Step 2: Save up your house deposit
For most first-time buyers, getting the deposit together is the toughest part of the process as saving thousands of pounds is never easy to do. You’ll need to check with your mortgage provider, however deposits are usually start from least 5% of the purchase price, while they often amount to around 10% or 20%. For top tips to save towards your deposit, read our helpful guide.
Is it better to put a bigger deposit on a house?
The more you can put towards your deposit the better. This is because you’re more likely to be accepted for a mortgage if you have a bigger deposit behind you. You’ll also have access to better mortgage rates, helping you to get off to a great start when it comes to paying off the cost of your home.
Do first-time buyers pay Stamp Duty Land Tax?
First-time buyers benefit from stamp duty relief. This means that, as long as you, and anyone you are buying your house with, are a first-time buyer, you will pay 0% stamp duty on the first £425,000 of the purchase price and 5% on the remainder up to £625,000.