Everything you need to know to buy your first home in the UK
Minimum deposit typically required
Typical income multiple for borrowing
Stamp duty for first-time buyers (up to £425k)
Follow these steps to navigate the home buying process
Ensure your credit report is accurate and improve your score if needed
Lenders use your credit score to assess risk. Check for errors and consider credit-building strategies.
Aim for at least 5-10% of the property value
Larger deposits often mean better interest rates and more mortgage options.
Know how much you can borrow before house hunting
This shows sellers you're a serious buyer and gives you confidence when making offers.
Budget for legal fees, surveys, and moving costs
Typically add 3-5% of property value for all additional costs beyond the deposit.
Start your property search within your budget
Consider location, transport links, local amenities, and future growth potential.
Negotiate the price and agree terms
Research comparable sales and consider getting a survey to inform your offer.
Financial assistance available for first-time buyers
Government loan for new-build properties
Up to 20% loan (40% in London) interest-free for 5 years
Buy a share (25-75%) and pay rent on the rest
Available for properties up to £80,000 in some areas
Buy your council home at a discount
Discounts up to £87,200 (£116,200 in London)
New homes at 30-50% discount for first-time buyers
Available in participating developments
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Use our free UK mortgage calculator to estimate your monthly payments and see how much you can afford for your first home.