A mortgage expert shares the biggest financial surprises first-time buyers face and five essential tips to help manage unexpected costs and reduce stress when buying your first home.
A mortgage specialist has offered guidance to prospective purchasers on avoiding some of the most frequently overlooked costs when buying a home. Jen Lloyd, head of mortgages at Skipton Building Society, explained that the biggest financial surprise for buyers isn’t just the deposit.
“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.” She added researching those additional expenses and building a realistic ‘move-in buffer’ can help make the process less stressful.
Her comments follow a survey of 1,000 first-time buyers, which revealed that managing multiple upfront costs within a short amount of time was the number one part of the homebuying process they wished they could avoid.
Jen, from Skipton Building Society – which commissioned the research to mark the enhancements of its Delayed Start Mortgage, which enables first-time buyers to delay their first mortgage repayment for up to three months – also warned against trying to do everything at once, a mistake she sees time and again among eager buyers.
“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 process proved frustrating for many, but of the 64% who were renting at the time of purchase, 35% ended up paying rent and a mortgage simultaneously. For 8% this overlap extended beyond three months.
A further 24% had to serve notice on their rental property before securing a completion date, whilst 23% worried they could be left without anywhere to live for a period of time.
Other significant frustrations included the physical task of moving, the lengthy gap between exchange and completion, and constantly checking 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 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.
