Buying your first home starts with understanding your complete budget, preparing a deposit and allowing for the other costs involved. Once you know what you can afford, you can compare properties and purchase options, arrange a mortgage, appoint a solicitor or conveyancer, complete the necessary checks and prepare for exchange and completion.
This guide covers the main steps involved in buying a home in England, including open-market, new-build and Shared Ownership purchases. Different property taxes and buying processes apply in Wales, Scotland and Northern Ireland.
Information and figures were checked on 18 September 2026. Mortgage products, tax rules, eligibility requirements and the terms applying to individual properties can change.
Your home may be repossessed if you do not keep up repayments on your mortgage. Mortgage eligibility and the amount you can borrow depend on your circumstances and the lender’s criteria.
First-time buyer checklist
Use this checklist to follow the 10 main stages:
- Work out your complete monthly housing budget.
- Save for your deposit and other buying costs.
- Check your credit information and prepare your documents.
- Compare open-market, new-build and Shared Ownership options.
- Speak to a mortgage adviser and obtain an agreement in principle.
- Choose an area and suitable property.
- Make an offer or reserve the property.
- Arrange your mortgage, legal work and survey.
- Review the documents and exchange contracts.
- Complete your purchase and prepare to move.
You can save or print this page and return to the checklist as your purchase progresses.
A first-time buyer’s experience
Buying a home can involve unfamiliar terms, documents and decisions. Being able to ask questions and understand what happens next can make the process feel more manageable.
“The Guinness team had all the hard bits covered. The homebuying process was very well structured, and we were given a choice of plots, as well as solicitors to help guide us. We had additional support from the Guinness Homes team and our brokers, and everything we didn’t quite understand was broken down for us in an easy and digestible way. It couldn’t have been more accommodating.”
https://www.guinnesshomes.co.uk/blog/case-studies/jade-and-connor/
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1. How much can you afford?
Start with the amount you can comfortably afford each month rather than simply the maximum a lender might offer.
Your complete housing budget may need to cover:
- mortgage repayments;
- rent if you purchase through Shared Ownership;
- service charges or estate charges;
- Council Tax;
- gas, electricity and water;
- broadband and other household services;
- buildings and contents insurance;
- maintenance and repairs.
Consider how your budget would be affected if your expenses increased, your income changed or your mortgage payments rose. You may also need money for unexpected costs after completion, such as repairs or replacement appliances.
A mortgage calculator can provide an initial estimate. A lender will carry out its own affordability assessment based on your income, spending, debts and other financial commitments.
2. Save for your deposit and buying costs
The deposit required will depend on the mortgage, property and your circumstances. A larger deposit may provide access to a wider range of mortgage products, but this is not guaranteed.
A savings target can help you plan for your deposit and other buying costs. Keeping your house-purchase savings separate from everyday spending may make your progress easier to track.
If someone is contributing money towards the purchase, tell your mortgage adviser and solicitor or conveyancer. They may need evidence showing where the money came from and whether it is a gift or must be repaid.
Can you use a Lifetime ISA?
A Lifetime ISA may provide a government bonus when eligible savings are used to purchase a first home.
Under the rules checked on 18 September 2026, you can contribute up to £4,000 each tax year and receive a 25% government bonus, worth up to £1,000 a year. You must make your first payment before turning 40. You can contribute until you reach 50; contributions and government bonuses stop from age 50, although the account can remain open.
To make a charge-free withdrawal towards a first home:
- you must be a first-time buyer;
- the property must be in the UK and cost £450,000 or less;
- the purchase must take place at least 12 months after your first payment;
- you must intend to occupy the property as your main residence;
- you must purchase it using a mortgage or another qualifying loan secured against the property;
- your solicitor or conveyancer must handle the withdrawal.
Further conditions apply, including restrictions on mortgages provided by connected people.
A 25% withdrawal charge normally applies if money is taken out for another reason before you turn 60, unless another permitted exception applies. The charge is applied to the full amount withdrawn, including the government bonus, so it can reduce some of your original savings as well as removing the bonus.
