First-Time Buyer Guide

The bigger your deposit, the better the mortgage rates available to you.

• A Lifetime ISA can add a 25 per cent government bonus towards a first home, within annual limits and property price caps.
• Gifted deposits from family are common and perfectly acceptable to most lenders, with a simple letter confirming the gift.
• Set up a standing order into a dedicated savings account so your deposit grows steadily.

There are schemes designed to help first-time buyers, such as shared ownership, where you buy a share of a home and pay rent on the rest, and various low-deposit mortgage products.

Availability and rules change regularly, so ask us and your mortgage adviser what is currently available in your situation.

A Decision in Principle from a lender or broker shows roughly what you can borrow. It makes your offer stronger because sellers can see you are ready to proceed.

There is more to buying than the deposit, so plan for the extras.

• First-time buyers often pay reduced or no Stamp Duty up to a threshold. Our Stamp Duty Calculator shows the exact figure.
• Solicitor or conveyancer fees and searches.
• A survey, plus any mortgage arrangement fees.
• Removals and the cost of furnishing your new home.

Register with us and set up alerts so you are among the first to hear about suitable homes. Be clear on your budget, must-haves and ideal areas.

Look beyond the decoration and picture yourself living there.

• Check condition, damp, storage and natural light.
• Ask about running costs, broadband and parking.
• Visit the area at different times to get a feel for it.

When you find the right home, we will guide you on a sensible offer and present your position, as a chain-free first-time buyer, to the seller. We then handle the negotiation for you.

Once your offer is accepted, instruct your solicitor, confirm your mortgage and complete the identification and anti money laundering checks that are required by law.

Submit your full mortgage application. The lender values the property and issues a formal mortgage offer. For older homes, it is worth considering a HomeBuyer Report or building survey.

Your solicitor carries out local searches, raises enquiries and prepares the contract. Reply quickly to anything they ask for to keep your purchase moving.

At exchange of contracts you pay your deposit and the sale becomes legally binding, with a fixed completion date. On completion day the money transfers and the keys are yours.

A few simple jobs make settling in easier.

• Take meter readings and set up utilities.
• Register for council tax and arrange buildings and contents insurance.
• Update your address with your bank, employer and the electoral roll.
• Enjoy your first night in your own home.