Buying

A First-Time Buyer’s Guide to Getting on the Property Ladder

admin 1 Jun 2026 2 min read

Buying your first home is one of the biggest financial decisions you’ll ever make, and the process can feel overwhelming. This guide breaks the journey into simple, manageable steps so you can move forward with confidence.

Work out what you can afford

Before you start viewing properties, get a realistic picture of your budget. Lenders typically offer between four and four-and-a-half times your annual income, but your monthly outgoings, credit history and deposit size all play a part.

Check your credit report and correct any errors
Add up your regular monthly commitments
Factor in stamp duty, legal fees and moving costs

Save for your deposit

Most lenders require a minimum deposit of 5% of the property price, although a larger deposit usually unlocks better interest rates. Government-backed schemes and Lifetime ISAs can help first-time buyers save faster.

Don’t forget the extra costs

Beyond the deposit, budget for survey fees, conveyancing, and removal costs. Setting aside a contingency fund will help you avoid surprises.

Get a mortgage agreement in principle

An agreement in principle shows sellers you’re a serious buyer and gives you a clear ceiling on your budget. A good mortgage broker can compare deals across the market and explain the trade-offs.

Tip: Being mortgage-ready before you view makes your offer far more attractive when the right home appears.

Make an offer and complete

Once you’ve found the right property, your agent will negotiate on your behalf. After your offer is accepted, conveyancing, searches and surveys begin, ending with exchange of contracts and completion — the day you collect the keys.

Frequently asked questions

How much deposit do I need as a first-time buyer?

Most lenders accept a 5% deposit, but 10% or more typically gives access to lower interest rates and a wider choice of products.

What is an agreement in principle?

It’s a lender’s written estimate of how much they may lend you, based on a soft check of your finances. It strengthens your position when making an offer.

How long does buying a first home take?

From offer to completion usually takes between eight and twelve weeks, though chains and survey results can extend this.

Final thoughts

Take your time, ask questions and lean on your estate agent and solicitor for guidance. With preparation, your first purchase can be a smooth and rewarding milestone.