Lifetime ISA conditions can change. Check the current Lifetime ISA rules before opening an account or relying on the savings for a purchase.
Other costs of buying a home
Your deposit is only part of the upfront cost. You may also need to pay for:
- legal work and property searches;
- a property survey;
- mortgage or broker fees;
- Land Registry fees;
- property tax, where applicable;
- buildings insurance;
- removals;
- initial furnishings or repairs.
Costs will depend on the property and transaction. Leasehold and Shared Ownership purchases may involve further legal and administrative work.
Ask for itemised quotations before appointing a solicitor, conveyancer, surveyor or mortgage adviser. Check what the quoted price includes and which costs may be charged separately.
Do first-time buyers pay Stamp Duty?
Stamp Duty Land Tax applies to property purchases in England and Northern Ireland. Wales uses Land Transaction Tax, while Scotland uses Land and Buildings Transaction Tax.
Under the rules checked on 18 September 2026, eligible first-time buyers in England and Northern Ireland pay no Stamp Duty Land Tax on the first £300,000 of a property costing £500,000 or less. A 5% rate applies to the portion between £300,001 and £500,000.
First-time buyer relief is not available if the property costs more than £500,000.
Shared Ownership purchases have separate Stamp Duty options. Depending on the transaction, it may be possible to pay based on the property’s full market value or in stages.
Tax treatment depends on the purchaser, property and transaction. Ask your solicitor or conveyancer to calculate any tax due and check the current Stamp Duty Land Tax rates when preparing your budget.
3. Prepare your finances and documents
Check the information held on your credit reports before applying for a mortgage. If you find something you believe is incorrect, contact the organisation that supplied the information and the relevant credit reference agency.
There is no single credit score used by every lender. Each lender applies its own criteria and considers your wider financial circumstances.
Taking out new credit or making a major financial change could affect a mortgage application. Discuss any planned changes with your mortgage adviser or lender.
You may be asked to provide:
- proof of identity and address;
- payslips or evidence of self-employed income;
- recent bank statements;
- evidence of your deposit;
- details of loans and other financial commitments;
- evidence showing where your deposit came from;
- information about any gifted deposit.
Requirements vary. Ask your mortgage adviser, lender and solicitor or conveyancer which documents they need and how recent each document must be.
4. Compare your homebuying options
You may be able to purchase an existing home on the open market, buy a new-build property or use an affordable homeownership scheme.
Each option has its own costs, eligibility requirements, responsibilities and legal arrangements. Compare the complete upfront and monthly costs rather than focusing only on the purchase price or deposit.
How does Shared Ownership work?
Shared Ownership is a distinct form of leasehold homeownership.
You purchase a long leasehold interest and pay for an initial percentage share of the home’s market value. You also pay rent to the housing provider on the remaining share.
The share available will depend on the property and Shared Ownership model. Service charges, estate charges and other costs may also apply.
The mortgage deposit is normally calculated against the share purchased. It may therefore be lower than the deposit required to buy the same home outright, but this does not mean Shared Ownership will have lower total or monthly costs.
An affordability assessment will normally consider whether the initial purchase and ongoing housing costs are manageable for you.
Before reserving a Shared Ownership home, establish:
- the percentage share you will purchase;
- the mortgage deposit and expected repayments;
- the rent and how it may increase;
- service charges and estate charges;
- buildings insurance arrangements;
- repair and maintenance responsibilities;
- the length and terms of the lease;
- restrictions on selling or subletting;
- the rules and costs for purchasing further shares.
Shared Ownership does not provide the same rights as owning a home outright. If you fail to pay your mortgage, rent or service charges, you could lose your home. Your rights and what happens to the money you have paid may differ from an outright purchase. Ask your solicitor or conveyancer to explain the relevant provisions in the lease before you commit.
Who pays for Shared Ownership repairs?
Shared owners are generally responsible for repairs and maintenance, regardless of the share purchased. Some costs may be covered by a building warranty or by the landlord if the lease includes an Initial Repair Period.
