Buying your first home: Where to begin.

If you are dreaming about buying your first home but are not sure where to start, you are not alone. The good news? You do not have to figure it all out in one go. Breaking the process into smaller steps makes it much more manageable. 

Perenna mortgages work with independent brokers who can guide you and give advice that fits you. 

So, whether you already work with a broker or need to find one, this guide will help you take your first steps with confidence. 

Step 1: Understand your budget 

Think about how much you could spend on a home and how much you can set aside for a deposit. This will help narrow down your options. 

Tip: Budget for more than just your deposit and monthly mortgage. Include extra costs like legal fees, surveys, stamp duty, insurance, and moving expenses. Planning ahead helps you avoid surprises and stay on track. 

Step 2: Check your credit score 

Your credit score can affect the mortgage deals available to you. Checking it early gives you a chance to understand what lenders will see. 

Tip: Obtain your credit report from a trusted agency as soon as possible. If you find any errors or issues like unpaid bills, take steps to correct them. A better credit score can improve your chances of getting favourable mortgage rates. 

Step 3: Explore mortgage options 

There are many types of mortgages. A broker or lender can help you find one that fits your budget and needs. Perenna mortgages are available only through independent brokers, who can give personalised advice, compare products, and answer your questions. 

Tip: If you don’t already have a broker, you can use our Find a Broker page to locate a broker registered with Perenna. Please note not all brokers are registered with us. 

Step 4: Find a home that fits your needs 

Think about location, size, and must-have features, but keep your budget front and centre. Finding the right balance is key. 

Tip: List your must-haves and nice-to-haves to guide your search. Consider your lifestyle needs, such as commute times, schools, and local amenities, but always stick to what you can comfortably afford. Sometimes a smaller home in the right area is a smarter choice. 

Step 5: Make your offer and move forward 

Once you have found the right place, you can put in an offer through the estate agent or your mortgage broker. If it is accepted, the buying process begins. 

Tip: Once your offer is accepted, the next steps include surveys, contracts, and final checks. Perenna’s long-term fixed-rate mortgages give you steady payments and flexible options, such as switching lenders after five years without fees. This helps make your move easier and less stressful. 

You could lose your home if you don’t keep up your mortgage repayments.  

Correct at time of publishing.