First Time Buyer, Here’s How to Get Mortgage Ready This Year
- Christina Vassiliades
- Dec 19
- 9 min read
Updated: 3 days ago
Yes, you can get mortgage ready this year as a first time buyer, and doing it early often makes the difference between a smooth offer and a stressful scramble.
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Key Points:
You’re buying in a market where first-time buyers are actively supported by lenders
You need to prepare for detailed affordability and credit checks
You should base your budget on realistic prices and loan-to-value, not assumptions
You can move faster with an agreement in principle as rates continue to shift
You improve approval chances by preparing documents and getting broker support early
Last Updated: 18 December 2025
In 2025, lenders are still keen to support first time buyers, who now make up about 31.4 percent of owner occupier purchase lending, the highest share since records began.
But affordability checks remain detailed, and small gaps in paperwork or credit history can slow things down.
Start by working out your likely budget using a realistic loan to value, not guesswork. In the South West, first time buyer purchase prices average around £291,000, and Bristol sits higher, closer to the mid £300,000s, so you may need either a larger deposit or a strong income fit.
The base rate is 3.75 percent, and fixed rates can move quickly with expectations, so an agreement in principle can help you act fast when the right home appears.
To look “mortgage ready,” focus on three areas, deposit, credit, and evidence. Keep your bank statements clean for at least three months, reduce avoidable debts, and gather documents such as payslips, P60s, ID, and proof of deposit source.
If any part of your situation is slightly outside standard boxes, a broker can package the story clearly, which often improves your chances of securing a deal that fits your needs.
Table of Contents
Why getting mortgage ready matters in 2025
The 2025 first time buyer landscape in Bristol
What lenders are really checking now
The lender acceptance spectrum, where you might sit
Step by step first time buyer mortgage journey
Deposits, how much you really need
Credit readiness, what to fix and what not to touch
Affordability and budgeting, how to boost your position
Paperwork, the fastest way to look organised
Policy exceptions, when criteria can flex
Bristol property factors lenders care about
Hidden costs people forget
Common mistakes and expert tips
Myth vs reality
Case study, a Bristol first purchase in 2025
Glossary of key terms
Reader checklist and next steps
FAQs
1. Why getting mortgage ready matters in 2025
Being mortgage ready is not just a nice idea, it is leverage.
In Bristol, good homes still attract multiple offers, and sellers prefer buyers who look certain and organised. A buyer with a clear agreement in principle and tidy paperwork feels safer than someone “still sorting finances.”
2025 adds extra urgency:
Rates move in short bursts. If you are ready, you can secure a product quickly.
Lenders are using more detailed affordability data. Small issues show up faster.
First time buyer demand is strong. You are in a busy segment of the market.
Loss aversion reminder, missing one document or leaving a credit issue too late could cost you the home you want.
2. The 2025 first time buyer landscape in Bristol
First time buyers are a bigger force than they have been for years. The Bank of England reports first time buyers now account for around 31.4 percent of owner occupier purchase advances in 2025 Q1.
What prices look like
Across the South West, first time buyer purchase prices average about £291,362 in 2025, and Bristol is typically higher than regional averages.
That gap matters because it affects deposit size, loan to value bands, and affordability. A Bristol budget that looks fine on a national calculator can feel tight in Redland, Bedminster, Totterdown, or Bishopston.
Why 2025 still offers opportunity
Base rate has been cut to 3.75 percent after several cuts earlier in 2025, which has supported slightly lower fixed rates than in 2023.
The FCA has reminded lenders they can apply stress testing flexibly, and several lenders have adjusted models to help borrowers who still fit responsibly.
So deals exist, but you need to present yourself well.
3. What lenders are really checking now
You can think of lender checks in three buckets.
1. You, as a borrower
Credit history, recent conduct, defaults, missed payments
Income stability and proof
Outgoings and living costs
Any commitments, loans, car finance, credit cards, childcare
2. Your deposit
How much
Where it came from
Whether any part is gifted
Evidence trail, usually 3 to 6 months
3. The property
Value and comparables
Condition and marketability
Construction type
Lease terms if a flat
If one bucket is unclear, the whole application slows.
4. The lender acceptance spectrum, where you might sit
In 2025, lenders still price and decide based on how straightforward the case is.