An Initial Repair Period usually lasts for 10 years from when an eligible home was first built and normally applies only while the shared owner holds less than a 100% share.
During this period, the landlord may be responsible for specified external and structural repairs. An annual allowance may also be available for certain repairs to installations supplying water, gas, electricity or heating. The scope, amount available and time remaining will depend on the lease and property.
Shared owners may still need to pay service charges during an Initial Repair Period. Repairs covered by a building warranty or another guarantee may also follow a separate claims process.
Check the key information documents, lease and warranty applying to the individual home. Ask your solicitor or conveyancer to explain the responsibilities before you commit.
Can you buy a larger share later?
The lease may allow you to purchase further shares through a process known as staircasing.
Many Shared Ownership leases provide a route to increase ownership to 100%, but exceptions and restrictions apply. Some properties in designated protected areas, some older-person arrangements and certain other Shared Ownership models may limit the maximum share that can be purchased or apply different conditions.
The permitted share increases, maximum ownership level, valuation method and costs will depend on the lease and Shared Ownership model. Valuation, legal, mortgage and administrative costs may apply.
Check the key information documents and lease for the specific property rather than assuming ownership can be increased to 100%.
Read the information for the individual home
Different Shared Ownership models can have different initial shares, lease lengths, repair arrangements and staircasing rules.
Where key information documents and a personalised summary of costs apply, read them before paying a reservation fee. They should explain the property, Shared Ownership model and costs involved in buying, owning and eventually selling the home.
Discuss anything you do not understand with your solicitor or conveyancer and mortgage adviser before making a financial or legal commitment.
Another route for eligible London renters
Eligible Londoners may also want to read about London Living Rent.
London Living Rent is a rental option intended to help eligible households save towards purchasing a home. It is not a homeownership product, and eligibility and availability apply.
5. Speak to a mortgage adviser
A mortgage adviser or broker can explain available mortgage products and guide you through an application.
Some advisers consider products from a broad range of lenders, while others work with a restricted panel. Before using an adviser, ask:
- which lenders and products they consider;
- whether they charge a fee;
- when their fee becomes payable;
- whether they receive commission from a lender;
- what their service includes;
- whether they regularly work with first-time buyers or Shared Ownership customers.
Check the firm’s regulatory status and registered contact details on the https://register.fca.org.uk/s/.
Appearing on the register does not mean the regulator recommends or endorses the firm or its products. Check that the permissions shown are relevant to the service you need.
What is an agreement in principle?
An agreement in principle, sometimes called a mortgage in principle or decision in principle, indicates how much a lender may be prepared to lend based on initial information.
It can help you set a property price range and show an estate agent or developer that you have considered your finances.
An agreement in principle is not a mortgage offer. The lender may offer a different amount or decline the full application after assessing your finances and the property.
Ask whether obtaining an agreement in principle will leave a record on your credit file and whether it could be visible to other lenders.
6. Choose the right area and property
Your preferred location needs to suit both your budget and everyday life.
Consider:
- travel to work, family and other regular destinations;
- public transport and road connections;
- shops, healthcare and leisure facilities;
- schools or childcare, where relevant;
- parking;
- broadband and mobile coverage;
- accessibility requirements;
- Council Tax;
- noise at different times;
- flood risk and other environmental factors.
Visit the area more than once if possible, including during busy travel periods or in the evening. A location can feel different at weekends, during the morning commute or after nearby businesses have opened.
If planned development or infrastructure is important to your decision, check the relevant local council’s planning information. Proposals can change, be delayed or be withdrawn.
Property prices can rise or fall, so future growth should not be assumed.
Read our guide to what to consider before moving to a new area.
Decide what you need from the property
Separating essential requirements from preferred features can help you focus your search.
Consider:
- the number and size of bedrooms;
- storage;
- parking;
- outdoor space;
- accessibility;
- energy performance;
- homeworking space;
- expected maintenance;
- whether the property could meet your future needs.
This can help you compare properties without stretching your budget for features you are unlikely to use.
Check whether the property is freehold or leasehold
Find out whether the property is freehold, leasehold, commonhold or Shared Ownership.
