculation right.
“Why Do You Need My Bank Statements?”
Again, there is a reason.
Lenders need to understand aspects of your financial position and verify information provided as part of the mortgage application.
Depending on the lender and case, they may request bank statements and other supporting documentation.
Mortgage applications can involve quite a bit of paperwork.
MoneyHelper notes that applicants generally need to provide evidence of their income, debts and spending.
The earlier we know what is likely to be required, the easier it is to prepare.
“I've Used My Overdraft. Does That Mean I Can't Get a Mortgage?”
Not automatically. The same applies to credit cards, loans or other financial commitments.
Mortgage applications are not normally reduced to one single feature.
The lender looks at the overall case under its criteria.
If you have something you're worried about, tell me.
I would much rather know about it before we approach lenders.
There is very little benefit in hiding something from your mortgage broker when the lender may see it during the application anyway.
“I Missed a Payment Years Ago. Is That a Problem?”
It might matter. It might not.
It depends on things such as:
What was missed.
How long ago.
Amount.
Credit history since.
Which lender we approach.
Again, don't be embarrassed.
Mortgage brokers deal with real people's finances.
Real finances are not always perfect.
The useful approach is: understand what happened and identify which lenders may consider it.
“I'm Self-Employed. Is That Bad?”
No. Being self-employed does not automatically make you a bad mortgage applicant.
It means lenders may assess your income differently from someone receiving a straightforward PAYE salary.
MoneyHelper specifically identifies self-employed borrowers as one group that may particularly benefit from mortgage advice because lenders have different requirements and income-assessment methods.
You may be:
Sole trader.
Company director.
Contractor.
Partner.
Freelancer.
Tell me how you earn your income and we work from there.
“Can I Change Jobs While I'm Buying?”
This is one of those questions where the answer can depend on the circumstances.
A new job does not automatically prevent a mortgage.
But changing employment during a mortgage application can affect what the lender needs to see.
If you are considering changing jobs while buying, tell me before you make assumptions about what is or isn't possible.
Similarly, if anything changes after an application is submitted, let me know.
It is better to deal with a change properly than ignore it.
“Is the Lowest Interest Rate Always the Best Mortgage?”
No. This is an important one.
A mortgage with the lowest headline rate could have:
A large product fee.
Significant ERCs.
Less suitable flexibility.
Features you do not need.
MoneyHelper specifically recommends looking at mortgage costs and features beyond the interest rate itself.
A mortgage recommendation should consider the whole product.
Not just the number that looks best on a comparison table.
“What's a Fixed Rate?”
A fixed-rate mortgage means the mortgage interest rate is fixed for a defined period.
That could be:
Two years.
Three years.
Five years.
Another available period.
During that time, the rate and contractual payment are generally predictable, assuming you do not change the mortgage.
When the fixed period ends, you need to review what happens next.
You have not “finished the mortgage”.
You have finished that particular mortgage deal.
“What Happens When My Fixed Rate Ends?”
If you do nothing, you would normally move onto your lender's reversion rate, often its Standard Variable Rate.
That is why homeowners usually review their mortgage before their fixed deal expires.
It may feel strange explaining remortgaging to somebody who hasn't even completed their first purchase yet.
But I think understanding from day one that a 30-year mortgage does not mean one 30-year fixed rate prevents a lot of confusion later.
“Can I Overpay the Mortgage?”
Potentially. Many mortgages allow some level of overpayment, although individual product rules vary.
This may allow you to reduce the balance faster and potentially pay less interest overall.
But I would not choose your first mortgage based solely on an ambitious plan to overpay thousands every month.
Start with a required monthly payment you can comfortably manage.
Anything additional can then be considered from there.
“Should I Buy the Maximum I Can Afford?”
Not automatically. This is one of the biggest things I want first-time buyers to understand.
Suppose a lender could potentially allow you to buy up to £400,000.
You find a property you really like for £330,000.
There is no rule saying you should now search for a £400,000 house because the money is theoretically available.
The extra £70,000 could mean:
Larger mortgage.
Higher monthly payment.
More interest.
