First-time home buyer guide
Buying your first home is an exciting milestone, but it can also feel overwhelming. From securing the right first-time buyer mortgage to understanding government schemes, there’s a lot to consider. Our comprehensive guide walks you through every step, helping you navigate the process with confidence.
Save Up a Deposit
One of the biggest challenges for first-time buyers is saving for a deposit. You’ll need at least 5% of the property’s value, though a larger deposit can help secure better first-time buyer mortgage rates. If you're considering a Lifetime ISA for first-time buyers, you could benefit from a government bonus to boost your savings. Read more deposit hints and tips in our first-time buyer guide.
Exploring First-Time Buyer Schemes
There are several first-time buyer schemes available, including government-backed schemes that can make homeownership more affordable. Options like Shared Ownership allow you to get on the property ladder with a lower deposit.
Finding the Right Property
Before searching for your first home, research the market to understand pricing and availability. Browsing estate agent websites, property portals, and first-time buyer houses in your area can help you identify suitable properties. Create a checklist of must-have features and preferred locations to narrow down your options. Viewing multiple homes will give you a better idea of what suits your needs. Download our first-time buyer guide for more information.
How Much Can You Afford to Borrow?
Understanding your mortgage affordability is key. Our first-time buyer mortgage calculator can give you an estimate based on your deposit, income, and outgoings. If you’re unsure, a mortgage advisor at The Cumberland can guide you through our different first-time buyer mortgage deals to find the best option.
Factors that influence your mortgage affordability include:
- Deposit size (e.g., how much deposit for a first-time buyer?)
- Credit history and income stability
- Monthly financial commitments
Getting an agreement in principle can give you confidence when making offers and show sellers that you’re a serious buyer. Use our online calculator to work out what you can afford.
Making an Offer on Your First Home
Once you’ve found the perfect home, it’s time to make an offer. Research similar properties in the area and consider factors like market demand and property condition.
If your offer is accepted, you’ll move on to securing your mortgage for first-time buyers and finalising the legal process.
Finalising Your Mortgage
With an accepted offer, you’ll need to complete your first-time buyer mortgage application. Our mortgage advisors at The Cumberland will provide advice and a recommendation on our first-time buyer mortgages.
This stage includes:
- Submitting your mortgage application
- Arranging a property valuation
- Choosing the right home survey
- Working with a solicitor or conveyancer
We have a team of manual underwriters at The Cumberland. Your mortgage application will be reviewed by a real person who will consider all the relevant details.
If your application is accepted a Mortgage Offer will be issued to you.
Valuation, surveys and conveyancing
A property valuation ensures that your home is worth the agreed price. Depending on the condition of the property, you may also choose a homebuyer’s report or a full structural survey.
Your solicitor or conveyancer will handle the legal aspects, such as registering the property with the Land Registry and transferring ownership.
Exchanging Contracts
Once legal checks are complete, both buyer and seller sign contracts.
At this stage, you’ll pay your deposit, and the purchase becomes
legally binding.
You’ll also need home insurance in place before completion, as lenders require this to protect their investment.
Moving Into Your First Home
On the agreed completion date, you’ll receive your keys and can move into your new home!
Plan ahead by:
- Booking a removal service
- Arranging essential utilities
- Budgeting for any necessary furnishings
Download Our First-Time Buyer Guide
For more details on government schemes for first-time buyers, best mortgage rates for first-time buyers, and help for first-time buyers, download our comprehensive guide below.
Alternatively, book an appointment with one of our mortgage advisors to discuss your options and find the best mortgage deals for first-time buyers today!