Ultimate Guide For First Time Buyers

Have you already started your journey on to the property ladder or planning to do so soon, if so then spend the next 10 minutes reading our “Ultimate Guide for First Time Buyers”. Where we will answer questions such as;

How much deposit will I need for my first home mortgage?

When should I get advice on my mortgage options?

What fees should I know about?

How long does it take to buy your first property?

What mortgage schemes are best for first time buyers?

You may be looking to purchase a property to rent out as your first purchase, this guide isn’t for you – this is to help those looking to buy a house to live in but guidance for you will be out soon!

Deposits

One of the first questions I hear from first-time buyers is, “How much deposit do I need?” In simple terms: the more you can comfortably put down, the better. A larger deposit reduces the lender’s risk, which often means lower rates, more flexible credit score requirements, and a wider choice of lenders—ultimately saving you money.

However, we also know that saving for a deposit and all the associated buying costs can be challenging. That’s why it’s helpful to start by exploring the low-deposit options available, and then work out what level of deposit best fits your circumstances.

No-deposit options do exist, although they’re not suitable for everyone. Some schemes allow certain tenants with a strong rental payment history to buy with 0% down, while others involve family support to help guarantee the mortgage in different ways.

From there, deposits start small and scale up. Some lenders offer products from as little as 1% or £5000, with 5% deposits being the most common starting point across high street lenders. Many first-time buyers choose somewhere between 5% and 10%. Reaching a 10% deposit usually unlocks slightly more competitive rates and more flexible lending criteria.

The principle is straightforward: the bigger the deposit, the easier the approval process and the cheaper the mortgage is likely to be.

One important thing to remember is that mortgage rates typically improve only at each 5% deposit band. For example, a 7% deposit will reduce your borrowing and monthly payments compared to 5%, but you’ll still be offered the same rate. The same applies at higher levels—a 15% deposit qualifies for better pricing than 10%, but 14.9% would fall into the 10% pricing bracket.

So, when is the right time to get proper mortgage advice?

If you’re reading this, you’ve already made a great start—but honestly, the earlier the better.

A good mortgage broker can demystify the entire buying process for first-time buyers. They’ll help you understand how long a purchase typically takes, explain all the associated costs so there are no surprises, and work with you to plan when you’ll have enough saved to cover both your fees and your deposit. They can also guide you on how to make yourself as “proceedable” as possible—everything from which documents you’ll need, to steps that might improve your credit score, to how best to manage your bank account in the run-up to applying. Many brokers will even support you with your property search.

Of course, not all brokers offer the same level of service. If you aren’t getting guidance on these areas, you may not have found the right broker yet.

As a rule of thumb, it’s wise to seek mortgage advice at least three months before you plan to start viewing properties. Yes, three months! Most lenders want to see three months of income evidence and bank statements, so knowing ahead of time what they’ll be looking for can make a huge difference. Getting advice early helps you avoid unnecessary pitfalls and puts you in the strongest position when you’re ready to make an offer.

Let’s talk about fees — because you will need more than just your deposit.

If you’re aiming to put down a 10% deposit, remember that you’ll need additional funds to cover the various costs involved in buying a home. If family can help with either your deposit or your fees, let your mortgage broker know early on. Some lenders have specific rules around gifted deposits or family support, so it’s important to get this right from the start. Common fees to budget for include:

Lender Fees

Some lenders charge booking or arrangement fees. Many will allow these to be added to the mortgage if needed, which can help reduce upfront costs. Valuation fees also vary—some lenders offer a free basic valuation, while others charge. If you choose to have a more detailed survey, the cost will depend on the property price and the level of report you require.

Solicitor (Conveyancing) Costs

You’ll definitely need a solicitor, and their fees vary between firms. Most work on a sliding scale, so higher-value properties usually attract higher fees. Typically, a solicitor will ask for an initial payment of £350–£500 to cover third-party search costs. The remaining balance—often around £1,700 or more—is usually due just before completion. This figure does not include Stamp Duty.

Stamp Duty (SDLT)

Stamp Duty can be one of the biggest costs in the process, but the good news is that first-time buyers do benefit from preferential rates.

From 1 April 2025 in England and Northern Ireland, first-time buyers pay:

• 0% on the first £300,000
• 5% on the portion £300,001 to £500,000
• If the property price is over £500,000, first-time buyer relief doesn’t apply, and standard SDLT rates must be paid.

Separate systems apply in Wales (LTT) and Scotland (LBTT).

It’s always best to discuss all potential fees with your mortgage broker or conveyancer early on so you have a full, accurate picture of what you’ll need to budget for.

So how long does it take to buy your first home?

Once you’ve found a property and had an offer accepted, the first step is to get written confirmation of the sale from the estate agent—this is known as the memorandum of sale.

From that point (if not earlier), you’ll need to instruct the key parties: submit your mortgage application and appoint your solicitor.

The average UK purchase is typically quoted at 12 to 16 weeks, but the actual timeline can vary significantly depending on when you start the clock and what happens during the process.

Several factors can influence how long things take, including:

• How quickly your mortgage is assessed and offered
• How efficient your solicitor is—and the other solicitors involved
• Whether the property is part of a chain. An empty property with no onward chain often progresses more smoothly A long chain with multiple dependent transactions can take much longer

It’s important to discuss timescales with the estate agent when making your offer so that both you and the seller have aligned expectations from the start.

If you have a specific deadline—such as the end of a rental tenancy—make sure everyone is aware early on. While nothing can be guaranteed (as nobody knows what legal issues might arise until the process is underway), having all parties working toward an estimated date can help keep things moving as efficiently as possible.

And the best schemes for first time buyers are…

When it comes to mortgage schemes for first-time buyers, there’s no “one size fits all”
First-time buyers have access to the same range of mortgage products as home movers, which means there are plenty of options—but choosing the right one depends entirely on your circumstances.

You’ll come across fixed rates and various types of variable rates, including standard variable, discounted, and tracker mortgages. Your mortgage broker will help you understand the differences, explain the pros and cons of each, and recommend what suits your situation best. They’ll also tailor the product period and mortgage term to align with your affordability and future plans.

What do most first-time buyers choose? Traditionally, many first-time buyers opt for a fixed rate, mainly for the security of knowing exactly what their monthly repayments will be. But that doesn’t mean a fixed rate is automatically the best choice for you. Everyone’s situation is different, and it’s important to consider all options before deciding.

Your First Home Is Closer Than You Think

Stepping onto the property ladder for the first time can feel overwhelming—but it doesn’t have to be. With the right guidance, a clear understanding of your costs, and early preparation, the entire process becomes far more manageable and far less stressful. Whether you’re working out how much deposit you’ll need, planning your timeline, or exploring the mortgage products and schemes available, the key is to get informed before you start viewing homes.

A great mortgage broker will act as your guide from day one: helping you understand what’s realistic, what’s required, and how to put your best foot forward when it’s time to make an offer. No two first-time buyers are the same, and the most successful journeys are the ones built around tailored advice and well-prepared decisions.

Your first home isn’t just a purchase—it’s the start of a new chapter. With the right support, a clear plan, and a bit of patience, you’ll be unlocking that front door sooner than you think.