First time buyer checklist: what to prepare before you speak to a mortgage adviser

Buying your first home involves a lot of paperwork and a lot of decisions. Getting organised before you speak to a mortgage adviser makes the process smoother, and helps you understand what is realistic before you start viewing homes.

What to have ready

• Proof of identity, such as a passport or driving licence, and proof of your current address
• Recent payslips, or accounts and tax records if you are self-employed
• Recent bank statements
• Details of any loans, credit cards or other regular commitments
• Details of your deposit: how much you have, where it is held, and where it came from

Know your numbers

Work out roughly what you spend each month, and what you could afford to pay on a mortgage. Lenders will look at this too, so it helps to see it for yourself first. Remember that buying a home has costs on top of the deposit, such as legal fees, a valuation or survey, and moving costs.

Check your credit report

Lenders look at your credit history. It can be worth checking your credit report before you apply, so you can spot anything that looks wrong and put it right.

Questions worth asking

• How much could I borrow, and what would the monthly payments be?
• How much deposit do I need, and how does it affect my choice of mortgages?
• Which costs should I plan for besides the deposit?
• How long does the process usually take, and what could slow it down?

Next step

When you are ready, speak to an adviser or read more about first time buyer mortgages.