A leasehold purchase gives you rights to the property for the period and on the terms set out in the lease.
For a leasehold property, ask about:
- the remaining lease length;
- service charges;
- proposed major works;
- buildings insurance;
- estate management;
- restrictions within the lease;
- the process and possible costs involved in selling.
Your solicitor or conveyancer should explain the title, lease length, charges, restrictions and responsibilities that apply to the property.
What should you check during a viewing?
Look at the property’s condition, layout, storage, parking and surroundings.
Check for visible cracks, staining or signs of damp. See whether doors and windows open and close properly. Ask about heating, water pressure, broadband, parking, noise and what is included in the sale.
For a flat, look at the communal areas where access is available. Their condition may raise questions about management, cleaning, security or future maintenance.
Review the Energy Performance Certificate for the property’s current energy rating and suggested improvements. An energy rating does not guarantee particular energy costs. Actual use and bills will depend on how the property is occupied and future energy prices.
A viewing is not a substitute for an independent property survey. Raise concerns with an appropriately qualified professional rather than attempting to test electrical systems, boilers or structural elements yourself.
Buying a new-build or off-plan property
If you are buying an unfinished property or buying off-plan, use the information supplied for your chosen plot rather than relying only on a show home or general development marketing.
Ask for written confirmation of:
- the layout and dimensions;
- appliances and flooring included;
- finishes and fittings;
- parking arrangements;
- outside or communal space;
- optional extras;
- whether the specification could change.
Show homes, computer-generated images and other marketing materials may include furniture, finishes or features that are not part of the purchase price.
Compare the show home with the plans for your chosen property and ask about any differences. Keep copies of the plans, specification and other documents supplied to you.
Establish which new-home warranty or insurance applies, whether you can inspect the property before completion and how snagging items or defects should be reported. Arrangements will depend on the development and property.
7. Make an offer or reserve the property
For a second-hand property, you may wish to compare the asking price with similar local homes. Differences in size, condition, tenure and exact location can limit the usefulness of a direct comparison.
Decide the maximum price supported by your budget and mortgage assessment before entering negotiations.
The estate agent normally acts for the seller, even though they will communicate with you throughout the purchase.
When submitting an offer, you can explain:
- the amount you are offering;
- that you are a first-time buyer;
- whether you have an agreement in principle;
- your expected timescale;
- any conditions attached to the offer;
- which fixtures and fittings you expect to be included.
In England, accepting an offer does not normally make the sale legally binding. For most residential purchases, the agreement generally becomes legally binding when contracts are exchanged.
Withdrawing before exchange may still result in lost fees or other costs. Separate reservation terms may apply to a new-build or Shared Ownership property.
Your solicitor or conveyancer should explain when you become legally committed and what could happen if you withdraw after that point.
What should you check before paying a reservation fee?
A new-build or Shared Ownership property may be reserved directly with the developer or housing provider.
Before paying a reservation fee, ask for written information covering:
- the amount of the fee;
- when it may or may not be refunded;
- the length of the reservation period;
- the proposed deadline for exchanging contracts;
- conditions attached to any incentive;
- required mortgage and affordability checks;
- what happens if the mortgage application is unsuccessful;
- what happens if the purchase does not proceed.
Read the reservation agreement and property-specific documents before paying. Terms, charges and timescales will depend on the development and property.
8. Arrange your mortgage, legal work and survey
Once your offer has been accepted or the property reserved, the mortgage application, legal work and property survey will usually progress at the same time.
Appoint a solicitor or conveyancer
Your solicitor or licensed conveyancer will manage the legal transfer of ownership.
Their work will normally include reviewing the contract and title, arranging property searches, raising enquiries, working with your mortgage lender and preparing for exchange and completion.
Ask for an itemised quotation and check whether it includes:
- property searches;
- Land Registry fees;
- bank transfer charges;
- tax administration;
- additional leasehold or Shared Ownership work;
- other payments made to third parties.
Read our guide to conveyancing for a fuller explanation.
