Buying your first home is a big step with a lot of unfamiliar words. Here is the whole journey in plain English.
Lenders typically offer around four to four-and-a-half times your annual income, but what you can comfortably afford is the more important number. Factor in the deposit, monthly mortgage, bills, and a buffer for the unexpected.
Most first-time buyers aim for at least 5 to 10 percent of the property price. A bigger deposit usually unlocks better mortgage rates. A Lifetime ISA can add a government bonus toward a first home — check the current rules.
This shows sellers you are serious and tells you your likely budget. A broker can help you find the right deal and handle the paperwork.
This is where many first-time buyers get caught out. A home can look perfect and still sit on a noisy road, near a flood risk, or above the going rate for the street. Check the address before you offer.
Your conveyancer handles searches and contracts; a surveyor checks the property’s condition. Budget for stamp duty (first-time buyers often pay a reduced rate), legal fees, survey costs and removal costs on top of the deposit.
MoveWizard assesses any UK address — road noise, amenities, schools, safety and a fair offer range — so you buy with eyes open.
Check a property — freeUsually at least 5 to 10 percent of the property price. A larger deposit generally means access to lower mortgage interest rates.
First-time buyers often pay reduced or no stamp duty up to a threshold, but the rules and thresholds change, so always check the current government guidance for your purchase price.