At one end, standard acceptance, often sharper pricing:
Clean credit
PAYE income
Deposit from savings
Standard house or modern flat
LTV in common bands
At the other end, flexible acceptance, sometimes different pricing:
Recent credit repair
Multiple incomes or contract work
Larger gifted deposit component
Non standard property
High LTV
Neither end is “good” or “bad.” It just changes who is likely to say yes and what evidence they want.
5. Step by step first time buyer mortgage journey
Budget and deposit target
Credit clean up and stability phase
Agreement in principle
House hunting and offer
Full application
Valuation and underwriting
Mortgage offer issued
Solicitor work and exchange
Completion and move in
Most delays happen at steps 2, 6, and 8, so prepare for those early.
6. Deposits, how much you really need
The bigger your deposit, the lower your LTV, and that is a key driver of pricing and acceptance.
Common deposit bands:
5 percent deposit: possible for many buyers, but affordability and credit need to be strong.
10 percent deposit: usually opens more products.
15 to 20 percent deposit: often improves pricing further.
In Bristol, where property values run above the regional average, a 10 percent deposit can still be a large number in pounds. So planning a realistic timeline matters.
Gifted deposits
Gifted deposits are common. Recent UK data suggests close to a third of first time buyers receive family support.
If you are using a gift:
Get a signed gifted deposit letter early.
Make sure funds move from the donor in a traceable way.
Avoid cash transfers that cannot be evidenced.
7. Credit readiness, what to fix and what not to touch
Do this
Check your credit files early for errors.
Keep utilisation low, ideally under about 30 percent of limits.
Pay everything on time for at least 6 months.
Avoid switching jobs mid application unless necessary.
Avoid this
Taking out new credit close to applying.
Clearing old accounts in a rush, it can reduce credit depth.
Moving money around without clear narrative.
Buy now pay later stacking, lenders see it as debt.
Even small missed payments within the last year can push you into a more cautious acceptance band.
8. Affordability and budgeting, how to boost your position
Affordability is not just income times a multiplier. It is income minus realistic spending, stressed at higher rates.
Ways buyers can improve affordability
Reduce unsecured debt.
Limit new finance, even 0 percent deals.
Keep spending predictable in statements.
If you have bonuses or overtime, collect a 12 month record.
For self employed, tidy accounts and tax calculations early.
In 2025, some lenders have eased stress model assumptions slightly following FCA guidance, which may increase borrowing for some households, but only if the overall case is solid.
9. Paperwork, the fastest way to look organised
Having documents ready before you view homes makes you faster and more credible.
Typical documents:
3 months payslips and latest P60
3 to 6 months bank statements
Proof of deposit source
ID and proof of address
Employment contract if new role
Credit file snapshot if any previous issues
Gifted deposit letter where relevant
For flats, service charge and ground rent details
Underwriters love clarity. Chaos costs time.
10. Policy exceptions, when criteria can flex
This is a quiet but important part of 2025 lending.
Some lenders will make exceptions if there are compensating strengths, such as:
strong income to loan ratio
stable career path
high disposable surplus
low debt overall
larger deposit than minimum
clear evidence of affordability trend
A broker can present those strengths in the right way, which is why exceptions are more common through intermediaries than direct routes.
11. Bristol property factors lenders care about
Bristol has a mix of older terraces, converted Victorian flats, and modern blocks. Each carries different underwriting questions.
Common Bristol red flags
Short leases on flats. If it is under certain thresholds, more lenders step back.
Converted buildings. Maintenance responsibility and sinking funds matter.
Non standard construction. Some older homes have materials that need specialist consideration.
City centre blocks. Documentation on safety and management can be requested.
None of these are automatic deal breakers, but they do affect where you sit on the acceptance spectrum.
12. Hidden costs people forget
First time buyers often budget for deposit and solicitor fees, but miss:
Survey upgrades beyond the valuation
Mortgage product fees
Moving costs
Immediate repairs, boilers, electrics, roofs
Service charges on flats
Buildings insurance from exchange
Stamp duty if above thresholds
Furniture and white goods
If you spend your last pounds on deposit alone, you may feel stuck later.
