What First Home Buyers in the UK Need to Know

Buying your first home feels exciting and scary at the same time.

Don’t worry – it’s easier when you know what to expect. From saving your deposit to navigating government perks, here’s your essential first home buying guide from our expert conveyancing team at Hutchinson & Buchanan Solicitors.

Money Matters First: Build Your Foundation

Start with the basics. You’ll typically need a 5-10% deposit of the property value. The larger it is, the better your mortgage rates—think of it as your down payment on lower monthly repayments.

Next, check your credit score. A strong rating unlocks favourable deals. Pull your report from Experian, Equifax, or TransUnion early and fix any errors—it’s free and could save thousands.

Secure a Mortgage in Principle (MIP) before viewing properties. This lender pre-approval shows how much you can borrow and signals to sellers you’re serious (and chain-free), giving you negotiating superpowers.

Don’t forget additional costs beyond the house’s price tag:

• Solicitor fees for conveyancing
• Mortgage fees like arrangement and valuation
• Survey costs—go beyond the lender’s basic valuation (which favours the lender, not you); a full survey spots things like damp issues or structural woes
• Stamp Duty Land Tax (SDLT): Zero for first-timers on homes up to £300,000
• Moving costs: Removals, furniture, decorating
• Ongoing expenses: Council tax, utilities, building and contents insurance, and maintenance.

Budget 5-10% extra on top of your deposit to stay solvent.

Unlock Government Schemes

The UK government loves first-timers—here’s how to cash in:

• Lifetime ISA (LISA): Save £4,000 yearly; get a 25% bonus (up to £1,000) for homes up to £450,000
• Mortgage Guarantee Scheme: A permanent feature from July 2025, you can buy your home with just 5% deposit via 95% Loan-To-Value (LTV) mortgages, backed by government guarantees
• Shared Ownership: Purchase 25-75% of a property, rent the rest, and “staircase” up over time
• First Homes Scheme: New-builds at 30-50% off for local buyers and key workers.

These schemes slash barriers—consult a financial advisor to match one to your situation.