Stage 1: Get Your Finances Ready
Before you start viewing properties, know how much you can borrow. Get a mortgage in principle (also called an agreement in principle) from a lender or mortgage broker — this is a preliminary check based on your income, outgoings, and credit history. It typically costs nothing and takes 15–30 minutes online.
Save for a deposit (typically 5–20% of the purchase price), plus buying costs: solicitor fees, survey, mortgage fees, and moving costs. On a £250,000 property with a 10% deposit, budget at least £30,000–£35,000 total. Check if you qualify for a Lifetime ISA bonus (25% government top-up on savings up to £4,000/year for first-time buyers under 40).
- ►Check your credit report: Review your Experian, Equifax, and TransUnion reports for errors. Even small mistakes can affect mortgage applications.
- ►Reduce outstanding debt: Lenders assess affordability including existing debts. Paying down credit cards and loans improves your borrowing capacity.
- ►Save bank statements: Most lenders want 3 months of bank statements. Avoid gambling transactions and irregular large transfers during this period.
- ►Get mortgage in principle: This shows sellers and agents you're a serious buyer. It's not a guarantee but it's essential before making offers.
Stage 2: Find and Research Properties
Start on Rightmove, Zoopla, and OnTheMarket — these are the three main UK property portals. Set up alerts for your criteria and don't just look at the photos: read the listing description carefully for coded language ('in need of modernisation' means requires significant work, 'cosy' means small, 'characterful' often means old systems).
Research the area before viewing: check crime data, flood risk, school catchments, council tax bands, broadband speeds, and transport links. All of this data is available free through our area pages and free tools. Or paste any listing URL into HomeThink for an instant AI analysis covering all of these factors.
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Try free — first Pro analysis includedStage 3: Make an Offer and Instruct Professionals
When you find a property, make an offer through the estate agent. Offers below asking price are common — 5–10% below is a reasonable starting point in most markets, though competitive areas may require at or above asking. Your offer is not legally binding until exchange of contracts.
Once your offer is accepted, instruct a solicitor (get quotes from 3 providers), apply for your full mortgage, and commission a survey. All three can proceed in parallel. Your solicitor will request a legal pack from the seller's solicitor and begin searches.
Stage 4: Exchange and Completion
Exchange of contracts is the point of no return — after exchange, pulling out costs you the deposit (typically 10% of the purchase price). Your solicitor will confirm the completion date (usually 1–4 weeks after exchange), and you must have buildings insurance in place from exchange.
On completion day, your solicitor transfers the purchase funds, the seller's solicitor confirms receipt, and the estate agent releases the keys. You're now a homeowner. Register with the council for council tax, set up utilities, and redirect your post.
First-Time Buyer Stamp Duty Relief
From April 2025, first-time buyers in England and Northern Ireland pay no stamp duty on the first £300,000 of properties up to £500,000. Above £300,000 (up to £500,000), you pay 5% on the excess. Properties above £500,000 don't qualify for first-time buyer relief — standard rates apply.
Scotland offers LBTT relief for first-time buyers up to £175,000. Wales offers no specific first-time buyer relief for LTT. Use our stamp duty calculator to get exact figures for your purchase.
Frequently Asked Questions
How much deposit do I need as a first-time buyer in the UK? The minimum deposit for most mortgages is 5% of the purchase price, but a 10% deposit significantly improves the mortgage rates available to you — on a £250,000 property that means £12,500 minimum, though £25,000 is preferable.
What is a mortgage in principle and do I need one before viewing? A mortgage in principle (also called an agreement in principle) is a preliminary assessment from a lender confirming how much they would likely lend — estate agents take your offers more seriously when you have one, and some will not accept offers without it.
How long does the first-time buyer process take from saving to completion? Allow 6–18 months total: 3–12 months to save the deposit (depending on your circumstances), then 3–4 months from starting your property search to finding a suitable home, followed by 12–16 weeks from offer to completion.
What government schemes are available for first-time buyers in 2026? The Lifetime ISA offers a 25% government bonus on savings up to £4,000/year (maximum £1,000 bonus) for first-time buyers under 40 — check GOV.UK for current availability of other schemes, as the Help to Buy equity loan closed to new applicants in 2023.
Can I use a gifted deposit from family as a first-time buyer? Yes — gifted deposits from family members are accepted by most lenders, but you will need a signed letter from the donor confirming the money is a gift (not a loan) and confirming they have no interest in the property.
Key Takeaways
- ✓Get a mortgage in principle before viewing properties — it proves to sellers you're a serious buyer
- ✓Budget for deposit plus £3,000–£7,000 in buying costs (solicitor, survey, mortgage fees)
- ✓Research the area before viewing: crime, flood risk, schools, transport, and council tax
- ✓Instruct your solicitor and apply for your mortgage immediately after offer acceptance
- ✓Buildings insurance is required from exchange of contracts, not completion
- ✓First-time buyers pay no stamp duty on properties up to £300,000 (England & NI)