Buying your first home is exciting — and a bit terrifying. Here's the whole journey mapped out, so you always know where you are and what's coming next.
Step 1: Work out your budget
Look at your savings, income and monthly outgoings. Remember you'll need money for more than the deposit: solicitor fees, surveys, removals and possibly stamp duty.
Step 2: Save your deposit
You can buy with as little as a 5% deposit, and the government-backed mortgage guarantee scheme supporting 95% mortgages has been made permanent. A 10% or 15% deposit will usually unlock noticeably lower rates — see how LTV bands affect what you pay.
- Lifetime ISA (LISA): save up to £4,000 a year and the government adds a 25% bonus (up to £1,000 a year). It can be used on a first home costing up to £450,000.
- Gifted deposits from family are accepted by many lenders, with evidence of the gift and source of funds.
- Shared Ownership lets you buy a share of a home and pay rent on the rest.
Step 3: Get a Mortgage in Principle
A Mortgage in Principle (MIP, also called an Agreement in Principle) shows estate agents you're serious and tells you roughly how much a lender will offer. It's free through a broker.
Step 4: Find a home and make an offer
Once your offer is accepted, instruct a solicitor or conveyancer and submit your full mortgage application.
Step 5: Valuation, survey and mortgage offer
The lender values the property. We'd always recommend your own survey too, so there are no nasty surprises. Once approved, you'll get a formal mortgage offer.
Step 6: Exchange and completion
At exchange, contracts become legally binding and you pay your deposit. On completion day the money moves and you get your keys!
First-time buyer stamp duty relief
In England and Northern Ireland, first-time buyers pay no stamp duty on the first £300,000 of a home costing up to £500,000, and 5% on the portion between £300,001 and £500,000. Homes over £500,000 don't qualify for relief. Scotland and Wales have their own taxes and rules.
Expert tip: Most first-time buyers we work with are surprised how many options there are once you look beyond the high street banks. A chat costs nothing.
This guide is general information, not personal advice. Figures are correct at the time of updating and rules can change. Your home may be repossessed if you do not keep up repayments on your mortgage.
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