This guide walks first-time buyers through the process of purchasing a home in the UK, from initial planning to moving in. It provides a clear, step-by-step approach to ensure you understand each stage and make informed decisions.
1. Assess Your Finances
- Review income, outgoings, and existing debts.
- Calculate how much you can afford for a deposit and monthly mortgage repayments.
- Check your credit score and improve it if necessary.
- Decide on a savings plan or make use of schemes such as a Lifetime ISA.
2. Research the Market
- Identify preferred areas, property types, and local prices.
- Compare properties online and attend viewings.
- Consider factors such as transport links, schools, and amenities.
3. Get a Mortgage in Principle
- Approach lenders or mortgage brokers for a mortgage in principle (MIP).
- This provides an estimate of how much you can borrow.
- Strengthens your position when making offers.
4. Make an Offer
- Once you find a property, submit an offer to the seller.
- Offers may be below asking price depending on market conditions.
- Be prepared to negotiate.
5. Instruct a Solicitor or Conveyancer
- Legal representation is required for property transactions.
- They handle searches, contracts, and ensure the property has no legal issues.
- Compare fees before choosing a solicitor or conveyancer.
6. Arrange a Survey
- A survey assesses the condition of the property.
- Basic homebuyer surveys are often sufficient for modern homes.
- For older or unusual properties, consider a full structural survey.
7. Mortgage Offer
- Submit required documents to your lender.
- The lender conducts affordability checks and valuation.
- Once approved, you receive a formal mortgage offer.
8. Exchange Contracts
- Your solicitor exchanges contracts with the seller.
- Pay the deposit (usually 5%–10%).
- From this point, the sale is legally binding.
9. Completion
- Remaining mortgage funds and deposit are transferred.
- Keys are handed over and you officially own the property.
10. Moving In and Post-Purchase Tasks
- Arrange removal services and update your address.
- Set up utilities and council tax.
- Consider home insurance and any immediate repairs or renovations.
This step-by-step guide complements other resources such as the Deposit & Saving Guide, Mortgage Affordability Guide, and First-Time Buyer Schemes.
