Buying your first home should feel exciting, but for some people, it starts with confusion, worry, and a list of questions that feels a mile long. Where do I start? How much deposit do I need? What can I afford?

A lot of first-time buyers tell us the same thing: “I don’t even know what I don’t know.”

If that sounds familiar, you’re not alone.

As Belfast’s only mortgage service dedicated exclusively to first-time buyers, we’ve guided hundreds of local buyers through their journey, and the truth is, once you understand the steps, the entire process becomes far more manageable.

Below is a complete, detailed walkthrough of the first-time buyer journey. You’ll learn not just what happens, but why, and what lenders actually look for behind the scenes.

Let’s break it down step by step.

Step 1: Work Out Your Borrowing Power (This Sets Everything Else)

Before you look at houses, you need to understand what you can realistically borrow.

Most articles brush over this, but here’s what actually goes into affordability.

Lenders assess affordability using three key inputs:

1. Income - but not the number on your contract

Lenders look at a range of different income streams:

• Basic salary (guaranteed)

• Overtime (usually 50%–100% depending on consistency)

• Bonuses/commission (typically averaged over 3–12 months)

• Allowances (car, shift, on-call - some lenders accept, some don’t)

Example:

A nurse earning £29,000 + regular overtime might borrow more than someone on a £33,000 flat salary, depending on the lender.

2. Credit commitments

This includes:

• Car finance

• Student loan (yes, it affects affordability)

• Credit card balances

• Buy Now Pay Later

• Personal loans

• Overdraft usage

A £250/month car payment can reduce borrowing by £25,000–£30,000, depending on the lender.

3. Household costs

Some lenders will take into account a number of assumptions, such as:

• £100–£200 per child

• Higher energy and food costs for single applicants

• Regional cost-of-living adjustments (NI tends to be lower than GB)

So how much can you borrow?

Most first-time buyers can borrow 4-4.5x income, but it’s not guaranteed, ultimately depending on your financial status.

Some lenders will go to 5x or 5.5x, but only if:

• Credit is clean

• Income is stable

• Debt is minimal

• Deposit is stronger

• You're in certain professions (e.g., healthcare, law, finance - varies by lender)

This is where specialist advice matters, because choosing the wrong lender can reduce your borrowing power by tens of thousands.

Not sure what your borrowing power looks like?

Speak to one of our advisers for a tailored calculation, and we’ll help you understand exactly what lenders will consider.

Step 2: Understanding Deposits in Northern Ireland (This Matters More Than People Realise)

You’ll often hear:

“You only need a 5% deposit”

However, the actual impact of your deposit is much deeper.

There are three major levers your deposit controls:

1. How much you can borrow

If your deposit increases your Loan-to-Value (LTV) bracket, lenders may offer:

• Higher borrowing

• Lower rates

• More flexible criteria

Typical brackets:

• 95% LTV (5% deposit)

• 90% LTV (10% deposit)

• 85% LTV (15% deposit)

• 75% LTV (25% deposit)

Even jumping one bracket can significantly change your monthly payments.

Example: £150,000 purchase with 5% vs 10% deposit:

Deposit: £7,500 (5%)

• Mortgage: £142,500

• Rate (illustrative): Higher rate

• Monthly Payment: ~£780–£820

Deposit: £15,000 (10%)

• Mortgage: £135,000

• Rate (illustrative): Lower rate

• Monthly Payment: ~£710–£740

Saving an extra £7,500 can reduce payments by £80/month - £960 per year.

2. Which lenders will accept you

Some lenders won’t lend at 95% if:

• You’re self-employed

• Your credit isn’t perfect

• Your income includes irregular overtime

• Property type is considered non-standard

With a 10% deposit, more lenders become available, giving you better potential borrowing outcomes.

3. How competitive your offer looks to agents

In Belfast, where demand is strong in areas like East Belfast, South Belfast, and the Lisburn Road corridor, a 10% deposit buyer often looks more attractive to sellers than a 5% buyer, even if the offer is the same.

A larger deposit signals:

• Financial reliability - lenders are more confident in approving your mortgage.

• Faster completion - less risk of delays or last-minute problems.

• Seriousness - sellers see that you’re committed and capable of moving forward.

Example:

• Buyer A offers £170,000 with a 5% deposit (£8,500)

• Buyer B offers £170,000 with a 10% deposit (£17,000)

Both offers are the same price, but Buyer B looks more secure to the seller. That extra deposit can make your offer stand out, without increasing the amount you’re willing to pay.

Step 3: Check Your Credit File (Do This Before Any Applications)

This is one of the biggest reasons first-time buyers get delays - or declines.

What lenders look for:

• 6 years of payment history

• Consistent address history

• Electoral roll registration

• Stable banking behaviour

• Missed payments (even £5 mobile bills matter)

• Payday loans (big red flag)

Common problems we see in Belfast buyers:

• Old addresses still linked to credit files

• Forgotten phone contracts in arrears

• High credit utilisation (over 50% of limit)

• “Soft” missed payments from Buy Now Pay Later services, such as Klarna

• Times when an overdraft was maxed out for weeks

Quick fixes (30–60 days):

• Reduce credit card balances to under 30% of the limit

• Register to vote (significant affordability improvement)

• Close unused accounts

• Update address history

• Spread out spending to avoid overdraft usage

• Dispute incorrect information

Most buyers don’t know this, but a clean, optimised credit file can increase borrowing power.

