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First-time Buyer's Mortgage Guide (2026)
Buying Your First Home? Start Here
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Buying your first home is exciting, but it can also feel overwhelming.
From saving a deposit to understanding mortgage affordability, many first-time buyers aren't sure where to begin. The good news is that the mortgage process becomes much simpler when you understand the steps involved.
In this guide, we'll explain everything you need to know before purchasing your first property.
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How Much Deposit Do First-Time Buyers Need?
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Many lenders offer mortgages with deposits starting from 5%.
Property £200,000 = Deposit £10,000
Property £250,000 = Deposit £12,500
Property £300,000 = Deposit £15,000
While larger deposits can unlock more competitive mortgage rates, many first-time buyers successfully purchase with smaller deposits.
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Understanding Mortgage Affordability
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Mortgage lenders assess affordability rather than simply multiplying your income.
Factors include:
• Salary and employment status
• Monthly expenditure
• Existing loans and commitments
• Credit history
• Deposit size
Every lender has different criteria, which is why speaking with a mortgage broker can help you understand your options.
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Why Your Credit Profile Matters
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Before applying for a mortgage, it's worth checking your credit report.
Simple steps that may help include:
• Registering on the electoral roll
• Making payments on time
• Avoiding unnecessary credit applications
• Checking your report for inaccuracies
Having less-than-perfect credit doesn't automatically mean you can't get a mortgage.
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What Is An Agreement In Principle?
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An Agreement in Principle (AIP) is an indication from a lender showing how much they may be willing to lend.
Benefits include:
• Understanding your budget
• Demonstrating you're a serious buyer
• Strengthening your position when making an offer
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Questions To Ask When Viewing A Property
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• How old is the boiler?
• Has the property had any major repairs?
• Are there any service charges?
• What are the average utility costs?
• Is any furniture included in the sale?
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What Happens After Your Offer Is Accepted?
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1. Mortgage Application
2. Property Valuation
3. Legal Work
4. Mortgage Offer
5. Exchange of Contracts
6. Completion
Funds are transferred and you receive the keys to your new home.
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Common First-Time Buyer Mistakes
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• Not understanding the full cost of moving
• Viewing properties before understanding affordability
• Focusing only on monthly payments
Remember to budget for solicitor fees, surveys, moving costs and furnishings.
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Frequently Asked Questions
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Can I buy with a 5% deposit?
Yes.
Do I need perfect credit?
No.
How long does the mortgage process take?
Typically 8–16 weeks.
Should I use a mortgage broker?
A broker can compare lenders and guide you through the process.
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Ready To Take The First Step?
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Book your FREE First-Time Buyer Consultation today.
✓ Understand your budget
✓ Explore mortgage options
✓ Prepare for your application
✓ Move forward with confidence
Horizon Mortgages — Helping you move forward.
Why Profitable Businesses Still Run Out of Cash
Profit Doesn’t Always Mean Cash in the Bank
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One of the most common misconceptions among business owners is believing that a profitable business automatically has healthy cash flow.
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In reality, many profitable businesses experience cash shortages.
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Understanding the difference between profit and cash flow is essential for maintaining financial stability and supporting long-term growth.
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Profit vs Cash Flow: What’s the Difference?
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Profit is the money left after deducting expenses from revenue.
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Cash flow refers to the actual movement of money in and out of the business.
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A business can be profitable on paper while still struggling to pay suppliers, wages, or tax liabilities.
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Common Reasons Businesses Experience Cash Flow Problems
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Late Customer Payments
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Many businesses issue invoices promptly but wait weeks or even months to receive payment.
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The longer customers take to pay, the more pressure is placed on working capital.
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Rapid Growth
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Growth often requires:
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Additional stock
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New equipment
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Recruitment costs
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Increased operating expenses
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While growth is positive, it can create short-term cash flow pressure.
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High Overheads
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Fixed costs such as rent, salaries, insurance, and utilities continue regardless of sales performance.
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If costs increase faster than revenue, cash flow can quickly become strained.
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Poor Financial Visibility
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Without regular reporting, business owners may not identify issues until cash reserves are already under pressure.
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Warning Signs of Cash Flow Problems
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Watch for:
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Increasing overdraft usage
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Difficulty paying suppliers on time
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Delayed VAT or tax payments
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Growing debtor balances
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Reliance on short-term borrowing
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Identifying these signs early allows corrective action to be taken before
problems escalate.
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How to Improve Cash Flow
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Invoice Promptly
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Send invoices immediately after work is completed and follow up overdue balances consistently.
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Monitor Debtor Days
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Track how long customers take to pay and implement clear credit control procedures.
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Produce Regular Cash Flow Forecasts
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Forecasting helps identify future cash shortages and provides time to plan accordingly.
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Review Costs Regularly
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Evaluate subscriptions, overheads, and supplier contracts to ensure spending remains efficient.
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Use Management Accounts
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Management accounts provide up-to-date financial information that helps identify trends and support proactive decision-making.
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Why Cash Flow Forecasting Matters
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A cash flow forecast allows business owners to:
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Predict future cash balances
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Plan investments
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Manage tax liabilities
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Prepare for seasonal fluctuations
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Businesses with strong forecasting processes are often better positioned to handle uncertainty and growth.
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How Summit Accounting Group Supports Businesses
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At Summit Accounting Group, we help businesses improve financial visibility through management accounts, cash flow forecasting, and strategic financial support.
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Our goal is to help business owners stay in control of their finances and make confident decisions based on accurate, timely information.
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Conclusion
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Profitability is important, but cash flow keeps a business operating.
Understanding the difference between the two is essential for sustainable growth and financial stability.
With the right reporting, forecasting, and support, businesses can improve cash flow and reduce the risk of unexpected financial challenges.
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