Your complete guide to buying your first home
Deposits, government schemes, and the step-by-step journey to getting your keys. Everything you need, all in one place.
How much deposit do you need?
The bigger your deposit, the lower your loan-to-value (LTV) — and the better the rates you'll be offered.
Minimum deposit
Available with the Mortgage Guarantee Scheme. Higher interest rates and fewer lenders to choose from.
Common starting point
A wider range of lenders and better rates become available with a 10% deposit.
Competitive rates
Access to more competitive deals with a good selection of high street and specialist lenders.
Best rates available
The lowest interest rates and the widest lender choice — but you'll need significant savings.
Government schemes for first-time buyers
Several UK government schemes can help you buy sooner — your adviser will explain which ones apply to you.
Lifetime ISA
Save up to £4,000 a year and the government adds a 25% bonus — up to £1,000 per year. Use it towards your first home (up to £450,000 value). You must be 18-39 to open one.
Shared Ownership
Buy a share (typically 25-75%) of a property and pay subsidised rent on the rest. You can 'staircase' — buying more shares over time. Great if you can't afford a full deposit.
First Homes
New-build homes sold to first-time buyers at a 30-50% discount to market value. The discount is passed on when you sell, keeping homes affordable for future buyers.
Mortgage Guarantee Scheme
The government guarantees your mortgage so you can buy with just a 5% deposit. Available on homes up to £600,000 — though your adviser may find better 5% deals outside the scheme.
Your step-by-step journey
From first credit check to front-door keys — here's what to expect, in order.
Check your credit score
Get your credit report from Equifax, Experian, or TransUnion. Fix any errors and build your score before applying — it directly affects the rates you're offered.
Save your deposit
Most first-time buyers need at least 5-10%. Use a Lifetime ISA for the government bonus. Include savings, gifts from family, and any scheme benefits.
Get an Agreement in Principle
Your adviser can secure an AIP — a lender's statement that they'll lend you a certain amount. It shows sellers you're serious and speeds up your offer.
Find your property
Start viewing, make an offer, and get it accepted. Your AIP gives you credibility as a buyer.
Apply for your mortgage
Your adviser searches 90+ lenders, finds the best deal for your situation, and submits the full application with all supporting documents.
Survey and conveyancing
The lender arranges a valuation survey. You'll need a conveyancer (property solicitor) to handle the legal work — your adviser can recommend one.
Exchange and complete
Contracts are exchanged, you pay your deposit, and on completion day you get the keys to your new home. Congratulations — you're a homeowner!
How much can you borrow?
Most UK lenders offer around 4 to 4.5 times your annual income for a first mortgage. Your adviser will calculate your exact borrowing capacity based on your income, outgoings, and credit profile.
Typical income multiple
Some professions & high earners
Lenders your adviser checks
Ready to get on the property ladder?
An expert mortgage adviser who specialises in first-time buyers will search 90+ lenders and guide you through every step — no obligation, no credit check.
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