Buying your first home is one of the biggest financial decisions most people ever make, and the process can feel unfamiliar the first time round. This guide walks through each stage in order, so you know roughly what to expect and when.
Before you start viewing properties seriously, it is worth speaking to a mortgage adviser to understand what you can realistically borrow. An Agreement in Principle (AIP), sometimes called a Decision in Principle, is an indicative confirmation from a lender of how much they might lend you, based on a soft credit check and some basic financial information. It is not a guaranteed mortgage offer, but most estate agents and sellers will expect to see one before taking an offer seriously, because it shows you are a credible buyer. Our partner, Giles Finance, provides independent, whole-of-market mortgage advice and can talk you through the options available to first-time buyers, including any current schemes for smaller deposits.
Once you know your budget, you can search with confidence. Use our residential property search to filter by price, bedrooms and location, and book viewings for anything that looks promising - photos rarely tell the whole story. When you find the right property, your offer is made through the estate agent, who will present it to the seller. Offers are typically made subject to contract and subject to survey, meaning either side can still withdraw before contracts are formally exchanged.
As soon as an offer is accepted, instruct a conveyancing solicitor or licensed conveyancer to handle the legal side of the purchase. They will carry out local authority searches, check the title deeds, raise enquiries with the seller's solicitor, and eventually prepare the contract for exchange. It is worth instructing a solicitor early, since searches can take several weeks to come back depending on the local authority.
Your lender will arrange a mortgage valuation to confirm the property is worth what you are paying for it - this protects the lender, not you. Most buyers also commission their own independent survey (a HomeBuyer Report or a full Building Survey for older or unusual properties) to identify any structural issues, damp, or required repairs before committing. Any significant findings can be used to renegotiate the price or request works before completion.
Exchange is the point at which the transaction becomes legally binding on both parties. You will pay your deposit (usually 5-10% of the purchase price, though this varies) and agree a completion date. Before exchange, make sure your mortgage offer is in place, your deposit funds are ready, and you have arranged buildings insurance to start from the exchange date, since you become responsible for the property at this point even though you have not yet moved in.
On completion day, the remaining funds are transferred to the seller's solicitor, the property legally becomes yours, and you collect the keys - usually from the estate agent. It is sensible to arrange removals in advance but keep some flexibility in the day, since completions can occasionally be delayed by a few hours while funds clear through the banking system.
In England and Northern Ireland, most property purchases above a certain price attract Stamp Duty Land Tax (SDLT), with a reduced rate or relief typically available for first-time buyers up to a threshold. These thresholds and rates are set by the Government and are revised from time to time, so always check the current rates on gov.uk or ask your solicitor to confirm the figure that applies to your purchase, rather than relying on a figure you have seen elsewhere. Scotland and Wales have their own equivalent taxes (LBTT and LTT respectively) with their own thresholds. Beyond SDLT, budget for solicitor's fees, survey costs, mortgage arrangement fees, and removals.
Speak to a mortgage adviser and get an Agreement in Principle. Set a realistic budget including all the additional costs above, not just the deposit. Instruct a solicitor as soon as your offer is accepted. Commission an independent survey, even if your lender's valuation comes back clean. Arrange buildings insurance from the exchange date. Confirm your SDLT position with your solicitor before completion.
If you are starting your search, browse our current homes for sale, use our mortgage calculator to get a feel for monthly repayments, or book a free valuation if you are buying and selling at the same time.