New mortgage industry figures show the number of first-time buyers considering tracker and variable deals has tripled since February.
Data shows average two-year fixed rates at 90% loan-to-value rose from 5.09% to 5.74% by June.
With rate choice now a live issue for anyone hoping to buy their first home, Eve Cooke, Managing Director at conveyancing specialist Montrose Brown Law, has set out five practical steps first-time buyers can take to get on the property ladder with confidence.
She said: “Chasing the lowest headline rate is understandable when budgets are tight, but it shouldn’t be the only decision that matters,” said Ms Cooke. “Getting on the ladder for the first time is about the whole package: your deposit, your legal preparation, and how ready you are to move quickly once you’ve found the right property.”
Her first tip is to build a realistic deposit plan early. “Lenders will want to see evidence of how a deposit has built up over time, not just the final figure,” she said. “Regular saving, a Lifetime ISA, or a gifted deposit from family all need paperwork, so start gathering that now rather than scrambling for it later. As conveyancers, that’s exactly the kind of documentation we need for anti-money laundering checks, and having it ready from day one is one of the biggest single things buyers can do to avoid delays.”
Second, she urged buyers to get a mortgage agreement in principle before house hunting seriously. “It tells you what you can actually afford and shows sellers you’re a serious buyer,” she said. “From where I sit, it also means your conveyancer can start working from confirmed figures rather than estimates, so the paperwork is already moving once you do find a property, instead of starting from scratch under pressure.”
Third, Ms Cooke pointed to the importance of instructing a conveyancer early, ideally alongside the mortgage search. “Buyers often leave the legal side until after an offer is accepted, but starting ID checks and initial paperwork sooner means far fewer delays once you find the right property,” she said. “The legal process has its own timeline of searches, enquiries and checks, and none of that can be rushed at the end without risking the whole transaction.”
Fourth, she recommended buyers check the terms attached to their mortgage offer, particularly if they’re drawn to a tracker deal. “Whatever type of deal you go for, look closely at the conditions on your mortgage offer and how long it stays valid for,” Ms Cooke said. “If the legal work drags on and that offer lapses before you exchange contracts, you may have to go back to your lender and start again. That kind of timing risk is exactly what a well-organised conveyancer should be helping you stay ahead of.”
Finally, Ms Cooke advised first-time buyers not to overlook the smaller costs that sit alongside the deposit. “Stamp duty, survey fees, legal costs and moving expenses all add up,” she said. “Buyers who budget for these from day one avoid nasty surprises further down the line, and it makes the whole process feel far less stressful.”
Ms Cooke added that whichever mortgage route buyers choose, having the legal side moving in parallel makes the biggest difference to how smoothly a purchase goes. “The mortgage decision gets a lot of attention, but a slow or disorganised legal process is just as likely to hold up a sale,” she said.
Montrose Brown Law is a conveyancing specialist supporting buyers and sellers across residential property, new build purchases and first-time buyer transactions. The firm is authorised and regulated by the Council for Licensed Conveyancers. It works with clients through a secure digital onboarding platform, aiming to keep every transaction clear, efficient and personally handled from start to finish.
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