First-Time Buyer? Start Here

I remember the exact moment I decided to buy. I was scrolling through Rightmove on a Sunday morning, half-awake, when I realised I'd been doing this for months without actually doing anything about it. That day, I typed "how to buy a house UK" into Google and felt immediately overwhelmed.

Every guide I found assumed I already knew things I didn't know. Mortgage in principle? Agreement in principle? Are those the same thing? What's conveyancing? Why does everyone keep mentioning chains?

This is the guide I wish I'd found. No assumptions. No jargon without explanation. Just the honest walkthrough I needed when I was you.

You're not alone in feeling overwhelmed

If you're feeling a mixture of excitement, terror, and complete confusion, that's exactly how you should feel. Buying a home is probably the biggest purchase you'll ever make, and nobody teaches you how to do it.

The good news? The process itself isn't that complicated once you understand it. The hard part is the emotional toll—the waiting, the uncertainty, the competition with other buyers. But we'll get to that.

Here's what this guide covers:

• How to know if you're actually ready to buy
• What you can realistically afford
• The eight stages of buying, explained clearly
• Why being a first-time buyer is actually an advantage
• The mistakes I made (so you don't have to)
• What nobody tells you about the emotional side

Let's start with the question you're probably asking yourself right now. If you want a more detailed assessment of your readiness, our am I ready to buy guide digs deeper into the financial and life circumstances that indicate you're ready to start.

Are you ready to buy?

Readiness isn't just about money. It's financial AND emotional, and the two are more connected than you'd think.

Financial readiness signals

You're probably financially ready if:

You have a deposit saved. The minimum is 5% of the property price, but 10-15% opens up better mortgage rates. On a £300,000 property, that's £15,000-£45,000. If you're not there yet, that's okay—but you need a realistic savings timeline.

Your income is stable. Lenders want to see at least three months of payslips, ideally from a permanent job. If you're self-employed, you'll need two to three years of tax returns.

Your credit is in reasonable shape. Not perfect—reasonable. Check your credit report (it's free through services like ClearScore or Experian). If there are issues, you may still be able to get a mortgage, but it's worth knowing now.

You've budgeted beyond the purchase price. The deposit isn't the only cost. Expect to pay £7,000-15,000 in additional fees: solicitor costs, surveys, mortgage fees, moving costs. Many first-time buyers underestimate this and it causes real stress later.

Life readiness signals

Money aside, consider:

Will you stay put for at least 3-5 years? Buying and selling is expensive. If there's a good chance you'll move cities, change jobs, or have major life changes within a few years, it might make sense to wait.

Is your job situation stable? Not just your income—your location. Buying ties you to an area in a way renting doesn't.

Do you have time for this process? Buying a house is genuinely time-consuming. Viewings happen during evenings and weekends. Paperwork needs attention. If you're in the middle of a career crisis or major life stress, adding this might not be wise.

When it might make sense to wait

I'm not going to pretend everyone should buy right now. Sometimes waiting is genuinely the right call:

• You have significant debt to clear first
• Your credit score needs repair (this takes 6-12 months typically)
• You're not sure where you want to live
• A major life change is imminent (job change, relationship uncertainty)
• You don't have an emergency fund separate from your deposit

There's no shame in waiting. Buying before you're ready creates more stress than it solves.

What can you afford?

This is where the numbers come in. I'll keep it simple.

The basic formula

According to FCA mortgage conduct rules, most lenders will lend you 4-4.5 times your annual salary. If you earn £40,000, that's roughly £160,000-£180,000. If you're buying with a partner earning the same, double it.

Add your deposit to that borrowing amount, and you have your budget.

Example:

• Combined income: £70,000
• Maximum borrowing (4.5x): £315,000
• Deposit saved: £35,000
• Maximum property price: £350,000

But here's what the calculators don't tell you.

The real cost isn't just the purchase price

I wish someone had shown me this breakdown before I started. Here's what a £300,000 purchase actually costs:

That's on top of whatever emergency fund you want to keep. The rule of thumb: budget 3-5% of the purchase price for additional costs, on top of your deposit.

The deposit myth

Everyone says you need 20%. The data says otherwise.

The median first-time buyer deposit in 2024 was 15%, not 20%. Nearly one in three first-time buyers purchased with 10% or less. The 20% figure comes from wanting the best mortgage rates, but it's not a requirement.

Here's how deposit size affects your options:

If you're waiting to hit 20% but could buy now with 10%, you might want to reconsider. You can remortgage to better rates once you've built equity.

