First Time Buyer Focus: Getting Budget Ready Ahead of March

With the Chancellor’s March Budget approaching, there’s often speculation around changes that could affect first-time buyers. While the detail is never known in advance, being prepared now puts you in a stronger position to respond quickly if anything works in your favour.

Get clear on your deposit and finances
Start by knowing exactly how much you have available for a deposit, including savings, family gifts or bonuses. If you hold a Lifetime ISA, check your balance and bonus position so you can make informed decisions if contribution limits or incentives change.
It’s also sensible to have key documents ready - recent payslips, bank statements and proof of income - which helps avoid delays if you need to move quickly.

Secure a mortgage agreement in principle
A mortgage agreement in principle shows what you can borrow under current lending criteria. If the Budget introduces changes, you’ll immediately understand whether your borrowing position improves.
It also reassures sellers that you’re a serious and qualified buyer, which can strengthen your position when making an offer.

Research your search areas properly
Having a clear idea of the locations, property types and price ranges you’re targeting allows you to act decisively. Understanding local values helps you recognise good buying opportunities if competition increases.
Registering with local agents and setting up property alerts ensures you don’t miss suitable homes coming to market.

Understand existing first-time buyer schemes
Being familiar with current schemes makes it much easier to assess any changes announced in the Budget. You’ll be able to see quickly whether new measures genuinely improve your options or simply adjust what’s already available.
Some schemes involve application lead times, so early awareness can help avoid unnecessary delays.

Check your credit score early
Review your credit reports and correct any inaccuracies as soon as possible. If improvements are needed, addressing them now gives your score time to recover before you apply.
Make sure you’re registered on the electoral roll at your current address. This can have a meaningful impact on your credit score, but changes can take several weeks to show.

Be mindful of timing
Budget measures often link to the new tax year in April. Some benefits may be time-limited or tied to contribution deadlines, so understanding the timing helps you plan deposits and applications more effectively.

Keep expectations realistic
Budget announcements for first-time buyers are often refinements rather than major overhauls. Preparation is sensible, but pausing your search entirely can mean missing good opportunities that already work for you.

If you’d like advice on how to position yourself ahead of the Budget, or help interpreting any announcements once they’re made, our team is here to help.