What You Need to Know as a First-Time Buyer in the UK

As a first-time buyer, you don’t have a property to sell, which often makes you a more attractive buyer to sellers and estate agents. But you’ll also face new challenges:

• Understanding deposit requirements and stamp duty rules.
• Learning how mortgage affordability is calculated.
• Navigating legal checks and conveyancing for the first time.

By preparing early, especially around your deposit and credit profile you’ll save time and avoid unnecessary stress later.

Government Schemes to Help First-Time Buyers

There are several schemes worth checking:

• Shared Ownership: Buy a share of a property and pay rent on the rest, with the option to increase your share later.
• Mortgage Guarantee Scheme: Supports 95% mortgages by giving lenders extra security.
• First Homes Scheme: Discounted homes for local first-time buyers and key workers.

Each has eligibility criteria, so it’s worth speaking to a broker to see if you qualify.

Preparing Your Finances and Credit Score

Mortgages come in a few main flavours. If you’re weighing up whether to go direct to your bank or use a broker, our guide on mortgage broker vs bank breaks down which option gives better value in 2025.. Before applying:

• Check your credit report with Experian, Equifax or TransUnion.
• Pay bills on time and avoid new debt in the months leading up to your application.
• Reduce existing credit card balances where possible.

These steps can make the difference between getting the rate you want and paying more than you need to.

Step-by-Step Process to Buying Your First Home

Here’s what the journey usually looks like:

1. Save your deposit and check affordability

Set a realistic budget and speak to a broker to understand what you can borrow.

2. Get a Mortgage in Principle

This shows estate agents you’re serious and gives you a clear price range.

3. House hunting and viewing

Shortlist properties, view them at different times of day, and check for potential issues like damp or outdated electrics.

4. Make an offer and negotiate

Don’t be afraid to offer below asking price, especially if the property has been on the market for a while.

5. Appoint a solicitor and start conveyancing

Your solicitor handles legal checks, searches and contracts.

6. Finalise your mortgage

Submit a full application and arrange any required surveys or valuations.

7. Exchange and completion

Contracts are signed, funds are transferred, and you get the keys to your first home.

Common Mistakes First-Time Buyers Make (and How to Avoid Them)

• Forgetting to budget for additional costs beyond the deposit.
• Overstretching finances by focusing on the maximum loan available.
• Not understanding leasehold vs freehold differences.
• Skipping surveys to save money (can cost more later).

Life After Completion, What to Plan For

Owning a home doesn’t end with getting the keys. Plan for:

• Ongoing maintenance and repairs (e.g., boiler servicing, roof checks).
• Setting aside savings for emergencies.
• Reviewing your mortgage deal before it ends to avoid moving onto a high SVR.

FAQs About First-Time Buyer Mortgages

Do first-time buyers always get stamp duty relief?
No, relief applies up to £500,000 purchase price. Anything higher follows standard rates.

How long does it take from offer to completion?
Typically 8–12 weeks, though it can be quicker or slower depending on the chain.

Is it better to buy a new build or an older property?
New builds can mean lower maintenance but may come with leasehold restrictions. Older properties offer character but can need more work.

Ready to Start Your Journey?

Buying your first home doesn’t need to be overwhelming. At Mortgage Brokers Near Me, we help first-time buyers every day  from explaining your options in plain English to finding the best mortgage deal for your situation.

Ready to get started? Get in touch here and let’s talk through your plans.