The buying process: an overview

There are eight main stages. Some run in parallel, some don't. Here's the roadmap.

Stage 1: Get mortgage in principle

Before you view a single property, get a Mortgage in Principle (MIP). This is a preliminary indication from a lender of how much they'd likely lend you, based on your income and credit check.

Why it matters:

• Estate agents take you seriously
• You know your actual budget
• You won't fall in love with something you can't afford
• When you want to make an offer, you can move fast

Getting an MIP typically takes 24 hours to a few days and involves a soft credit check (doesn't affect your score). It's usually valid for 60-90 days.

Stage 2: Search and view

Now the fun part. And by fun, I mean obsessive Rightmove checking at 2am.

Register with local estate agents—they sometimes see properties before they hit the portals. Set up alerts. Define your non-negotiables (location, size, transport links) versus nice-to-haves.

The average buyer views 10-15 properties before finding one. Don't be disheartened if the first few aren't right—you're calibrating what you actually want versus what you thought you wanted.

Stage 3: Make an offer

Found one? Make an offer through the estate agent. Offers are verbal first, then confirmed in writing.

Your offer will be stronger if you:

• Have your MIP ready to show
• Are chain-free (you are—that's an advantage)
• Can be flexible on completion dates
• Seem organised and ready to move

The agent will present your offer to the seller. They might accept, reject, or counter-offer. This back-and-forth can take days or weeks.

Stage 4: Offer accepted—now what?

Your offer is accepted. You probably expected relief. Instead, you feel more anxious than ever.

Nobody tells you this, but the weeks after acceptance are often the hardest. The sale isn't legally binding yet. The seller could still accept a higher offer (gazumping). You could still discover problems. Everything feels precarious.

What happens now:

• Instruct a solicitor (also called a conveyancer). They handle the legal work.
• Book a survey. This inspects the property for problems.
• Submit your formal mortgage application. The lender will arrange a valuation.

Stage 5: Surveys and mortgage

These run in parallel, taking 2-4 weeks typically.

The survey checks the property's condition. Types range from basic (£300-400) to comprehensive (£500-1,000+). See survey types explained for guidance. Your survey might find issues—that's normal. You'll decide whether to proceed, renegotiate, or walk away. For new build properties, a snagging inspection is more valuable than a traditional survey—learn more in our new build survey guide.

The mortgage application is your formal request to borrow. The lender values the property and reviews your finances. If approved, they issue a mortgage offer—usually valid for 3-6 months.

Stage 6: Conveyancing

This is where you wait. A lot.

Your solicitor:

• Conducts searches (checking for planning issues, flood risk, local authority matters)
• Reviews the contract from the seller's solicitor
• Sends enquiries (questions about the property)
• Manages replies to your lender's requirements

Typical timeline: 8-12 weeks from offer to exchange. Much of this is waiting for third parties—local authorities, the other solicitor, your lender.

Stage 7: Exchange of contracts

This is the moment it becomes real. Your solicitor and the seller's solicitor exchange identical, signed contracts over the phone. From this moment, the sale is legally binding.

You'll pay your deposit (typically 10% of the purchase price, though your mortgage deposit counts toward this). You must have buildings insurance from this day—you're legally responsible for the property now.

Exchange to completion is typically 7-28 days.

Stage 8: Completion

Completion day. Your lender releases the funds. Your solicitor transfers the money. The seller's solicitor confirms receipt. The keys are released—usually collected from the estate agent.

You own a home.

Why first-time buyers have advantages

Being chain-free is a genuine advantage, and you shouldn't underestimate it.

No chain means less risk

Most property sales involve chains—buyer A buys from seller B who buys from seller C, and so on. Each link is a potential failure point. If one sale falls through, the whole chain can collapse.

You have no chain. You're not waiting to sell another property. You're not dependent on someone else's buyer. This makes you a more attractive buyer.

Stamp duty relief

According to HMRC Stamp Duty Land Tax rules, first-time buyers in England and Northern Ireland pay no stamp duty on properties up to £300,000. Between £300,001 and £500,000, you pay 5% on the portion above £300,000.

On a £400,000 property, that saves you £2,500 compared to a non-first-time buyer.

Important: This threshold was reduced in April 2025. It was previously £425,000. Make sure any advice you're reading is current.

Sellers prefer you

In competitive situations, sellers often prefer first-time buyers even at slightly lower offers. Why? Because you're less likely to fall through.

