First-Time Buyer? Start Here

What this guide covers

This is your roadmap for buying your first home in the UK. We'll walk through everything from figuring out if you're ready to buy, through to the moment you get your keys. No jargon, no assumptions — just clear guidance for each stage.

Are you ready to buy?

Before diving into property searches, it's worth honestly assessing whether now is the right time. There's no "perfect" time to buy, but there are some basics you should have sorted.

Financial readiness

You're probably ready if:

• You have a stable income (employed or self-employed with 2+ years of accounts)
• You've saved a deposit (minimum 5%, ideally 10-20% of your target property price)
• You have some savings left over for moving costs and emergencies
• Your credit score is reasonable (you can check for free with services like ClearScore or Experian)

You might want to wait if:

• Your job situation is uncertain (probation period, contract ending soon)
• You have significant unsecured debt (credit cards, loans)
• Your deposit would leave you with no safety net
• You're planning other major life changes in the next year

Emotional readiness

Buying a home is stressful. The process takes months, involves uncertainty, and you'll probably feel like giving up at least once. That's normal. Going in with realistic expectations helps:

• Expect delays and frustrations
• The chain might break (and you'll start again)
• Your offer might be rejected
• The survey might reveal problems

None of these mean you shouldn't buy — they're just part of the process.

How much can you afford?

The maximum you can borrow depends on your income, outgoings, and deposit. Most lenders use affordability calculators that consider:

• Your salary (typically 4-4.5x your annual income)
• Your regular outgoings
• Your deposit size
• Current interest rates
• Your credit history

The true cost of buying

The purchase price is just part of it. Budget for:

The buying process: step by step

1. Get a mortgage agreement in principle

Before seriously searching, get an Agreement in Principle (AIP) from a mortgage lender. This:

• Shows sellers you're a serious buyer
• Confirms how much you can borrow
• Takes 24-48 hours to arrange
• Doesn't commit you to that lender

You can apply directly to banks or use a mortgage broker. Brokers search across lenders and often have access to deals you can't find yourself.

2. Find your property

This is the part most people focus on — but it's actually the beginning, not the end. When searching:

• Be realistic about your budget and priorities
• View at least 5-10 properties before making offers
• Visit areas at different times (weekday evenings, weekends)
• Look beyond the staging — check windows, boiler age, damp signs

3. Make an offer

When you find the right property:

• Research what similar properties sold for (not asking prices)
• Consider how long it's been on market
• Factor in any work needed
• Make your offer through the estate agent

Your offer might be accepted, rejected, or countered. This is normal negotiation.

4. Mortgage application

Once your offer is accepted:

• Apply formally for your mortgage
• The lender will do a property valuation
• They'll assess your full financial situation
• This typically takes 2-4 weeks

5. Survey

Get an independent survey. Options include:

• Condition Report (£300-400): Basic, best for new builds
• HomeBuyer Report (£400-700): Standard, suits most properties
• Building Survey (£800-1,500+): Comprehensive, for older/unusual properties

The survey might reveal issues. This is your chance to renegotiate or walk away.

6. Conveyancing

Your solicitor or conveyancer handles the legal side:

• Reviewing the contract
• Conducting property searches
• Raising enquiries
• Arranging exchange and completion

This is often the slowest part — typically 8-12 weeks.

7. Exchange and completion

Exchange: Contracts become legally binding. You pay your deposit (usually 10%).

Completion: Money transfers, you get the keys. You're a homeowner.

Common first-time buyer mistakes

1. Viewing too few properties — See at least 10 before making an offer
2. Skipping the survey — Never. It could save you thousands.
3. Ignoring additional costs — Budget for everything, not just the deposit
4. Rushing into decisions — Better to miss one property than buy the wrong one
5. Not checking the area — Visit at different times, talk to neighbours
6. Forgetting about resale — Will you be able to sell this in 5 years?

Help available for first-time buyers

Government schemes

• Lifetime ISA: £1,000 annual bonus on up to £4,000 saved (must be opened before age 40)
• First Homes scheme: 30-50% discount on new builds (eligibility criteria apply)
• Shared Ownership: Buy 25-75%, pay rent on the rest

Stamp duty relief

First-time buyers in England and Northern Ireland pay no stamp duty on properties up to £425,000. Between £425,000-£625,000, you only pay 5% on the amount above £425,000.

Your first-steps checklist

Before you start searching:

• Check your credit score and fix any issues
• Save your deposit plus an extra £5,000-£10,000 for costs
• Gather proof of income (payslips, P60, bank statements)
• Research areas where you could afford to buy
• Get a mortgage Agreement in Principle
• Find a solicitor/conveyancer (don't wait until you need one)

What Really can help with

We're here to help you navigate this process with confidence. Really helps you:

• Search smarter — See all UK listings in one place with real price data
• Understand value — Know what similar properties actually sold for
• Stay organised — Track your search, compare properties, and share with your partner
• Get guidance — Allie helps you understand what to look for at each stage