First-Time Buyer Guide

Step 1: Check Your Budget

Work out how much you can afford to borrow based on your income, outgoings, and deposit. Most lenders will offer 4–4.5 times your annual salary.

Step 2: Save Your Deposit

You'll typically need at least 5–10% of the property value as a deposit. The larger your deposit, the better mortgage rates you'll get.

Step 3: Get a Mortgage Agreement in Principle

Also called a Decision in Principle (DIP), this shows sellers you're a serious buyer. It's a conditional offer from a lender stating how much they'd be willing to lend you.

Step 4: Find Your Property

Start viewing properties within your budget. Consider location, transport links, schools, and future development plans in the area.

Step 5: Make an Offer

Once you find the right property, make an offer through the estate agent. Don't be afraid to negotiate, especially if the property has been on the market for a whilst.

Additional Costs to Consider

• Stamp Duty (first-time buyers may be exempt on properties up to £425,000)
• Solicitor/conveyancing fees (£500–£1,500)
• Survey costs (£250–£1,000)
• Moving costs
• Home insurance