Before you start house hunting
Get a mortgage in principle (AIP): a conditional commitment from a lender showing how much they would lend you. This clarifies your budget and demonstrates to sellers that you are a credible buyer. To get an AIP, lenders will run a soft or hard credit check and ask about your income and outgoings.
The costs beyond the purchase price
Many first-time buyers underestimate the costs beyond the deposit. Stamp Duty Land Tax (SDLT) applies above certain thresholds — there are first-time buyer reliefs, but these change frequently; check the current HMRC SDLT calculator. Solicitor/conveyancer fees typically run £1,000-£2,500. Survey costs depend on survey type: a basic mortgage valuation is not a structural survey; a HomeBuyer Report (£400-£1,000) or full building survey (£600-£1,500+) provides much more information. Mortgage arrangement fees can be several hundred to over a thousand pounds.
The process step by step
(1) Get a mortgage in principle. (2) House hunt within your confirmed budget. (3) Make an offer. (4) Instruct a solicitor and book a survey. (5) Receive a formal mortgage offer from your lender. (6) Exchange of contracts (legally binding, deposit paid). (7) Complete (final money transferred, keys received). Between offer and exchange typically takes 8-12 weeks; delays are common, particularly in chains.
Help to Buy and shared ownership
The government's Help to Buy equity loan scheme for new-builds ended in England in March 2023. First Homes (discounted new-build homes for local people and key workers) and Shared Ownership (buying a share of a property and paying rent on the remainder) remain available. The Lifetime ISA allows first-time buyers to save up to £4,000 per year with a 25% government bonus toward a first home purchase.
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