Less monthly flexibility.
If the £400,000 property materially improves your life and remains comfortable, that may be different.
But maximum borrowing should be a limit.
Not a target.
“What If I Don't Know What Type of Mortgage I Want?”
That's fine.
You don't need to arrive saying: “I'd like a five-year fixed at 80% LTV with this exact lender.”
That would rather defeat the point of taking mortgage advice.
I want to understand:
Your circumstances.
Deposit.
Property plans.
Monthly budget.
Future intentions.
Preferences around certainty and flexibility.
Then we can discuss the mortgage options that may fit.
“Am I Wasting Your Time If I'm Not Ready Yet?”
No. In fact, I often prefer speaking to somebody earlier.
Perhaps you are:
Six months from having enough deposit.
Unsure how much you can borrow.
Trying to decide whether to clear a loan.
Wondering whether buying alone is realistic.
Deciding between a flat and house.
Having the conversation early can help you understand what to work towards.
It is much better than waiting until you have offered on a property and then discovering something needs to change.
My Job Isn't to Make You Feel Stupid
This is probably the main point of this article.
Mortgages are complicated because they involve:
Large sums of money.
Different lenders.
Different criteria.
Legal processes.
Property valuations.
Long-term financial commitments.
If something is confusing, that does not mean you are bad with money.
It means you are learning a process you haven't gone through before.
I would rather spend five minutes explaining something properly than have you spend the next five years wondering whether you agreed to something you did not fully understand.
I Want You to Understand Why I'm Recommending Something
There is an important difference between telling somebody what to do
and helping somebody understand the options.
If I recommend a particular mortgage, I want you to understand the reasoning.
That could involve:
Rate.
Fees.
Monthly payment.
Term.
Overpayment flexibility.
ERCs.
Your circumstances.
Regulated mortgage advice should result in a recommendation appropriate to the borrower's needs and circumstances. MoneyHelper also notes that advisers provide documentation explaining the mortgage and why it has been recommended.
You should not feel as though the mortgage is a mystery that only the broker understands.
Buying Your First Home Is Exciting — It Is Also Allowed to Be Confusing
You can be excited and nervous at the same time.
You can love a property and still worry about the mortgage.
You can have a great salary and still not understand Stamp Duty.
You can be financially organised and have no idea what a solicitor's search is.
All of that is normal.
The process becomes much easier when you feel comfortable saying: “Can you explain that again?”
Questions I’m Happy for First-Time Buyers to Ask Me
The short answer is: all of them.
But that includes things such as:
How does a mortgage work?
How much could I borrow?
How much deposit do I need?
What is an Agreement in Principle?
Should I buy a flat or house?
What is leasehold?
What does the solicitor do?
What does the survey do?
What is a valuation?
What does exchange mean?
What does completion mean?
Can my parents help with the deposit?
Does my car finance matter?
Can I get a mortgage if I'm self-employed?
Should I take a two- or five-year fix?
What does the mortgage fee mean?
Can I overpay?
What happens when the fixed rate ends?
If you are thinking it, ask it.
How I Approach First-Time Buyers
My approach is fairly simple.
First, I want to understand where you are now.
Then I want to help you understand what may be realistic.
That includes:
Deposit.
Income.
Financial commitments.
Likely mortgage borrowing.
Monthly payment.
Buying costs.
Once you know those numbers, the property search becomes much easier.
And when you find the right property, I can help you navigate the mortgage application from there.
The aim is for you to feel more confident at each stage, not more confused.
Thinking About Buying Your First Home?
You do not need to have everything figured out before speaking to a mortgage broker.
That is partly why the broker is there.
If you're buying your first property in Sale, Stretford, Timperley, Altrincham or anywhere else, and there is something you don't understand, ask.
It doesn't matter whether you think the question sounds basic.
If knowing the answer helps you make a better decision, then it is worth asking.
If you would like to talk through your first mortgage and understand what your options could look like, feel free to get in touch.
Oliver Smith Mortgage Broker
Website: www.oliversmithmortgagebroker.co.uk
Telephone: 07728 511059
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