Mortgage Myths: First-Time Buyer Questions Answered by Property Experts

Mortgage broker Oliver Whitehead and property solicitor Sophie Jones share expert advice for first-time buyers.

Buying your first home can feel like stepping into the unknown. With rising property prices, changing mortgage rates and complicated legal processes, many prospective buyers feel unsure about where to begin.

To help clarify some of the most common concerns, Heidi Mallace from Curayio hosted a webinar with two experienced property professionals:

• Our own Oliver Whitehead, Director at Oportfolio Mortgages
• Sophie Jones, Partner at William Sturges Solicitors

During the session, they answered the questions first-time buyers ask most often about mortgages, deposits and the property buying process.

Here are the key takeaways.

You Can Watch the Webinar For Free Below, and Read the Transcript

Q&A: Mortgage Advice for First-Time Buyers in the UK

Is it still possible for first-time buyers to get onto the property ladder?

Heidi Mallace (Curayio):
Many headlines suggest that getting onto the property ladder has never been harder. Is that really the case?

Oliver Whitehead (Oportfolio Mortgages):
It’s true that property ownership is becoming more challenging, but it’s definitely not impossible.

One of the biggest factors right now is the rental market. Many landlords are leaving the buy-to-let sector due to taxation changes and regulation. As a result, rental supply has dropped and rents have increased.

Higher rents make it harder for people to save for a deposit, but lenders are responding by introducing lower deposit mortgage options.

Some lenders are now offering mortgages requiring deposits as low as 2–3% of the property value. For example, if you were buying a £500,000 property, you might only need a deposit of around £10,000.

These mortgages often come with slightly higher rates, but they are opening up opportunities for buyers who previously thought homeownership was out of reach.

Should first-time buyers speak to a mortgage broker before viewing properties?

Heidi:
Many buyers start browsing property websites before thinking about financing. Is that the right approach?

Oliver:
Ideally, buyers should become “mortgage ready” before they begin viewing properties.

That means speaking to a mortgage adviser and getting an Agreement in Principle (AIP).

An AIP is an indication from a lender showing how much they may be willing to lend based on your financial circumstances.

To obtain this, buyers usually need to provide:

• Payslips
• Bank statements
• Proof of deposit
• Credit history

Having this in place gives buyers a clear understanding of their budget and makes them more attractive to sellers.

First-time buyers are often very appealing to sellers because they don’t have a property chain.

When should you involve a solicitor in the buying process?

Heidi:
Sophie, when do most buyers first contact a solicitor?

Sophie Jones (William Sturges Solicitors):
Most first-time buyers come to us after they have found a property, but ideally we would speak to them earlier.

There are a number of compliance checks and legal processes that need to happen before the transaction progresses.

Speaking to a solicitor early can also help buyers understand potential issues with a property before they make an offer.

For example, buyers often have questions about:

• Lease length
• Planning permissions
• Property extensions
• Ownership restrictions

Even a short conversation with a solicitor can help identify potential risks early.

What legal checks are required when buying a property?

Heidi:
Buyers often hear about compliance checks but don’t fully understand what they involve.

Sophie:
Solicitors must carry out several checks before a transaction can proceed.

These include verifying:

• Identity of the buyer
• Source of funds
• Anti-money laundering checks

If part of the deposit is a gift from family members, we also need to verify the identity of the person providing the funds and confirm where the money came from.

These checks can sometimes feel intrusive, but they are a legal requirement designed to prevent financial crime.

Does buying a property with a partner make it easier to get a mortgage?

Heidi:
Many buyers purchase property jointly. Oliver, how does that affect mortgage applications?

Oliver:
Having two incomes generally increases borrowing capacity significantly.

When two buyers apply for a mortgage together, lenders assess both incomes, which means you can usually borrow more and potentially purchase a higher-value property.

However, when buying jointly, it’s important that buyers also consider the legal structure of ownership.

What legal protection should joint buyers consider?

Heidi:
Sophie, what should buyers know about the legal side of buying together?

Sophie:
We usually recommend creating a Declaration of Trust.

This document outlines:

• How ownership of the property is divided
• How much each buyer contributed to the deposit
• What happens if the property is sold

For couples who are not married, we may also recommend a cohabitation agreement.

These agreements help protect both parties if their circumstances change in the future.

How long does the property buying process take?

Heidi:
One of the most common questions buyers ask is about timelines.

Oliver:
From a mortgage perspective, the process is usually relatively quick.

Once an offer has been accepted, we can often submit the mortgage application within 48 hours. The lender then arranges a valuation and reviews the documentation.

Mortgage offers typically take around two to three weeks.

Sophie:

The conveyancing process usually takes longer.

In many cases:

• Exchange of contracts happens within 4–6 weeks
• Completion typically takes around three months from offer to moving in

However, timelines can vary depending on the complexity of the transaction.

What causes delays when buying property?

Heidi:
What are the most common causes of delays?

Sophie:
One of the biggest factors is local authority searches. Some councils return search results quickly, while others can take several weeks.

Another common issue arises with leasehold properties, where managing agents must provide detailed documentation about the building.

If the seller hasn’t requested this information early enough, the process can slow down significantly.

What should buyers know about leasehold properties?

Heidi:
Leasehold properties can be confusing for first-time buyers. What should they look out for?

Sophie:
The first thing to check is the length of the lease.

If the lease falls below 80 years, extending it can become significantly more expensive and may affect mortgage eligibility.

Buyers should also review the ground rent provisions. Some leases include clauses where the ground rent doubles every few years, which lenders often consider unacceptable.

Understanding these factors is essential before committing to a purchase.

Key Takeaways for First-Time Buyers

At the end of the webinar, Heidi asked both experts for their top advice for first-time buyers.

Their message was clear: preparation is key.

Buyers should:

• Speak to a mortgage broker early
• Understand their borrowing capacity
• Work with a trusted solicitor
• Ask questions throughout the process
• Be realistic about timelines

With the right guidance, buying your first home doesn’t need to be overwhelming. In fact, many buyers discover that once they understand their options, the dream of homeownership becomes far more achievable.

Speak to a Mortgage and Property Expert

If you’re considering buying your first home and want personalised advice, speaking to a professional early can make the process significantly easier. At Oportfolio Mortgages, we specialise in helping first-time buyers understand their options and secure the right mortgage. We work closely with trusted legal professionals, including William Sturges Solicitors, to guide buyers through every stage of the property journey.

If you’re planning to buy your first home and want expert mortgage advice, get in touch with our team today.

For legal guidance on residential property matters at William Sturges, click here.

FAQ: Mortgage Myths: First-Time Buyer Questions Answered by Property Experts