Couples’ guide to buying your first home together

Buying your first home as a couple is an exciting milestone, but it can also feel overwhelming. With so much to consider, planning and communication are key to ensuring a smooth and successful home-buying journey. Here is a step-by-step guide to help you and your partner navigate the process together.

1. Talk about your goals

Before you dive into property searches, sit down together and discuss your shared goals.

What kind of property are you looking for? A flat, house, or something else?
Where do you want to live? Consider proximity to work, family, and lifestyle needs.
What is your timeline? Are you ready to move soon, or are you planning for the future?
What is your budget? Be clear about how much you are both comfortable spending.

Having an open and honest conversation upfront will help align your expectations and avoid misunderstandings later.

2. Assess your finances together

Buying a home as a couple means combining financial forces. Take stock of:

Your individual savings: How much can each of you contribute to the deposit?
Your credit scores: These will affect your mortgage options.
Joint expenses: Understand your shared financial responsibilities, such as bills and other outgoings.

A mortgage adviser can help you understand your borrowing potential and find the best options based on your combined finances.

3. Agree on ownership structure

When buying as a couple, you’ll need to decide how to structure ownership:

Joint Tenants: You both own the property equally, and if one of you passes away, the other inherits the property.

Tenants in Common: You can own different shares of the property, which may suit couples contributing unequally to the deposit. This option also allows you to pass your share to someone else in your will.

A solicitor can help you understand these options and choose what’s best for you.

4. Get a Mortgage Agreement in Principle (AIP)

An AIP shows how much you could borrow based on your financial situation. This helps you:

Understand your price range.
Show sellers that you are serious buyers.

A mortgage adviser can guide you through this process and find the best deals tailored to your needs.

5. Start house hunting

Now comes the fun part: finding your dream home! Create a list of must-haves and nice-to-haves and visit properties together to ensure they meet both of your expectations.

Remember to consider:

Location and commute times.
Future-proofing: Will this home suit your needs in five years?
Condition of the property: Are you ready for renovations, or do you prefer move-in ready?

6. Make an offer and arrange a mortgage

When you find the right home, it’s time to make an offer. Once accepted, you will need to finalise your mortgage application.

This is where a mortgage adviser can be invaluable, helping you:

Navigate the application process.
Secure competitive rates.
Liaise with lenders to ensure everything runs smoothly.

7. Plan for Additional Costs

It’s not just the deposit and mortgage payments you need to budget for. Consider:

Stamp duty (if applicable).
Solicitor’s fees.
Survey and valuation costs
Moving expenses and initial setup costs for your new home.

8. Celebrate your new home!

Once the paperwork is complete and you’ve got the keys, it’s time to celebrate! Moving into your first home together is a big achievement and a step toward building your future.

Final Thoughts

Buying your first home as a couple is an exciting journey, but it’s also one that requires careful planning and teamwork. By staying organised, communicating openly, and seeking professional advice, you’ll set yourselves up for success.

If you are ready to take the first steps, contact a mortgage adviser to guide you through the process and help make your dream home a reality.

Although every effort has been made to ensure that the information provided in this article is accurate and correct, the information provided does not constitute any form of financial advice. We recommend that you take financial advice before making any financial decisions.