# First-time buyer step-by-step — from saving to keys > Mortgages & first homes · Last updated 6 April 2026 Canonical HTML: https://moneyguide.org.uk/mortgages/first-time-buyer-step-by-step/ Markdown mirror: https://moneyguide.org.uk/mortgages/first-time-buyer-step-by-step.md ## Quick answer First-time buyers typically need a deposit, a mortgage Agreement in Principle, a conveyancer, a full mortgage offer, a survey, then exchange and completion — about 12–16 weeks from offer accepted. ## Who should skip this Skip this page if you need a personal recommendation or a live quote. This is general UK information — confirm today's figures with the official source linked below. Buying your first home is roughly a 9-step process — from getting your credit file in order, through Decision in Principle, to exchange and completion. Knowing the sequence saves weeks and avoids painful surprises. ## Key facts - First-time buyer Stamp Duty relief: 0% to £300,000 and 5% from £300,001–£500,000 (England & NI). No relief on purchases above £500,000. - Most lenders want at least a 5% deposit; 10% unlocks better rates and 15% materially better. - Typical end-to-end timeline: 12–16 weeks from offer accepted to completion. - Lifetime ISA: 25% government bonus on up to £4,000/year contributions, usable for a first home up to £450,000. ## Step 1–3: Get ready (3–12 months before) Step 1 — Build the deposit. Aim for at least 10% of your target price plus £3,000–£5,000 for fees, surveys and moving costs. A Lifetime ISA adds 25% to qualifying contributions. Step 2 — Clean up your credit file. Register on the electoral roll, clear small overdrafts, do not apply for new credit in the 3 months before applying for a mortgage. Check your file free at all three UK bureaus (Experian, Equifax, TransUnion). Step 3 — Get an Agreement in Principle (AIP). A free, soft-search statement from a lender showing roughly what you can borrow. Estate agents usually want one before they take an offer seriously. ## Step 4–6: Find and offer Step 4 — View properties. Make a shortlist of areas based on commute, schools, council tax band and EPC rating. Always visit at different times of day. Step 5 — Make an offer through the estate agent. Offers are not legally binding in England and Wales — but agents may take you less seriously without an AIP and a clear chain position. Step 6 — Instruct a solicitor (conveyancer). Get quotes from 2–3; expect £1,000–£1,800 plus disbursements for a freehold purchase. Lender-panel solicitors can speed things up. ## Step 7–9: Mortgage, survey, completion Step 7 — Full mortgage application. The lender does a credit check, valuation and underwriting. The mortgage offer typically arrives in 2–6 weeks and is valid for 3–6 months. Step 8 — Survey. The lender's valuation is for them, not you. Consider a HomeBuyer Report (Level 2) for most properties or a full Building Survey (Level 3) for older or extended homes. Step 9 — Exchange and completion. Exchange of contracts is when the deal becomes legally binding and your deposit is paid. Completion is typically 1–4 weeks later and is the day you get the keys. ## Frequently asked questions ### What is the minimum deposit? Most lenders need 5%. The Mortgage Guarantee Scheme supports some 95% loans. A few specialist lenders offer 100% mortgages with family-deposit or income guarantees. ### How long does it take? Typical end-to-end is 12–16 weeks from offer accepted. Cash buyers can complete in 4–6 weeks. Chains, leasehold management packs and slow local searches are the most common causes of delay. ### Do I need a broker? Not by law, but most first-time buyers benefit from one. Whole-of-market brokers see deals you cannot access directly (intermediary-only products are often the best rates) and can chase the lender on your behalf. ## Primary source https://www.gov.uk/affordable-home-ownership-schemes ## Related - [Mortgage affordability calculator](https://moneyguide.org.uk/tools/mortgage-affordability-calculator/) - [Stamp duty calculator](https://moneyguide.org.uk/tools/stamp-duty-calculator/) - [Mortgages guide](https://moneyguide.org.uk/mortgages/) --- Independent UK money guidance from [Money Guide](https://moneyguide.org.uk). Information only — not regulated financial advice.