Mortgage professional shares 5 expensive errors first-time patrons ought to keep away from

A mortgage expert from Skipton Building Society has shared the biggest financial mistake first-time buyers make and other things to avoid when getting on the property ladder

A mortgage expert has revealed the biggest homebuying headache most first-time buyers never see coming – and it’s not just scraping together a deposit. Jen Lloyd, head of mortgages at Skipton Building Society, says the real shock for new homeowners is the avalanche of costs that hit in the first few months after getting the keys.

“People budget meticulously for the purchase price but are often caught off guard by everything that comes with actually moving in,” she explained. “Rent overlap, stamp duty, removals, council tax, furnishings and set-up costs can all land at once.” Her advice is to do your homework on these extra expenses and build a realistic “move-in buffer” to make the transition less stressful.

Her warning comes after a poll of 1,000 first-time buyers found that facing multiple upfront costs in a short space of time was the number one thing they wished they could avoid.

Jen, whose team at Skipton commissioned the research to mark improvements to their Delayed Start Mortgage – which lets buyers delay their first repayment for up to three months – also advised against trying to do everything at once.

“From surveys to furnishing a home from scratch to removals and renovations, it’s easy to feel like every decision has to be made immediately – and rushing often leads to unnecessary spending and avoidable stress,” she said.

“Buying your first home is exciting, so it’s natural to want everything done as quickly as possible. But slowing things down where you can, and prioritising what genuinely needs doing now versus what can wait, usually saves money, time and a lot of anxiety.”

The survey also revealed that 64% of buyers were renting when they bought, and over a third (35%) ended up paying rent and a mortgage at the same time. For 8%, this overlap lasted more than three months.

A further 24% had to give notice on their rental before securing a completion date, while nearly a quarter (23%) feared they could be left without anywhere to live for a period.

Other major frustrations included the physical act of moving, long gaps between exchange and completion, and constantly refreshing property apps “like it was a full-time job”.

Jen Lloyd added: “Buying your first home should be an exciting milestone. We’ve enhanced our Delayed Start Mortgage to give buyers greater flexibility around when their repayments begin, whether that’s one, two or three months after completion, helping to ease some of the immediate pressure.

“This can also be added onto our 100% Track Record Mortgage, which recognises strong rental payment history and removes the need for a deposit.

“Everyone’s route onto the property ladder is different, and offering fairer options that reflect those individual circumstances can help make the move into homeownership feel far more manageable.”

TOP TIPS FOR FIRST-TIME BUYERS TO AVOID COSTLY HOMEBUYING MISTAKES:

1. Don’t underestimate the cost of the first few months

The biggest financial shock for first-time buyers often isn’t the deposit, but the cluster of costs that arrive all at once – from rent overlap and legal fees to removals, furnishings and set-up expenses. Research these early and seek advice to help build a realistic “move-in buffer” to make the transition far less stressful.

2. Don’t try to do everything at once

It’s easy to feel overwhelmed by surveys, solicitors and removals and assume everything needs doing immediately. Prioritise what genuinely needs action now and what can wait – slowing the process where possible can save money, time and unnecessary stress.

3. Look beyond the mortgage repayment

Focusing solely on the monthly mortgage figure can give a false sense of affordability. Factor in council tax, utilities, insurance, service charges and ongoing maintenance to build a true picture of monthly costs before making an offer.

4. Protect your credit score before you apply

Avoid taking on new credit in the months leading up to a mortgage application and clear any outstanding debts where possible. Even small commitments, such as phone upgrades, can affect affordability.

5. Get your paperwork ready early

Missing documents are one of the biggest causes of delays. Having payslips, bank statements, ID and proof of deposit organised from day one can speed up the process and give buyers a competitive edge.