Step 4: Get Advice Before You Start Viewing (This Saves Time & Disappointment)

While understandable, we meet so many people who find their dream home first, then realise:

• Their borrowing isn’t enough

• Their deposit doesn’t fit the lender's criteria

• They can’t get an Agreement in Principle (AIP) fast enough

• Their credit file needs work

The earlier you talk to an adviser, the earlier:

• You get a clear plan

• You know your borrowing limit

• You understand your timeline

• You get a realistic deposit target

Even just a relatively small amount of forward planning can turn a stressful journey into a more predictable one.

Step 5: AIP: Your Golden Ticket for Belfast Agents

In Belfast, estate agents will almost always ask for an AIP before:

• Booking a viewing on a popular house

• Accepting an offer

• Marking a property as “sale agreed”

Your AIP proves:

• You have verified income

• You have a verified deposit

• A lender has pre-checked your case

On the flipside, there are several AIP mistakes to avoid, such as:

• Applying with multiple lenders (creates multiple credit checks)

• Using an online calculator instead of a real AIP

• Using a lender with strict criteria when your case needs flexibility

At First Time Buyer Mortgages, we match your situation to the right lender before applying for an AIP, to maximise borrowing and avoid declines.

Step 6: Start Viewing (Here’s How Belfast Viewings Really Work)

While trends can change relatively quickly, there has been sustained demand for numerous first-time-buyer areas, including:

• Dundonald

• East Belfast

• Four Winds

• Carryduff

• Newtownabbey (BT37/BT36)

• Lisburn

When it comes to the key things to check on a viewing, these include:

• Damp (common in older terraces)

• Insulation (ask for EPC rating)

• Windows (age of frames/glazing)

• Heating system (gas vs oil)

• Service charges on apartments

• Neighbouring properties (condition matters)

For many people, buying their first home is one of the most stressful events of their lives. So, when it comes to viewing tips, there is a lot to consider:

• Don’t be afraid to view twice

• Ask what similar homes in the street have sold for

• Check water pressure

• Ask when the roof was last inspected/replaced

Every detail helps you make a firm, confident offer and can save you thousands of pounds further down the road.

Step 7: Making an Offer (What Agents Look For That Buyers Don’t Realise)

In a similar fashion to broader financial markets, estate agents want certainty. Therefore, your offer is likely to be judged on more than just price.

Some of the main factors include:

• Proof of AIP

• Deposit size

• Whether you’re chain-free (you are!)

• Flexibility on completion dates

• Whether your solicitor is efficient

• Whether your adviser responds quickly

A well-presented, professionally packaged offer can beat a higher offer from a less-prepared buyer.

We package offers for clients so agents see immediately:

• Strong buyer

• Clean credit

• Confirmed deposit

• Fast-moving solicitor

• Clear timeline

It makes a big difference, adding a greater degree of confidence to parties on either side of the transaction - and the estate agent.

Step 8: Mortgage Application (Documents Matter More Than You Think)

Once your offer is accepted, your adviser will submit the mortgage application. However, this is by no means the end of the process.

Lenders will still require an array of documents, including:

• Last 3 months’ payslips

• Last 3–6 months’ bank statements

• Proof of deposit (savings/gift/ISA/LISA)

• Photo ID + proof of address

• Employment contract

• Credit reports

• Solicitor details

As you would probably expect, lenders will also be looking for any red flags in bank statements:

• Gambling transactions

• Unauthorised overdrafts

• Large unexplained transfers

• Irregular income

• Cash deposits

• High-cost short-term credit

Good news: these can often be explained or mitigated with the right preparation - this is where specialist advice is essential.

Are you worried you don’t have the right documents or that your bank statements might raise red flags?

If so, book a free first-time buyer consultation. Let our advisers guide you through exactly what lenders will need, how to organise your paperwork, and how to avoid common pitfalls, so your mortgage application is smooth and stress-free.

Book Your Free Appointment

Step 9: Solicitors, Surveys & Valuations (What Actually Happens)

Even though the majority of the hard work has been done, there are still some crucial issues to address.

Valuation

When lenders check a property’s value, many first time buyers automatically assume this is the same as a survey. It isn’t; this is a basic check to determine the property's market value. It may not involve a physical inspection and often won't uncover hidden issues.

Survey options

Centred around a detailed inspection of the property, when it comes to survey options, you can order:

• Basic condition report

• Homebuyer survey

• Full structural survey (older houses only)

Solicitor searches

You must find a reliable solicitor, as they will handle your legal work, involving:

• Property ownership

• Boundaries

• Planning issues

• Environmental risks

• NI-specific checks (e.g., unadopted roads)

In Belfast, this stage typically takes 4-8 weeks. During this time, we will liaise with solicitors and estate agents at every step to ensure nothing stalls unnecessarily.

Step 10: Protection, Insurance & Getting the Keys

Before you pop the champagne and celebrate, there are a few important things you'll need to sort out before your mortgage completes:

• Buildings insurance (mandatory for completion)

• Contents insurance (recommended)

• Income protection (especially important for single buyers)

• Life insurance (important for joint buyers)

We explain what’s essential vs optional - no upselling - just what protects your mortgage and your new home.

Final Step: Get Your Keys

The day you collect your keys is the end of the process, but the start of your new chapter.

For most first-time buyers, the journey from “I don’t know where to start” to “we have the keys” takes 8-16 weeks, depending on your situation.

Our job is to guide you from confusion to clarity, then to approval, and finally to getting your hands on the keys, with expert advice at every stage.

Ready to Start Your Journey?

If you want:

• An estimated borrowing figure

• A realistic deposit target

• Guidance on your credit

• A plan for the next 30, 60 or 90 days

You can book a free first-time buyer meeting with us.

👉 Book your free appointment

👉 Or get in touch with a mortgage specialist

We’re here to make your first-time buyer journey simple, stress-free, and successful.