The complete UK first-time buyer guide

Before you start looking at properties, you need to know your budget. UK lenders typically offer between 4 and 4.5 times your annual salary, though some will go up to 5.5x for higher earners. Your credit score, existing debts (car finance, credit cards), and the deposit you can put down all affect the final number.

The first thing to do is get an Agreement in Principle (AIP) — sometimes called a Decision in Principle. This is a free, soft-credit-check letter from a lender confirming how much they'd provisionally lend you. It normally takes a couple of days and is valid for 30–90 days. Don't go house-hunting without one: serious sellers and their agents want to see it before they consider offers.

The best way to get an AIP is through a whole-of-market mortgage broker. Brokers see deals from across the industry — not just from one bank — and for first-time buyers they're usually free (paid by the lender when you complete).

Once you know your budget, the search begins. Rightmove has the largest inventory. Zoopla is strong on sold-price history (essential for checking you're not overpaying). OnTheMarket often gets new listings 24 hours before the others. Set up alerts on all three.

View 10–25 properties before you make a serious offer. Go back to anything you're genuinely interested in at a different time of day — a quiet street at 10am can be a different experience at 5pm. Ask every agent why the seller is moving and how long the property has been on the market.

If you're considering a flat, check whether it's leasehold. Most flats in England are. Leasehold means you own the right to occupy for a fixed term, not the building itself, and you'll pay service charges and possibly ground rent to the freeholder. Always ask for a copy of the lease and check how many years are left — anything under 80 years triggers extra mortgage complications.

When you find the one, move quickly. Look up recent sold prices in the same street or postcode, decide your walk-away number, and make a written offer with conditions — for example, 'subject to survey' and 'seller to take the property off the market on acceptance'.

A common starting point is 5–10% below asking, but in a competitive market, at or above asking is sometimes needed. The agent's job is to get the best price for the seller — they're not on your side. Always follow up your offer in writing.

Once accepted, the property is marked 'Sold Subject to Contract' (SSTC). Nothing is legally binding yet — either side can still walk away. That changes when you exchange contracts (Stage 8).

With an accepted offer, your broker submits the full mortgage application. The lender runs proper income and credit checks, sends a surveyor to value the property, then issues a formal mortgage offer — valid for 3–6 months. This process typically takes 2–8 weeks.

At the same time, you need to instruct a conveyancing solicitor. Your solicitor handles the legal transfer: they run local authority searches, check the title deeds, review the contract, deal with the other side's solicitor, and manage the money at completion. Budget £1,000–£2,500 in total including disbursements.

Always check the solicitor is on your mortgage lender's approved panel before instructing them. If they're not, the lender will appoint their own solicitor and you'll pay for both.

Get an independent survey. Do not confuse the lender's mortgage valuation with a survey — the valuation is for the bank, not you, and it only confirms the property is roughly worth the price. A proper survey tells you what's actually wrong with the building.

For most properties under 50 years old, a Level 2 HomeBuyer Report (£500–£900) is sufficient. For older, unusual, or obviously tired buildings, a Level 3 Full Structural Survey (£900–£1,500) is worth every penny. If the survey flags significant issues, use the findings to renegotiate the price.

Before exchange, you must have buildings insurance in place with a start date of exchange day — not completion day. From exchange you're legally obligated to complete the purchase, so if the property burns down between exchange and completion, you need to be covered.

Exchange of contracts is the point of no return. Your solicitor and the seller's solicitor swap signed copies of the contract. You send your deposit (typically 10%). The completion date is legally fixed. From this point, if you pull out you lose your deposit and can be sued for further losses.

Completion day is when the money moves and the keys change hands. Your mortgage lender sends the funds to your solicitor, who forwards them to the seller's solicitor. The moment they confirm receipt, the estate agent releases the keys — typically around midday on a Friday.

After completion, your solicitor pays your Stamp Duty Land Tax (SDLT) within 14 days and registers your ownership with HM Land Registry. First-time buyers pay 0% SDLT on the first £425,000 (for properties up to £625,000).