Buyer Guide
First-Time Buyer Hub
Your step-by-step guide to buying your first home in the UK. From saving a deposit to getting your keys — everything you need to know in one place.
Step 1: Save Your Deposit
Most first-time buyer mortgages require a 5-10% deposit, though 10-15% will unlock better interest rates. For a £250,000 property, you need £12,500 at 5% or £25,000 at 10%.
Lifetime ISA: Save up to £4,000 per year and receive a 25% government bonus (up to £1,000/year). Must be aged 18-39 to open, and the property must cost £450,000 or less. The bonus can add significantly to your deposit over several years.
Bank of Mum and Dad: Around 50% of first-time buyers receive help from family. Gifted deposits are accepted by most lenders with a signed gift letter confirming no repayment is expected.
Step 2: Get a Mortgage Agreement in Principle
An AIP (also called a Decision in Principle) confirms how much a lender is willing to offer you. It involves a soft credit check and assessment of your income and outgoings. Most AIPs are valid for 60-90 days and make your offer stronger when competing with other buyers.
Step 3: Find Your Property
Search on Rightmove, Zoopla, and OnTheMarket. Register with local estate agents. Attend viewings and assess the property for structural issues, location quality, transport links, and future development nearby. Never feel pressured to make a quick decision.
Step 4: Make an Offer
Research comparable sold prices to inform your offer. Consider the property's time on market, seller motivation, and local market conditions. Your offer is not legally binding until contracts are exchanged.
Step 5: Surveys and Legal Work
Mortgage Valuation: Your lender will instruct a basic valuation (sometimes free) to confirm the property is adequate security for the loan.
Homebuyer Survey (Level 2): A more detailed inspection covering the property's condition, defects, and maintenance issues. Recommended for most purchases (£400-700).
Building Survey (Level 3): The most comprehensive survey. Recommended for older, larger, or unusual properties (£600-1,500).
First-Time Buyer Stamp Duty Relief
From 1 April 2025, first-time buyers pay no stamp duty on the first £300,000, and 5% on the portion from £300,001 to £500,000. If the property costs more than £500,000, the relief does not apply and standard rates are charged. The temporary higher thresholds (£425,000 / £625,000) ended on 31 March 2025.
Calculate your stamp duty →Budget for Additional Costs
- Solicitor/conveyancer fees: £800-1,500
- Survey: £400-1,500 depending on type
- Mortgage arrangement fee: £0-2,000
- Stamp duty: see calculator above
- Removal costs: £300-1,500
- Furniture and essentials: £2,000-10,000
- Buildings insurance: required from exchange (£150-400/year)