Bromley remains one of London’s most attractive boroughs for first-time buyers. With its excellent schools, transport links to central London, and a mix of modern flats and family homes, it’s easy to see why demand is high. But buying your first property here can feel daunting. This guide shares five key tips to help you navigate the process and secure the right mortgage for your new home.
1. Work Out Your Budget Early
Before booking viewings in Bromley or Beckenham, it’s vital to know how much you can realistically afford. Lenders usually offer around four to four-and-a-half times your income, though this varies depending on your deposit and credit history. Online affordability calculators can give you an initial guide, but speaking to a mortgage adviser provides a clearer picture tailored to your situation.
Don’t forget to budget for ongoing costs like service charges, utilities, and council tax, especially if you’re considering an apartment near Bromley South or Shortlands.
2. Save More Than Just the Deposit
A deposit is essential, but it’s not the only upfront cost. First-time buyers in Bromley should plan for:
- Legal fees: Solicitors usually charge £800–£1,500 depending on complexity.
- Surveys: Expect £300–£700 depending on the property type.
- Stamp Duty: As a first-time buyer, you’ll pay no Stamp Duty on homes up to £425,000. Between £425,001 and £625,000, you’ll only pay on the portion above £425,000.
- Moving costs: Removals, storage, and furnishing add up quickly.
Having funds ready for these extras prevents last-minute stress when your purchase is underway.
3. Get an Agreement in Principle (AIP)
An Agreement in Principle (AIP) shows sellers and estate agents that you’re a serious buyer. In a competitive market like Bromley, this can make the difference between securing your dream home and missing out. An AIP also gives you a clear idea of how much lenders are likely to offer, helping you refine your property search.
4. Understand Your Mortgage Options
Mortgages aren’t one-size-fits-all. Here are some common options for Bromley buyers:
- Fixed-rate mortgages: Provide certainty over monthly payments, ideal for budgeting.
- Tracker mortgages: Follow the Bank of England base rate and can go up or down.
- Low-deposit mortgages: Useful if you only have 5–10% deposit, though interest rates may be higher.
To explore these in detail, check out our First-Time Buyer Mortgages page, where you’ll find clear explanations of each type and guidance on which may suit your needs.
5. Seek Expert Support
Trying to navigate the mortgage market alone can be overwhelming, especially with constant changes in rates and criteria. Accessing advice from qualified mortgage advisers familiar with Bromley gives you a stronger chance of securing the right deal. They can explain lender requirements, help with paperwork, and guide you through the process step by step.
Common Mistakes First-Time Buyers Make
Even the most prepared buyers can trip up. Some common mistakes include:
- Overstretching finances to buy the most expensive property possible.
- Not factoring in future costs like maintenance and service charges.
- Failing to check lease terms on flats, which can affect mortgage eligibility.
- Applying for credit cards or loans just before a mortgage application, which can hurt affordability checks.
A little caution can save you significant stress later on.
Why Choose Bromley?
Bromley offers a balance of suburban comfort and London connectivity. With fast trains from Bromley South to Victoria in under 20 minutes, it’s perfect for commuters. Families are drawn to outstanding schools like Bullers Wood and Hayes, while the mix of Victorian terraces, new-build flats, and spacious homes offers something for every budget.
As London prices continue to rise, Bromley remains more affordable than many inner London boroughs, making it an excellent option for first-time buyers looking for long-term value.
Final Thoughts
Buying your first home is a big step, but with the right preparation it can be an exciting and smooth journey. From setting your budget and saving for costs to choosing the right mortgage product, every step matters. If you’re ready to explore your options, visit our First-Time Buyer Mortgages page to take the next step with confidence.