13. Common mistakes and expert tips
Mistakes
Applying before deposit source is clear
Changing spending habits right before statements are taken
Relying on online calculators only
Ignoring lease length until offer stage
Multiple applications to “see who says yes”
Tips
Keep one main bank account for income and bills while preparing.
Save deposit in a visible, consistent way.
Get an agreement in principle early, then renew if it expires.
Decide your absolute budget before you fall in love with a house.
If rates drop after you secure a product, ask about switching to a new one before completion.
14. Myth vs reality
Myth: “I need a perfect credit score.”
Reality: Lenders look for stability and recent conduct more than a single number.
Myth: “My deposit is all that matters.”
Reality: Deposit helps, but affordability and evidence are equally decisive.
Myth: “If one lender declines me, they all will.”
Reality: Acceptance varies along the spectrum, a decline can just mean wrong match.
Myth: “I should wait for base rate cuts before buying.”
Reality: Pricing moves on expectations, not just base rate announcements, and waiting can cost you a year of equity building.
15. Case study, a Bristol first purchase in 2025
Scenario:
Single buyer, age 29, buying a £325,000 two bed flat in Totterdown. Deposit 10 percent, employed in tech with bonus income.
Challenge:
Bonus formed about 20 percent of total income, and they had a small credit card balance that was being cleared monthly.
What we did:
We gathered 12 months bonus evidence, showed consistency, and advised reducing utilisation two months before applying. We also pre collected flat documents including service charge and lease term.
Outcome:
The application sailed through underwriting with minimal questions, and the client completed in under eight weeks. The key was presenting a tidy, predictable profile before the full application.
Social proof note, many Bristol first time buyers in 2025 are in similar “good but slightly complex” positions, and preparation is what keeps them in sharper pricing bands.
16. Glossary of key terms
Agreement in principle (AIP): A lender’s initial view of how much you might borrow.
LTV: Loan to value, mortgage size compared to property value.
Stress test: Affordability at a higher assumed rate.
Gifted deposit: Deposit contributed by family or friends with no repayment expectation.
Underwriting: Lender’s deep review of you and the property.
Valuation: Surveyor check for lender security.
17. Reader checklist and next steps
Ask yourself:
Do I know my real deposit size and timeline?
Is my credit stable with no recent missed payments?
Are my statements clean and consistent for 3 months?
Can I evidence every pound of deposit?
Do I have an AIP ready for viewings?
Am I clear on property type risks in Bristol?
Have I budgeted for hidden costs?
If you want help mapping your position on the acceptance spectrum and choosing a route that fits, we will help you find the right mortgage solution.
18. FAQs
1. How early should I start getting mortgage ready?
Ideally 6 to 12 months before buying, especially if you need to improve credit, save deposit, or stabilise income evidence.
2. What deposit do I need as a first time buyer in Bristol?
Many buyers use 5 to 10 percent, but Bristol prices mean 10 percent can be more comfortable for both affordability and pricing.
3. Will a gifted deposit cause problems?
Usually not if documented properly. You need a letter, a visible fund trail, and confirmation it is a non repayable gift.
4. Do I need an agreement in principle before viewing?
Not always, but it makes offers stronger and helps you move quickly in competitive areas.
5. What credit issues matter most to lenders?
Recent missed payments, defaults in the last few years, high short term borrowing, and heavy use of buy now pay later.
6. Are lenders easing affordability in 2025?
Some have adjusted stress models after FCA guidance, but they still require proof you can afford payments responsibly.
7. How long does a first time buyer purchase take in 2025?
Often 8 to 12 weeks from offer to completion, though flats or complex cases can take longer due to extra checks and legal work.
Final Thoughts
Getting mortgage ready this year means controlling what you can early, deposit plan, credit stability, tidy paperwork, and a realistic Bristol budget. It is likely to save you money, reduce stress, and help you move faster when you find the right home.
We are expert mortgage advisers with experience in getting mortgages for first time buyers across Bristol and beyond.
Get in touch today on 01275 399299
Written by Ben Stephenson, CeMAP-qualified Mortgage Broker, and reviewed by Mortgage Experts.
Manor Mortgages is FCA authorised (496907), has been established for nearly 30 years, and is highly positively reviewed (4.9 rated on Google). We have helped thousands of clients successfully secure the right mortgage solution. Bristol based mortgage brokers, but we can assist nationwide.