Buying your first home is one of life’s biggest milestones. For many, it’s exciting, but it can also feel overwhelming with so much to think about – from saving a deposit to choosing the right mortgage deal. The good news is, with the right advice and preparation, you can make the process smoother and less stressful.

At Mc Daid Mortgages, we’ve been helping first-time buyers get on the property ladder since 1996. Here are 10 practical tips to guide you on your journey.

1. Get Your Finances in Order 💷

Before you start house hunting, take a clear look at your finances. List your income, regular outgoings, and savings. This helps you understand what you can realistically afford each month, and ensures you’re in a strong position when you speak with a mortgage adviser.

2. Save a Deposit – and Know Your Options 💰

Most lenders will require at least a 5% deposit, but the bigger your deposit, the more deals become available. A 10% or 15% deposit often opens the door to lower interest rates. Family support can also help – whether that’s a gifted deposit or family-backed products.

3. Check Your Credit File 📊

Your credit history plays a big role in how lenders view you. Get a copy of your credit report, check for errors, and take steps to improve your score – such as paying bills on time and keeping credit balances low. A better score often means better mortgage options.

4. Understand How Much You Can Borrow 🏦

Lenders typically lend around 4 to 4.5 times your income, but this can vary depending on your circumstances. Factors like debts, regular spending, and credit history all play a part. At Mc Daid Mortgages, we’ll assess your full situation and give you a realistic picture before you apply.

5. Factor in All the Extra Costs 💡

It’s not just about the deposit. Don’t forget:

• Solicitor/legal fees
• Survey and valuation fees
• Stamp duty (if applicable)
• Insurance, including life insurance
• Moving costs and furniture

We’ll help you plan for all of these, so nothing comes as a surprise.

6. Get a Decision in Principle (DIP) 📝

A DIP is a lender’s initial confirmation of how much they might lend you, based on a snapshot of your finances. It’s not a guarantee, but it shows estate agents and sellers that you’re serious – giving you a stronger position when making an offer.

 

7. Be Realistic About the Property 🏠

It’s easy to get carried away, but be honest about what you really need in your first home. Think about location, transport links, schools, and future plans. Buying a home that fits your lifestyle and budget will give you more stability and less stress.

8. Think About Long-Term Goals ⏳

Do you want the flexibility to make overpayments? Or do you prefer the security of fixed payments each month? Knowing your long-term goals will help us find the right mortgage product for you – whether that’s fixed, tracker, or variable.

9. Don’t Just Rely on Online Calculators 💻

Online tools are fine for a quick idea, but they don’t show you the full range of deals or take into account your personal circumstances. That’s where expert advice makes all the difference. At Mc Daid Mortgages, we search the whole market to find the most suitable deal.

10. Work with a Trusted Adviser 🤝

Getting your first mortgage can be daunting, but you don’t have to do it alone. Our team at Mc Daid Mortgages are fully qualified, regulated, and have decades of experience helping first-time buyers. We’ll guide you from start to finish, making sure you feel supported every step of the way.

Why Choose Mc Daid Mortgages?

✅ Local & Trusted – proudly helping clients across the north of Ireland since 1996.
✅ Whole-of-Market Access – we search hundreds of deals, not just one bank.
✅ Qualified Advisers – all our advisers are fully trained and regulated.
✅ Always on Your Side – we work for you, not the lenders.
✅ No Hidden Surprises – transparent advice, with clear explanations every step of the way.

Final Word

Getting onto the property ladder is a big step, but with preparation and the right support, it doesn’t need to be stressful. Take time to get your finances ready, understand your options, and work with a trusted adviser who can guide you through.

At Mc Daid Mortgages, we’re here to make the process as simple and stress-free as possible – helping you turn your dream of homeownership into reality.

📞 Call us: 07968155176
📍 Visit us: 40, Coneyville, Derry, BT48 8FW
📧 Email us: pat@mcdaidmortgages.co.uk
🌐 Website: www.mcdaidmortgages.com

Your home may be repossessed if you do not keep up repayments on your mortgage.
You may have to pay an early repayment charge to your existing lender if you remortgage.
As with all financial products, terms and conditions apply