First-time buyers guide

Buying your first home is an exciting step, and can come with a lot of questions, such as how to save up for a deposit, what first-time buyer schemes you can use, how long does it take, and what is a conveyancer? In our first-time buyers guide below, we answer all your questions so you can make that first step onto the property ladder with confidence.

1. How much deposit do I need to buy a house?

2. What is a mortgage and how do I get one?

3. What are the additional cost involved in buying a house?

4. Do I need a solicitor or conveyancer to buy a house?

5. What are first-time buyer schemes?

6. What are the different types of surveys, and do I need one?

7. How long does it take to buy a house?

8. What is an agreement-in-principle/mortgage-in-principle?

9. What does freehold vs. leasehold mean?

10. What is gazumping and how do I avoid it?

11. What happens on completion day?

12. What credit score do I need to buy a house?

13. How do I make an offer on a house?

14. Can I afford to buy a house?

How much deposit do I need to buy a house?

This is usually the first question on a first-time buyer’s mind. In the UK, most lenders require a minimum deposit of 5% to 10% of the property's value. A higher deposit, such as 15% or 20%, often leads to better mortgage deals with lower interest rates.  Read our top tips to save towards your deposit.

What is a mortgage and how do I get one?

A mortgage is a loan specifically for buying property. As a first time buyer you will need to apply for a mortgage, understand the types of mortgages available and what factors affect your eligibility. You will also need to establish how much you can borrow and what the repayment terms are. We’ve created an easy step-by-step guide to the mortgage process so you can find the right one for you.

What are the additional costs involved in buying a house?

Beyond the deposit you need to understand the additional costs involved, such as:

For a full list of the costs involved in buying a home, read our guide here.

Do I need a solicitor or conveyancer to buy a house?

A common question asked by first time buyers is “do I need legal assistance for a property transaction?” A solicitor or licensed conveyancer is essential in handling the legal aspects of purchasing a home, including transferring ownership, conducting searches, and reviewing contracts. For more a more detailed guide as to how a conveyancer can guide you through your move, read our “What is a conveyancer?” article.

What are first-time buyer schemes?

As a first-time buyer, you could be eligible for one of the many government backed first time buyer schemes which can help you get on the property ladder; such as Lifetime ISA, where you can boost your savings with a government bonus of 25%, or the shared ownership scheme, where you buy a percentage share of your home while paying rent on the rest. Find out more about all the first-time buyers schemes available here.

What are the different types of surveys, and do I need one?

A survey helps assess the condition of the property and can reveal any issues that might require costly repairs, such as subsidence, damp and mould, or even spray foam insulation. To find out more about the different types of home buyer surveys available and which one you should get, read our handy guide .

How long does it take to buy a house?

Every first-time buyer wants to know the timeline from making an offer to completion. On average, the process takes around 12-16 weeks, but delays can occur due to legal complexities, mortgage approvals, or issues in the property chain. Read more about how long conveyancing takes and the different factors that affect the process.

What is an agreement-in-principle/mortgage-in-principle?

An agreement-in-principle (AIP) or a mortgage-in-principle (MIP) is a statement from a lender indicating how much they might be willing to lend. An AIP will help you understand more about what you can afford and shows sellers and estate agents that you are a serious buyer. For more information about how to get one and whether it guarantees a mortgage offer, read our guide here.

What does freehold vs. leasehold mean?

The difference between freehold and leasehold properties is a common source of confusion. As a first time buyer you will want to know whether you should purchase a freehold or leasehold, and what the implications are, such as ground rent and lease extension costs. Read more about the differences between freehold and leasehold.

What is gazumping and how can I avoid it?

It’s natural to worry about being "gazumped," which is when another buyer outbids you after your offer has been accepted. Find out how common it is and what you can do to avoid losing the property you want in our handy guide. 

What happens on completion day?

You might want to know what actually happens on the day your purchase is finalised—commonly referred to as "completion day." Read our guide to find out what “completion” means, when you can get the keys and when you can move into your new home.

What credit score do I need to buy a house?

Your credit score can affect the likelihood of getting your mortgage application approved. We’ve explained what credit score is considered good, how to check it, and what steps you can take to improve your score here.

How do I make an offer on a house?

Once you’ve found the house of your dreams, you will need to know how to make a competitive offer and whether to offer the asking price, a lower price, or negotiate based on the market and property condition.

Can I afford to buy a house?

Lastly, you will probably want to know if you can realistically afford a property. There are many different costs to consider, including monthly mortgage payments, interest rates, and whether you’ll be able to manage household bills and other expenses after purchase. Explore our collection of “What you can afford” articles to help you make the right decision for you.

For all of our articles relating to buying your first home, visit our buyer’s hub .