Protect your purchase payments
Ask your solicitor or conveyancer how its bank details will be provided and how payment instructions should be verified.
Never act on an emailed change to bank details without checking it independently. Call the firm using a trusted telephone number you have used before, not a number included in the message requesting payment.
Stop and verify the request if anything appears unusual. Property purchases involve transferring large amounts of money and can be targeted by payment fraud.
Submit your mortgage application
The lender will assess your finances, deposit and the property before deciding whether to issue a mortgage offer.
When comparing mortgages, consider the interest rate, fees, term and other conditions that affect the total amount payable. A lower advertised interest rate does not necessarily mean the mortgage will cost less overall.
The lender will normally arrange a mortgage valuation. This is for the lender’s benefit and does not confirm that the property is free from defects.
Do you need an independent property survey?
A property survey can identify visible defects and matters that may require further investigation. The appropriate survey will depend on the property’s age, construction and condition.
Ask the surveyor what the inspection covers, what will appear in the report and whether further specialist investigation may be required.
Read our guidance on how to choose a RICS surveyor.
9. Review the documents and exchange contracts
Before exchange, your solicitor or conveyancer will provide information about the legal position and documents relating to the purchase.
These may cover:
- your mortgage offer;
- the property-search results;
- the title and boundaries;
- fixtures and fittings information;
- the proposed completion date.
Review the survey findings alongside this information. For a leasehold or Shared Ownership property, pay close attention to the lease, service charges, proposed major works, rent provisions and restrictions.
Tell your solicitor or conveyancer about any assurance that is important to your decision. They can establish whether it needs to be recorded in the contract or supporting documents.
For most residential purchases in England, the agreement becomes legally binding when contracts are exchanged. Your solicitor or conveyancer will explain when you become legally committed and what could happen if you withdraw after that point.
They will also tell you:
- how much money must be available before exchange;
- what that money represents;
- when it should be transferred;
- when buildings insurance must begin.
For some leasehold and Shared Ownership properties, buildings insurance may be arranged for the building and recovered through the service charge.
Giving notice on your current accommodation or making non-refundable moving arrangements before exchange carries a risk if the purchase is delayed or does not proceed. Review your proposed timing with your solicitor or conveyancer and check the terms of your current accommodation.
10. Complete your purchase and prepare to move
Completion takes place when the purchase money is transferred and ownership passes to you. Your solicitor or conveyancer will confirm when completion has taken place and when the keys can be released.
Prepare for the move by considering removals, household services, post redirection and address updates. Keep important documents, medication and first-day essentials with you rather than placing them in the removal vehicle.
Take meter readings when you leave your current property and when you enter your new home. Allow some flexibility in case the completion timetable changes.
Use our moving-home checklist for a fuller list of tasks.
Buying a property can take several months, particularly where there is a chain or more involved legal work. Keep your documents, costs and agreed actions organised, and ask the relevant professional about anything you do not understand.
More guidance for first-time buyers
Continue planning your purchase with these Guinness Homes guides:
- Learn what conveyancing involves.
- Read what to consider before moving to a new area.
- Find out how to choose a RICS surveyor.
- Understand how Shared Ownership staircasing works.
Ready to look for your first home?
Explore Shared Ownership and private sale homes from Guinness Homes. Compare locations, available properties, prices and purchase options to identify developments that could meet your needs.
View available Guinness Homes developments
About this guide
This article provides general information about buying a home in England. It is not personalised financial, mortgage, tax or legal advice and does not recommend a particular mortgage, financial product, property or way of buying.
Mortgage availability, tax treatment, scheme eligibility and the terms applying to individual properties depend on personal circumstances and can change. Information and figures were checked on 18 September 2026.
Before making a financial or legal commitment, consider speaking to an appropriately qualified mortgage adviser and ask your solicitor or licensed conveyancer to explain the contract, lease, tax treatment and other documents applying to your purchase.
If you are considering Shared Ownership, read the key information documents and personalised cost information supplied for the property. Shared Ownership does not provide the same rights as owning a home outright. Mortgage payments, rent, service charges, estate charges and other costs may apply.
