Your mortgage deposit.
Your deposit, any agreed family help and a separate pot for buying costs. If part of your deposit is a gift, the lender and solicitor will usually need to understand where it came from.
First-time buyer
mortgages.
Understand mortgage deposits, buying costs and the application process before buying your first home.
Plan my first mortgage
Budgeting for
your first home.
There is more to a first-home budget than the biggest mortgage you might be offered.
Monthly mortgage affordability.
Start with the life you want to keep living. Think about bills, travel, regular commitments and a buffer for the unexpected. A lender’s affordability assessment and your own comfort level are different things.
Additional buying costs.
Surveys, legal fees, moving costs, insurance and any property tax that applies. For a flat, understand service charges, ground rent where relevant and the lease terms.
Buying your first home,
step by step.
The main stages of a home purchase.
Some steps overlap and timings vary.
- 01
Set your buying budget.
Look at your deposit, income, commitments and buying costs. Get a sense of what might be possible.
- 02
Find a property and make an offer.
View, ask questions and make an offer when you are ready. An agreement in principle may help, but is not a guarantee.
- 03
Complete mortgage and legal checks.
A mortgage application, property valuation and legal work follow. Consider a survey that suits the property.
- 04
Review the offer and complete.
Review the mortgage offer and legal advice before committing. Ownership transfers to you on completion.
First-time buyer
questions.
Create my mortgage checklistHow much deposit will I need?
It depends on the lender, property and your circumstances. A larger deposit can change the products available, but you still need money for buying costs and a sensible buffer. Avoid building a plan around an unconfirmed minimum.
Should I get an agreement in principle first?
It can give a useful early indication and some estate agents ask for one. Check whether the lender uses a soft or hard credit search, and remember that a full application and property checks are still required.
Is the lender’s valuation the same as a survey?
No. A lender’s valuation is mainly for the lender to assess the property as security. A separate survey can tell you more about condition and potential problems.