I've Got My First Home Deposit Sorted, What Should I Do Next?

Important: There is nothing more heartbreaking than falling in love with a property and then finding out you can't afford it. Conditional pre-approval or a clear borrowing indication from a bank, lender or reputable mortgage adviser can help set your price range, but the lender may still need property-specific information before confirming the loan.

"Not All Banks Are Equal"

Lenders must follow responsible-lending rules, including checking suitability and affordability, and each lender also has its own criteria and policies. Whilst you may not meet one lender's criteria, there may be another whose criteria you do fit. This means you may need to compare more than one lender.

"Research Can Save You Thousands"

Get informed about pricing, fees, loan features and incentives on offer from different lenders, then ask your preferred lender to explain whether they can match or better a current offer in the market.

"Banks Need Encouragement to Sharpen Their Pencils"

We can all agree that banks provide a variety of great products and services but let's not forget they are a business whose purpose is to deliver profits for their shareholders. Banks work on margins and base their pricing according to the risk and, more importantly from your perspective, competitor pricing in the market.

"Never Assume You Are Getting the Best Deal"

Ask your bank or lender whether there is room to improve the offer, both in terms of price and any contributions towards costs. Compare the long-term fundamentals as well as headline incentives, because cashback and commission clawback terms can matter if you move or repay early.

"Not All Mortgage Advisers Are Equal Either"

Mortgage advisers may save you time and help you compare suitable options, but mortgage advisers, like people, come in all shapes and sizes. Do your research and choose an adviser with a relevant track record. Ask which lenders they deal with and which they do not, what fees or commissions apply, whether commissions differ between lenders, and why they have recommended a particular option. Advisers should explain what their advice covers, any limits or conflicts, and how they are being paid.

"Mortgage Advisers Can Help You Prep"

One of the useful aspects of using a mortgage adviser is that they can help you understand what information a lender may need and prepare a more complete application. Lenders review applications carefully and must check suitability and affordability; credit records, income, expenses, debts and account conduct can all matter. If there are issues, it is better to identify them early, correct any credit-report errors where possible, and avoid submitting an application before you understand the likely concerns.