UK First Time Buyers Guide

Congratulations! Looking to buy your first home is a huge step. In fact, it can be totally life-changing. So it’s normal to be a mixture of nervous and excited. That’s why we made our guide for first time buyers, so we could walk you through the process.

What an exciting time Buying your first home can feel a little overwhelming but we'll take it step-by-step. From getting a mortgage to making an offer, we’re here to help guide you through.

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Upfront costs

The biggest costs you’ll run into when buying are the one-time, upfront costs Don’t worry, we have guides for each.

The deposit: As little as 5%, but normally more like 15%-20% Learn more in our mortgage guide.

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Ongoing Costs

Ongoing costs are often left off of first time buyers guides, but they’re important to consider. Bills, council tax, insurance you’ll be paying all of these on top of your mortgage

Plus, any maintenance costs are down to you No more calling your landlord (or your parents) when the shower breaks. You’re in the driver’s seat.

The good news? You’re putting money into your own property, rather than paying rent on someone else’s. That feels good.

DO YOU HAVE A BIG ENOUGH DEPOSIT?

In most cases, you’ll need at least a 5% deposit to get on the housing ladder but the average deposit amount is about 16%. The bigger the deposit you put down, the less you have to borrow which can save you thousands of pounds in interest payments in the long run.

WHAT TYPE OF MORTGAGE SHOULD YOU CHOOSE?

There are a lot of different types of mortgages out there. Interest-only mortgages, repayment mortgages, fixed-rate tracker mortgages it can feel like a lot of information to take in, but it’s more straightforward than you think. For most people, a repayment mortgage is the most straightforward option. When in doubt, a broker or mortgage advisor can talk you through your options

Getting A Mortgage

If you think you can afford to buy, the first step is usually a mortgage. How do you get a mortgage and how do you know you’ve found the right one? Here’s what you need to know.

When looking at mortgages, try to ignore the jargon. A fixed-rate mortgage is exactly what it sounds like you have one fixed interest rate for the entire mortgage. An interest-only mortgage is also what it sounds like you’re only paying the interest on the loan, not the repaying the loan itself. It’s that simple.