First-Time Buyers
Buying your first home is a big step. We guide you through it from your first question to getting the keys, in plain English and with no fee for our mortgage advice.
How buying your first home works
- 1
Talk to us
A free, no-obligation chat about your income, deposit and plans. We explain what lenders look for and roughly what you could borrow.
- 2
Agreement in principle
We get an agreement in principle from a suitable lender, so estate agents know you are ready to buy.
- 3
Find a home and make an offer
Once your offer is accepted, we recommend the mortgage and submit the full application.
- 4
Valuation and offer
The lender values the property and issues your mortgage offer. Your solicitor carries out searches and checks.
- 5
Exchange and completion
Contracts are exchanged, the money is sent on completion day, and you get your keys.
Want to get your paperwork ready? See what documents you'll need.
What will buying cost, on top of the deposit?
Stamp duty (with first-time buyer relief), legal fees, survey, mortgage fees and moving costs.
Estimated costs, on top of your deposit
£3,699
- Legal fees (conveyancing)£1,500
- Survey£600
- Mortgage fees£999
- Removals£600
Stamp duty is worked out for a first-time buyer. See the full breakdown.
This is an illustration for general information only. It is not financial, tax or legal advice and does not take your personal circumstances into account. Fees vary between firms and properties, so get quotes before you commit. Starting figures are typical amounts, not quotes.
Also useful: monthly repayment calculator and our mortgage glossary.
Common questions
How much deposit do I need? +
Some lenders accept a 5% deposit, but rates usually improve at 10%, 15% and 25%. The deposit can include savings, a gift from family (with a gift letter), or a Lifetime ISA, and there are also costs such as legal fees and surveys to budget for.
How much can I borrow? +
Often around four to four and a half times your income, but every lender assesses affordability differently, taking into account your outgoings, credit commitments and household. Some lenders offer more for certain professions or higher incomes. We find the lender that fits you best.
Can my family help? +
Yes. Common ways are a gifted deposit, a guarantor, or a joint borrower sole proprietor mortgage, where a family member's income helps you borrow more without them owning part of the home. Each has implications for them, so it is worth talking through.
Do first-time buyers pay stamp duty? +
In England and Northern Ireland, first-time buyers pay no stamp duty up to £300,000 and 5% on the portion from £300,001 to £500,000. Scotland has its own relief, and Wales has no separate relief. Our stamp duty calculator works it out for you.
What about the Lifetime ISA and shared ownership? +
A Lifetime ISA adds a government bonus to your savings towards a first home, within limits set by the government, and shared ownership lets you buy a share of a home and pay rent on the rest. Check the current rules on GOV.UK, and we can explain how either would work with your mortgage.
Ready to start?
We search the whole market, explain your options in plain English, and there is normally no fee for our mortgage advice.