5 Common mistakes when buying a property- And how to avoid them

Guidance for First-Time Buyers and Home Movers

Applying for a mortgage is a significant financial commitment and it’s important to approach the process with care, preparation, and awareness of potential risks. Whether you’re a first-time buyer or a home mover, the following are five of the most common mistakes applicants make—along with practical ways to reduce the likelihood of complications.

1. Not Reviewing Your Credit Profile in Advance

Before applying for a mortgage, it is advisable to review your credit report across the UK’s three main credit reference agencies: Experian, Equifax, and Trans Union.

Why it matters:
Mortgage lenders assess your credit history to determine whether to lend to you, and on what terms. Negative markers such as missed payments, high credit utilisation, or incorrect personal information may impact your application.

What you can do:
Use a multi-agency credit check service such as CheckMyFile, which consolidates data from all three bureaus. This can help identify errors or inconsistencies prior to submitting your application.

2. Only Applying Through Your Bank

Approaching your bank may seem convenient, but banks are typically tied to their own product ranges and may not offer the most competitive terms available in the wider market.

Why it matters:
By restricting your options, you may miss access to more suitable products, particularly if you have complex circumstances such as being self-employed or having a low deposit.

What you can do:
Use a Brooke Financial mortgage broker who can review products from a wide range of lenders, including high street and specialist providers. Our brokers may help identify appropriate deals based on your individual circumstances and affordability.

3. Not Budgeting for Additional Costs

Many buyers focus solely on their deposit and monthly repayments, but there are additional upfront costs that need to be factored into your budget.

Examples include:

• Conveyancing or solicitor fees
• Mortgage valuation and survey costs
• Stamp Duty Land Tax (if applicable)
• Buildings insurance
• Broker fees (where applicable)
• Removal and moving expenses

What you can do:
Request a breakdown of expected costs from your solicitor or adviser, and ensure you have access to sufficient funds to cover these alongside your deposit.

4. Making Large Purchases During the Application Process

Once a mortgage application is underway, it’s important to maintain financial stability and avoid taking on any new debt.

Why it matters:
Changes to your financial profile—such as applying for new credit, making significant purchases, or altering your income—can affect your debt-to-income ratio, which lenders assess when making their decision.

What you can do:
Avoid financing vehicles, large household goods, or taking out new credit facilities until after your mortgage completes.

5. Borrowing at the Maximum Available Limit

While some applicants may be eligible to borrow higher amounts, it’s important to consider whether that level of borrowing is sustainable over the long term.

Why it matters:
Stretching your budget may leave little room for changes in circumstances—such as rising interest rates, unexpected bills, or changes in employment.

What you can do:
Use mortgage affordability calculators and consider multiple scenarios (including rate rises or lifestyle changes). Only borrow what you can comfortably afford, not just what a lender is prepared to offer.

Final Thoughts

Navigating the mortgage process can be complex, particularly in a fast-moving property market. By avoiding these five common mistakes and seeking advice from Brooke Financial, you can help improve your mortgage readiness and reduce the risk of delays or declined applications.

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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Approved by The Openwork Partnership on 19/08/2025