First-time buyer guide
Buying your first home in the UK is a milestone, but the process can feel opaque. This guide walks you through every stage — from the moment you start saving a deposit to the day you collect the keys — so you know what to expect, what to ask, and where costs will land.
1. Saving your deposit
Most lenders want a minimum 5% deposit, but a 10-15% deposit unlocks meaningfully better rates. On a £250,000 home, that is £12,500 to £37,500 — before fees.
A Lifetime ISA is one of the most effective tools for first-time buyers under 40: save up to £4,000 a year and the government adds a 25% bonus (up to £1,000) toward a first home worth £450,000 or less.
Budget beyond the deposit. Realistic first-time costs include a survey (£400-£1,200), conveyancing (£900-£1,800 with searches), mortgage broker fees if applicable, and moving costs.
2. Getting a mortgage in principle
A Decision in Principle (DIP) is a soft-check statement from a lender showing what they would likely lend. Most estate agents will not put an offer forward without one.
Speak to a whole-of-market broker before going direct. They see products high-street banks will not show you, and they know which lenders are friendlier to smaller deposits, contract work, or thin credit files.
Affordability is calculated on income, outgoings and existing credit commitments — not just salary. Reducing recurring subscriptions and clearing credit card balances a few months out can materially change what you are offered.
3. Making an offer and instructing a solicitor
Once your offer is accepted, the seller's agent will ask for your solicitor's details, your DIP, and proof of funds. Have a conveyancer lined up before you offer — sellers take you more seriously.
Your conveyancer runs local authority, drainage and environmental searches, reviews the title, and raises enquiries with the seller's solicitor. This typically takes 8-14 weeks in England and Wales.
Chase progress weekly. Slow chains are almost always waiting on a single missing document — a management pack, a FENSA certificate, or a signed TR1.
4. Survey, exchange and completion
For most first-time buyers a RICS Level 2 HomeBuyer report is the right choice. For older or unusual properties, upgrade to a Level 3 building survey.
Exchange of contracts is the point of no return: your deposit becomes non-refundable and completion is legally binding. Buildings insurance must be in place from the moment you exchange.
On completion day, funds transfer from your solicitor to the seller's, keys are released, and the property is legally yours. Stamp Duty is paid by your solicitor within 14 days.
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