Everything you need to know about buying your first home in the UK
Buying your first home is an exciting milestone. We’ll guide you through every step of the journey, from saving your deposit to getting your keys.
Quick Facts for First-Time Buyers
- Average first-time buyer deposit: 15% of property price
- Stamp duty relief available on properties up to £425,000
- Typical timeline: 12-16 weeks from offer to completion
- Government schemes available to help you buy
Are You Ready to Buy?
Before starting your property search, make sure you:
- Have a deposit saved – Usually minimum 5-10% of the property price
- Know your budget – Use a mortgage calculator to see what you can afford
- Have a stable income – Lenders typically want to see 3-6 months of payslips
- Checked your credit score – Fix any issues before applying for a mortgage
- Budgeted for additional costs – Legal fees, surveys, moving costs
Step-by-Step Process
Get Your Finances Ready
Sort out your deposit, check your credit score, and get a mortgage Agreement in Principle (AIP).
Find a Property
Search online, register with estate agents, and attend viewings.
Make an Offer
When you find the right property, make an offer through the estate agent.
Arrange Your Mortgage
Once your offer is accepted, make a full mortgage application.
Instruct a Solicitor
Your solicitor handles the legal work (conveyancing).
Get a Survey
Don’t rely on the mortgage valuation. Get a proper survey.
Exchange Contracts
When all checks are complete, you’ll exchange contracts and pay your deposit.
Complete and Move In
On completion day, your solicitor transfers the money and you get the keys.
Government Schemes
Stamp Duty Relief
First-time buyers pay no stamp duty on properties up to £425,000. On properties up to £625,000, you only pay on the amount above £425,000.
Lifetime ISA
Save up to £4,000 per year and get a 25% government bonus. Can be used for homes up to £450,000.
Shared Ownership
Buy a share of a property (25-75%) and pay rent on the rest.
Costs to Budget For
| Cost | Typical Amount |
|---|---|
| Deposit | 5-20% of property price |
| Mortgage fees | £0-2,000 |
| Legal fees | £800-1,500 |
| Survey | £400-1,000 |
| Searches | £250-350 |
| Moving costs | £300-1,000 |
🏠 First-Time Buyer Tips
- Start saving early – even small amounts add up
- Check your credit report 6 months before applying
- Get Agreement in Principle before viewing
- Don’t max out your budget – leave room for emergencies
- Factor in ongoing costs like maintenance and bills