First-Time Buyer Guide
Everything you need to know about buying your first home.
Getting Started
Buying your first home is an exciting milestone, but it can also feel overwhelming. This guide will walk you through everything you need to know to make informed decisions.
Before you start viewing properties, it's essential to understand your financial position and what you can realistically afford.
💡 Tips
- •Start saving for a deposit as early as possible
- •Check your credit score and address any issues
- •Research the areas you'd like to live in
Understanding Your Budget
Most lenders will offer you between 4 and 4.5 times your annual salary as a mortgage. However, the amount you can borrow depends on various factors including your credit score, existing debts, and the lender's criteria.
Don't forget to budget for additional costs such as stamp duty (though first-time buyers may be exempt on properties up to £300,000), solicitor fees, survey costs, and moving expenses.
💡 Tips
- •Use online mortgage calculators to estimate what you can borrow
- •Get a mortgage agreement in principle before house hunting
- •Budget for at least £5,000-£10,000 in additional costs
Government Schemes
As a first-time buyer, you may be eligible for various government schemes designed to help you get on the property ladder.
The First Homes scheme offers new-build properties at a discount of 30-50% to first-time buyers. Shared Ownership allows you to buy a share of a property (usually 25-75%) and pay rent on the rest.
💡 Tips
- •Research all available schemes before making a decision
- •Some schemes have regional variations
- •Check eligibility criteria carefully