Buying your first home is one of the biggest financial decisions you'll ever make. This guide walks you through every step from saving your deposit to getting your keys, in plain English.
See what you could afford
Use our free calculator to work out monthly payments for any property price.
Try the calculator →Step 1 — Work out your budget
Most lenders offer 4 to 4.5 times your annual salary. Use our mortgage calculator to explore different scenarios and work out what monthly payment you're comfortable with — remembering you'll also have bills, insurance, and maintenance on top.
Step 2 — Save your deposit
You need a minimum 5% deposit, though 10% gives significantly better rates. The best savings options include the Lifetime ISA (LISA) — save up to £4,000/year and receive a 25% government bonus (up to £1,000 free per year). You must be aged 18–39 to open one and the property must cost £450,000 or less.
Step 3 — Check your credit score
Check your report with Experian, Equifax or TransUnion (all free). Register on the electoral roll, pay all bills on time, keep credit card balances low, and avoid multiple credit applications before applying.
Step 4 — Get a mortgage in principle
A mortgage in principle confirms how much a lender would be willing to lend, subject to full application. Estate agents often ask for one before accepting offers.
Step 5 to 8 — Offer, application, survey and completion
Once your offer is accepted, submit your full mortgage application with proof of identity, payslips, and bank statements. Commission your own survey rather than relying on the lender's basic valuation. After exchange, agree a completion date and get your keys!
💡 First-time buyer stamp duty relief 2026: No stamp duty on properties up to £425,000. 5% on the portion between £425,001 and £625,000. Properties above £625,000 don't qualify for relief.