10 Steps to Buying a Home for the First Time
Buying your first home is a major milestone. It should be exciting, yet for many, the process can feel daunting. Fortunately, it doesn’t have to be. This guide from Future Home Surveys simplifies the journey and gives you clear, actionable steps to take with confidence.
From searching for the right property to knowing when to make an offer, here are the 10 key steps to buying a home for the first time.
1. Save for a Deposit
The first and often most challenging step is building up your deposit. Most lenders expect at least 10% of the property’s value, but as a first-time buyer, you may qualify for a mortgage with just a 5% deposit. For example, a £200,000 home would require £10,000 upfront at 5%.
Consider opening a Lifetime ISA (LISA), which offers a 25% government bonus on contributions of up to £4,000 per year. Two first-time buyers purchasing together can each open a LISA and benefit from the bonus.
Be aware that withdrawing funds from a LISA for anything other than your first home purchase may incur penalties.
2. Use a Mortgage Calculator
Before house hunting, work out how much you can borrow. Online mortgage calculators are useful for estimates, but for a more tailored figure, speak to your bank or a mortgage broker.
Lenders typically base your borrowing potential on:
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Deposit size
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Annual income
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Outstanding debts
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Mortgage term
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Interest rate
Don’t forget the hidden costs: legal fees, mortgage charges, surveys, and insurance. Stamp Duty is waived for first-time buyers on homes up to £425,000, and a 5% rate applies up to £600,000.
3. Get to Know the Area
Spend time in the area where you’re planning to buy. Visit during the day and evening to get a feel for the neighbourhood, check transport links, assess local schools, and explore amenities.
Researching local property values and trends is also wise. A local surveyor, like Future Home Surveys, can provide useful insights and guidance.
4. Secure a Mortgage Agreement in Principle (AIP)
An AIP is an estimate from a lender of how much they may be willing to loan you. Some estate agents may require this before arranging viewings.
You can obtain an AIP directly from a lender or through a broker. You’ll need to provide basic personal and financial information, and a credit check is usually performed. AIPs typically remain valid for 90 days.
5. Start Your Property Search
Now the fun begins. Use property websites like Rightmove and Zoopla to browse listings and map locations. Zoopla offers historical price data, while Rightmove allows area-based filtering via maps.
It’s also worth visiting local estate agents to register your interest and access listings not yet available online.
Tip: If you plan to use the government-backed 95% mortgage scheme, check the property meets eligibility requirements.
6. Make an Offer
Once you find a property you love, it's time to make an offer. This can feel nerve-wracking, but it’s usually straightforward. You'll need a valid AIP in place.
It’s common to start slightly below the asking price, especially if there’s room for negotiation. If sealed bids are being used, you'll need to submit your best and final offer upfront.
Ensure your offer reflects what you can genuinely afford—don’t exceed the budget indicated by your AIP.
7. Apply for Your Mortgage
Once your offer is accepted, submit a full mortgage application. You can return to the lender who gave you the AIP or shop around for better rates.
Government-backed 95% mortgages are available on homes valued up to £600,000, but smaller deposits may restrict your options.
Consider:
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Fixed-rate mortgages: Lock in your rate for a set period.
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Variable or tracker mortgages: Payments fluctuate with interest rates.
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Standard variable rate (SVR): Usually more expensive and less predictable.
Use comparison sites such as Habito, GoCompare, and Compare the Market to check what’s available.
8. Book a Home Survey
A property survey helps identify any potential issues before you commit. It's a critical step, especially for first-time buyers who want peace of mind.
A survey from Future Home Surveys, led by qualified RICS professionals, will give you a clear, independent assessment of the property's condition. If serious issues are found, you may be able to renegotiate the purchase price or walk away.
Surveys vary in scope based on property age and condition. Our team can help you choose the most appropriate option.
9. Exchange Contracts
Once your mortgage is approved and you’re satisfied with the survey results, contracts are exchanged. At this point, the transaction becomes legally binding, and your deposit is transferred to the seller’s solicitor.
Completion – when you officially become the owner – typically occurs 1 to 3 weeks later, depending on the property chain.
10. Move In
Time to move in and make the place your own. Consider hiring professional movers or ask friends and family for help to ease the process.
Final Thoughts
Buying your first home can be simpler than you think, especially if you follow a clear plan. At Future Home Surveys, we believe confidence starts with clarity.
Let our experienced surveyors guide you with expert advice, comprehensive reports, and genuine support throughout the process.
Get a RICS Home Survey Quote from Future Home Surveys Today
We’re here to help first-time buyers make informed decisions with trusted, professional advice. Contact Future Home Surveys for a quote or to speak directly with one of our RICS-accredited surveyors.