1. Save for your mortgage deposit
Saving a deposit is the first step to buying a house. The bigger the deposit, the more mortgage deals you’ll be able to access and the chance of getting a lower interest rate is greater.
Use a budget planner to better organise your spending and saving. It'll help you see which bills you pay, what you could maybe cut down on and how much you're able to save each month towards your deposit and moving costs.
A savings account specially created for first-time buyers is the Lifetime ISA. The Government contributes a 25% bonus on top your savings up to a maximum of £1,000 per tax year. There's lots more information and rules for the Lifetime ISA so it's good to read through everything.
If you've a mortgage in mind, check to see if you already have enough of a deposit to apply now. If not you can work out how soon you could apply, depending on how much you can save each month.
2. Find out how much you can borrow
The amount you can borrow will depend on a few things such as how much you earn, the deposit you’ve saved and your credit score.
Knowing how much you can borrow is important - it'll essentially determine which properties are within your budget. Use our affordability calculator to work out how much you can roughly borrow.
Use our mortgage calculator to get a rough idea of how much your monthly repayments could be on a mortgage.
You may have to pay stamp duty based on the value of your property purchase. Get an idea of how much stamp duty could cost you.
3. Find the right mortgage
You don’t have to use one but, a mortgage adviser can help you understand what you’ll need to do to get your mortgage approved. They’ll also be able to find you the best mortgage for you – which might even mean you can afford more than you think.
The beauty of a mortgage adviser is they do the leg work for you. But it's still useful to understand what happens.
When considering the costs of buying a home, the deposit you put down is just part of the overall expenditure. There are other payments you need to factor in, such as mortgage fees, legal costs and removal charges.
Ready to talk to a mortgage adviser? Our partner Mortgage Advice Bureau are ready to talk to about your mortgage needs. Complete our online enquiry form to get the ball rolling.
4. Find your dream home
This is the exciting bit, finding that home that you’ll love forever. Once you know how much you can borrow you can start looking for your dream place.
It's important you do some digging around on the area you want to buy in before signing on the dotted line. Discover how to research a new neighbourhood and spot an up-and-coming area
Register with an estate agent or use a home search site like Rightmove, Zoopla or OnTheMarket.
We spend very little time viewing what will probably be the biggest purchase in your life. So here are those important questions to ask when you're looking around.
5. Making the right offer
Well done, you’re so close to the end. It’s time to put your offer in.
Around the same time as making your mortgage application you should start looking for a conveyancer to handle the legal paperwork.
Conveyancing is the legal work that needs to happen for you to buy a property. With our partner Optimus, you can access the right solicitor for your case from a handpicked selection based on your personal criteria.
Get up to speed with all the jargon and lingo involved in your mortgage application and throughout the process. We've created a handy guide to explain it all, from APRC to variable mortgage rate.
6. The big move
So, the big day is almost here, but you’re not quite done yet. Don’t forget to book removals to help you or rent yourself a van. Then it's down to you to pick the paint for your new home.