Daily Junction.mobi portalPersonal Finance · November 29, 2025 · Rachel Stone · 1 min
Buying your first home is the largest financial commitment most people make. Here is what you need to know about the process, the costs and the financial help available.
Get a mortgage in principle (AIP): a conditional commitment from a lender showing how much they would lend you. This clarifies your budget and demonstrates to sellers that you are a credible buyer. To get an AIP, lenders will run a soft or hard credit check and ask about your income and outgoings.
Many first-time buyers underestimate the costs beyond the deposit. Stamp Duty Land Tax (SDLT) applies above certain thresholds — there are first-time buyer reliefs, but these change frequently; check the current HMRC SDLT calculator. Solicitor/conveyancer fees typically run £1,000-£2,500. Survey costs depend on survey type: a basic mortgage valuation is not a structural survey; a HomeBuyer Report (£400-£1,000) or full building survey (£600-£1,500+) provides much more information. Mortgage arrangement fees can be several hundred to over a thousand pounds.
(1) Get a mortgage in principle. (2) House hunt within your confirmed budget. (3) Make an offer. (4) Instruct a solicitor and book a survey. (5) Receive a formal mortgage offer from your lender. (6) Exchange of contracts (legally binding, deposit paid). (7) Complete (final money transferred, keys received). Between offer and exchange typically takes 8-12 weeks; delays are common, particularly in chains.
The government's Help to Buy equity loan scheme for new-builds ended in England in March 2023. First Homes (discounted new-build homes for local people and key workers) and Shared Ownership (buying a share of a property and paying rent on the remainder) remain available. The Lifetime ISA allows first-time buyers to save up to £4,000 per year with a 25% government bonus toward a first home purchase.
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