Getting started: your first steps

If you're ready to begin, here's your action list:

Step 1: Check your credit. Use a free service like ClearScore, Experian, or Credit Karma. Look for anything unexpected. If there are issues, address them before applying for mortgages.

Step 2: Start gathering documents. You'll need three months of payslips, three months of bank statements, ID, and proof of address. If self-employed, you'll need SA302 tax documents and accounts.

Step 3: Get your mortgage in principle. Talk to a mortgage broker (they're often free—paid by lenders) or go directly to banks. Get a sense of what you can borrow.

Step 4: Define your criteria. Location, property type, size, budget. Be honest about non-negotiables versus nice-to-haves. Most buyers compromise somewhere.

Step 5: Start viewing. With MIP in hand, you're ready. Don't rush to make an offer—use early viewings to understand what's available and calibrate your expectations.

Common first-time buyer mistakes

I made several of these. Learn from me.

Starting too narrow

My first search was a single postcode with very specific requirements. I saw almost nothing. When I broadened my criteria, I found properties I wouldn't have considered—and one of them became my home.

Start wider than you think. You can always narrow down.

Underestimating costs

I budgeted for the deposit and forgot about everything else. The survey bill surprised me. The solicitor's disbursements surprised me. The immediate costs of moving in surprised me.

Budget 3-5% of the purchase price for additional costs, on top of your deposit.

Skipping mortgage in principle

I started viewing before I had my MIP. When I found a property I loved, another buyer—who was ready to go—beat me to it. I lost that flat because I wasn't prepared.

Get your MIP before you start viewing. Seriously.

Emotional decision-making

It's hard not to fall in love with a property and overlook problems. I nearly bought a flat with obvious damp issues because I loved the location. The survey saved me.

Stay rational. A property is a major financial decision, not just an emotional one.

Moving too slowly

When you find the right property, move fast. In competitive markets, hesitation costs you. Have your MIP ready, your solicitor lined up, and be prepared to make an offer quickly.

The emotional reality

Nobody tells you this, but house buying is emotionally exhausting. I want to be honest about that.

It will take longer than you think

The average timeline is 4-6 months from starting to search to getting keys. Some buyers take much longer. I was searching for 11 months.

Don't set a hard deadline for yourself. That creates unnecessary stress.

You will feel frustrated

The process involves a lot of waiting. Waiting for viewings. Waiting for offer responses. Waiting for survey results. Waiting for solicitors. Waiting for mortgage approval. Waiting for exchange. Waiting for completion.

The waiting is the hardest part.

Rejection is normal

You might have offers rejected. Properties you love might go to other buyers. Sales might fall through. This happens to most buyers at some point.

The wait after acceptance is brutal

You know that feeling when you're waiting for important news and you can't think about anything else? That's the 8-12 weeks between offer acceptance and completion.

There will be days when you're convinced it's all falling apart. There will be days when you hear nothing from anyone. There will be days when you want to give up.

But it does end. And when you finally pick up those keys—when you walk into a place that's actually, legally, impossibly yours—you'll understand why everyone says it's worth it.

Frequently asked questions

How much deposit do I really need?

The minimum is 5% of the property price, but 10% opens up better rates and more lender options. The average first-time buyer puts down 15%. On a £300,000 property, that's £15,000-£45,000. You don't need 20% despite what older advice might say.

Can I buy with bad credit?

Yes, but your options will be limited and rates higher. Specialist lenders work with buyers who have credit issues. A mortgage broker can help you find appropriate options. If possible, spend 6-12 months improving your credit score before applying.

Is Help to Buy still available?

The Help to Buy equity loan scheme closed in March 2023. Current options per MoneyHelper guidance include the Lifetime ISA (25% government bonus on savings up to £4,000/year), Shared Ownership, and the First Homes scheme offering 30-50% discounts on new builds.

How long does the process take?

Typically 4-6 months from starting your search to getting keys. The purchase itself (offer to completion) takes 8-12 weeks on average. Some are faster; some take longer. Build in buffer time and don't set hard deadlines.

When should I start looking?

Once you have your mortgage in principle. This shows you what you can actually afford and signals to agents you're a serious buyer. Getting an MIP doesn't commit you to anything—it just means you're prepared when you find the right property.

Next steps

You've reached the end of this guide, which means you're already better prepared than I was when I started.

Here's where to go from here:

The journey from here isn't easy. It's not quick. There will be moments you want to give up.

But you've got this.