A Guide for First-Time Home Buyers
A Guide for First-Time Home Buyers
So, you’re thinking of buying your first house? Congratulations, what a milestone! However, although exciting, buying a home can be a long and detailed process. The average property purchase in the UK takes around five months, but many variables can pop up and delay the process further, particularly if you’re in a chain.
This first-time home buyer guide will detail the process and give you tips for each stage to make it as simple and pain-free as possible.
Step 1: Calculate your budget
Your budget dictates everything from the type of house you can buy, the location, and even the schemes you can use. Therefore, it’s important to establish it early on.
By working with a mortgage advisor, you’ll get a rounded view of how much you and any co-owners can afford to spend on buying a home. They’ll look at your deposit, salaries, outgoings, and credit scores to calculate the amount you’ll be approved for. The budget will be your marker for which houses you can view and the offer you can make.
Active Help-to-Buy schemes for first-time buyers
Various government schemes make getting on the property ladder more accessible. You cannot use more than one first-time buyer scheme, so do your research to make sure that you pick the one that will be the most cost-effective.
Freedom to buy
Freedom to Buy launched in July 2025 and allows first-time buyers to secure a mortgage with as little as 5% deposit.
First Homes Scheme
Get up to 30% off new build homes when buying for the first time. The government claims that you could save an average of £70,000.
Help to Buy Wales
Help to Buy is now only available in Wales. This scheme lets you receive a loan of up to 20% of the property’s value on new-build homes up to £300,000. It is currently open until September 2026.
Save using a Lifetime ISA
If you’re aged between 18 and 39, you could save using a Lifetime ISA and withdraw the savings to help you buy your first home. The government will pay you a 25% bonus on your savings every month, up to the maximum value of £1,000 a year.
Step 2: Get a Mortgage in Principle
Think of a Mortgage in Principle (MIP) as a written indication of your budget and how much you could be lent. A MIP is not a guarantee of a mortgage loan. However, most estate agents prefer you have an MIP to view any properties to speed up the process and to confirm you are a genuine buyer.
You can apply for an MIP yourself. However, doing it via a mortgage advisor will be easier and quicker. You should get a response very quickly, typically the next working day.
Step 3: Viewing properties
It’s easy to get carried away and jump at one of the first properties you see. To make sure you are making the right choice, create a list before you go viewing. Decide on ‘must-haves’ and ‘nice-to-haves’ to keep you on track. For example:
Must-haves:
- Near a good school.
- 3 bedrooms.
Nice-to-haves:
- An electric car charging point.
- Minimal refurbishment.
Step 4: Making an offer
So, you’ve found the property that meets your ‘must-haves’ and maybe even your ‘nice-to-haves’ and want to make an offer.
The property sector is competitive, and depending on the market at the time, you may be going up against other potential buyers. In this case, it’s important that you go in at the right sweet spot. Going too low could dissuade the seller from thinking you are a serious buyer, but you, of course, want a good deal too.
Things that are appealing to a seller:
- Flexible move-in date.
- No chain, which, as a first-time buyer, you have! Use it to your advantage.
- Being a cash buyer.
Step 5: Arrange for a survey
If your offer is accepted, you should arrange for a survey to be completed. A professional surveyor will examine the property and report back to you with any issues, defects, and risks. The aim here is that you’re going into the purchase aware of the house’s condition.
Don’t ignore negative survey findings just because you love the property. Always consider how much the findings could cost you in the future and the time it’ll take to fix them. Although a personal milestone, buying a house should also be a smart financial decision.
Step 6: Applying for a mortgage
This important step involves a whole lot of paperwork. Your advisor will review your details against current mortgage offers and recommend the best option for you.
The current rates as of August 2025 are 4.70% for a two-year fixed-rate mortgage at 75% LTV (loan-to-value ratio) and 4.97% for a five-year fixed-rate mortgage at 75% LTV – but this can and will change.
Step 7: Exchange contracts
Next, you and the seller must iron out any finer details relating to the sale. You must establish:
- The agreed price.
- The date the sale will go through, and when keys will be exchanged.
- Which fixtures and fittings are included in the sale?
The contracts will then be signed and the deposit transferred. Contracts can then be exchanged, which means neither the buyer nor seller can back out of the deal.
Step 8: Completion
On completion day, your solicitor will process the paperwork, confirm the transaction, and transfer the deed. At this point, you’ll officially be a homeowner!
With the process complete, you can turn the key for the first time, and a whole new journey begins.
Making your house a home with Evolution Money
At Evolution Money, we’re a Financial Conduct Authority-regulated lender with an ‘Exceptional’ rating on Feefo, so we’re committed to giving you a reliable and trustworthy service. Hopefully, after reading our first-time buyers’ guide to buying a house, it has given you a better understanding of the process of buying a home and provided you with handy tips to give you a head start.
Find other guides, just like this first-time buyer’s guide, on our help and advice hub.
If you’re already a homeowner and are looking to make home improvements, it may be worth checking out our home improvement loans. All applications are subject to affordability checks and property eligibility. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
Sources
Information correct at time of writing. Government schemes and rates are subject to change, please check official sources for the latest updates.
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Welcome to GOV.UK – Help to Buy: Equity Loan (England) closed
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MoneyHelper – Help to Buy Scheme: everything you need to know
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GOV.WALES – Help to Buy – Wales
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MoneySavingExpert – Lifetime ISA guide
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Bank of England – Mortgage rates data
Representative 28.96% APRC (Variable)
For a typical loan of £26,600 over 180 months with a variable interest rate of 19.56% per annum, your monthly repayments would be £484.00. This includes a Product Fee of £2,660.00 (10% of the loan amount) and a Lending Fee* of £763.00, bringing the total repayable amount to £87,030.00. Annual Interest Rates range between 11.7% to 46.5% (variable). Maximum 50.00% APRC. *Lending Fee varies by country: England & Wales £763, Scotland £1,051, Northern Ireland: £1,736.
Think carefully before securing debts against your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured against it. If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
