Buying your first home, explained properly
A precise walkthrough of the entire buying process — costs, key terminology, common pitfalls and your first 30 days — backed by years of expertise and delivered with true clarity.
The real cost of buying
The purchase price is only part of it. Here is what to budget for in addition.
A larger deposit typically secures a better mortgage rate.
First-time buyer relief applies on homes up to £500,000.
Plus disbursements for searches and Land Registry fees.
Level 2 for modern properties; Level 3 for older or unusual builds.
Some lenders charge a product or arrangement fee.
Removals, packing materials, and any time off required.
Your first 30 days
A structured month-one plan to give you a clear starting point and focused direction.
Days 1–7: Review your finances
Check your credit report, confirm your savings, and calculate a realistic deposit target.
Days 8–14: Secure a mortgage in principle
Speak to a broker or lender to obtain an Agreement in Principle, strengthening your position with sellers.
Days 15–21: Define your criteria
Separate essentials from preferences, narrow your search to two or three areas, and set up property alerts.
Days 22–30: Begin viewings
Arrange viewings at different times of day, prepare questions in advance, and document each property carefully.
Key terminology
Agreement, Decision or Mortgage in Principle — a lender's informal indication of how much they may lend.
Loan-to-Value ratio. A £180,000 mortgage on a £200,000 property is 90% LTV. A lower LTV typically means better rates.
The legal process of transferring property ownership, handled by a solicitor or licensed conveyancer.
The point at which contracts become legally binding. The deposit is usually paid at this stage.
The day the purchase funds are transferred and ownership passes to the buyer.
Freehold means you own the land and building. Leasehold means you own the property for a fixed term, usually with ground rent and service charges.
A linked sequence of dependent sales. If one transaction fails, the entire chain can collapse.
When a seller accepts a higher offer after already accepting yours. This is legal until contracts are exchanged.
Common pitfalls to avoid
- Becoming emotionally attached before confirming affordability and running the numbers.
- Failing to budget for solicitor fees, surveys, and moving costs alongside the deposit.
- Skipping the survey to reduce upfront costs, then discovering expensive defects later.
- Viewing properties without a mortgage in principle, which weakens your negotiating position.
- Overlooking lease length on a flat — anything under 80 years can severely affect value and resale.
- Borrowing the maximum available without room for interest rate increases.
Not sure where you are in the process?
Book a free 15-minute call. We will identify your next priority and the right path forward.
Book a Free Call