Buying your first home: A step-by-step guide for first-time buyers

Last updated: 12 May 2026

Buying your first home is a major milestone, but it can also feel complex. From understanding your budget to securing a mortgage and completing the purchase, there are several steps to navigate.

We have created this guide to help simplify the process for you. It explains how to buy a house, what to expect at each stage, and how to approach key decisions with confidence. Whether you are just starting to explore your options or preparing to make an offer, this overview will help you move forward with clarity.

How to buy a house: Understanding the process

Buying a property follows a clear sequence of steps, even if the details vary from case to case. Understanding the overall structure early on will make each stage easier to manage.

Step 1: Work out how much you can afford

Before you begin your property search, it is important to understand your budget.

Lenders assess:

• Your income
• Your regular expenses
• Existing financial commitments

This determines how much you may be able to borrow. At the same time, you should consider what feels comfortable for your monthly payments, not just what a lender might offer.

Speaking to a professional early can help you get a realistic picture of your options. With first-time buyer mortgage advice, you can understand your borrowing potential and plan your next steps with confidence.

Step 2: How much deposit do you need?

Your deposit is a key part of buying your first home.

Typical deposit levels include:

• 5% of the property price (minimum for many lenders)
• 10% or more, which can unlock better rates

A larger deposit often leads to:

• Lower monthly payments
• More competitive mortgage options

Many first-time buyers start with a smaller deposit and build from there, so it is important to understand what is realistic for your situation.

Step 3: Get a mortgage in principle

A mortgage in principle (also called an agreement in principle) is an indication of how much a lender may be willing to offer.

It is based on a high-level review of your:

• Income
• Outgoings
• Credit profile

Having this in place before making an offer:

• Shows sellers you are serious
• Gives you confidence in your budget
• Speeds up the process later on

Step 4: Find the right property

Once your budget is clear, you can begin your property search.

At this stage, it helps to:

• Focus on areas that fit your budget
• Prioritise your must-haves versus nice-to-haves
• View a range of properties to understand the market

Keeping your budget in mind will help you make practical decisions and avoid overextending yourself.

Step 5: Make an offer

When you find a property you would like to buy, you can submit an offer through the estate agent.

At this stage:

• Offers are not legally binding
• Negotiation may take place
• The seller can accept, reject, or counter your offer

Once your offer is accepted, the formal process begins.

Step 6: The legal process (Conveyancing explained)

After your offer is accepted, a solicitor or conveyancer will handle the legal side of the purchase.

This includes:

• Carrying out property searches
• Reviewing contracts
• Managing communication between all parties

A residential property survey is also arranged to assess the condition of the property. This step is important, as it can highlight potential issues before you commit fully.

Step 7: Mortgage application and approval

With an accepted offer in place, you can proceed with your full mortgage application.

This involves:

• A detailed financial assessment
• A valuation of the property
• Final approval from the lender

At this stage, choosing the right product is key. Options such as fixed mortgage rates or a tracker mortgage will affect your monthly payments and long-term costs.

Step 8: Exchange and completion

The final stages are exchange and completion.

• Exchange of contracts: both parties become legally committed to the purchase
• Completion: funds are transferred and you receive the keys

At this point, ownership officially transfers to you.

What costs should first-time buyers expect?

In addition to your deposit, there are several other costs to plan for:

• Solicitor or conveyancing fees
• Survey costs
• Mortgage arrangement fees
• Stamp duty (depending on thresholds and eligibility)
• Moving costs

It is important to understand the hidden costs when buying a home so that you can budget accurately from the start.

Tips for first-time buyers

A few practical steps can make the process smoother:

• Set a realistic budget and stick to it
• Allow for additional costs beyond the purchase price
• Seek advice early to avoid delays later
• Compare mortgage options carefully
• Keep your long-term plans in mind

Common mistakes to avoid when buying your first home

First-time buyers often face similar challenges. Being aware of them early can help you avoid unnecessary stress.

Common pitfalls include:

• Underestimating total costs
• Delaying mortgage advice
• Skipping or undervaluing surveys
• Offering more than you can comfortably afford

How a mortgage broker can help first-time buyers

Buying a property involves many decisions, and having the right support can make a significant difference.

A mortgage broker can:

• Access a wide range of lenders
• Compare mortgage products on your behalf
• Guide you through the application process
• Help you avoid costly mistakes

Flagstone offers independent advice with access to the whole market, including exclusive rates and a dedicated support team to help manage your application from start to finish.

Speak to a Mortgage Advisor Before You Start

Getting advice early can save time and reduce uncertainty throughout the process.

At Flagstone, our team supports first-time buyers at every stage, from understanding affordability to securing the right mortgage and completing the purchase.

If you are planning on buying your first home, speaking to an advisor can help you move forward with confidence.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE