Your Questions, Answered

Most first time buyers need a deposit of at least 5% of the property price, though 10% or 15% will get you access to better mortgage rates. The bigger your deposit, the lower your interest rate typically is. For example, on a £250,000 property, a 5% deposit is £12,500, while a 10% deposit is £25,000.

Some lenders offer 95% mortgages specifically for first time buyers, but you'll pay higher interest rates. The sweet spot for first time buyers is often 10-15%, which balances achievable saving goals with decent mortgage rates.

On average, first time buyers in the UK take 3-5 years to save their deposit. Using a Lifetime ISA can speed this up, as the government adds a 25% bonus to your savings (up to £4,000 per year).

If you're saving £500 per month and need £25,000, that's 50 months (just over 4 years) without the LISA bonus, or around 40 months with it. Living with parents or house sharing significantly accelerates the timeline.

There's no specific score you need, as each lender has different criteria. Generally, a score above 700 (on most scales) gives you good options. Check your credit report with all three agencies (Experian, Equifax, TransUnion) and fix any errors.

If your score needs work, focus on paying bills on time, keeping credit utilisation low, and registering on the electoral roll. Most lenders look at your credit history over the last 3-6 years.

Yes, but your options will be more limited and expensive. Bad credit doesn't mean no mortgage, it means specialist lenders and higher interest rates. If you have County Court Judgments (CCJs), defaults, or a bankruptcy in your history, you'll need to wait a certain period (often 3-6 years depending on severity).

Work with a mortgage broker who knows bad credit lenders. Focus on rebuilding your credit score while you save.

For most first time buyers, yes absolutely. A good mortgage broker has access to deals you can't get directly, knows which lenders suit your specific situation, handles all the paperwork, and their advice is usually free (they're paid commission by lenders).

Make sure they're whole of market (can access all lenders, not just a panel) and FCA regulated.

Yes, many first time buyers receive help from family. Lenders allow gifted deposits, but you'll need a letter from the person gifting the money confirming it's a gift (not a loan), proof of where they got the funds, and their ID. This is for anti-money laundering regulations.

The gift must be unconditional with no expectation of repayment.

Lifetime ISAs let you save up to £4,000 per year, and the government adds 25%. You must be a first time buyer purchasing a property under £450,000, and you must have held the account for at least 12 months before using it.

If you withdraw for any reason other than buying your first home or retirement after 60, you'll pay a 25% penalty which means you lose the bonus plus a bit of your own money.

Lenders typically offer 4 to 4.5 times your annual gross income, sometimes more. So if you earn £40,000 per year, you might be able to borrow £160,000 to £180,000.

However, affordability checks also consider your outgoings, existing debts, and future interest rate changes. High credit card debt, car finance, or regular childcare costs all reduce what you can borrow.

A mortgage in principle (AIP) is an initial assessment showing how much a lender would likely lend you. It's based on basic information and a soft credit check, takes minutes to get, and lasts 60-90 days.

A full mortgage offer comes after detailed checks including hard credit search, proof of income, bank statements, and property valuation. It's the legally binding offer of finance and typically comes 2-4 weeks after full application.

For most first time buyers, a fixed rate mortgage makes sense. Your interest rate and monthly payments stay the same for the fixed period (typically 2, 3, 5, or 10 years), making budgeting easier and protecting you from rate rises.

Variable rate mortgages (tracker or standard variable rate) change with interest rates, so your payments can go up or down. Fixed rates offer certainty, which is valuable when you're stretching your budget.

Stamp duty is a tax on property purchases. In England and Northern Ireland, first time buyers pay no stamp duty on properties up to £425,000 (and reduced rates up to £625,000).

In Scotland, it's called Land and Buildings Transaction Tax (no tax up to £175,000 for first time buyers). In Wales, it's Land Transaction Tax with its own rates. Your solicitor calculates and pays this from the funds you provide.

Yes, it's a legal requirement. A solicitor or licensed conveyancer handles all the legal work involved in buying property. They carry out searches, review contracts, check the title, handle the money transfer, ensure the purchase is legal, and register your ownership with the Land Registry.

Budget £850-£1,500 for their fees plus disbursements (the costs of searches and registrations they pay on your behalf).

Searches are investigations your solicitor carries out to uncover information about the property and area that isn't visible from viewing. Local authority searches check planning applications, building control, environmental issues, and whether roads are adopted.

Searches can take 2-6 weeks because local councils have different response times. They're essential because they reveal problems that could affect value or your use of the property.

Exchange is when contracts become legally binding. Both you and the seller are now committed to the transaction. You pay your deposit (usually 10% of purchase price) at exchange.

Completion is when the rest of the money is transferred, the property officially becomes yours, and you get the keys. These are typically 1-2 weeks apart, but can be the same day.

Legally no, but practically yes. The mortgage valuation only checks the property is worth what you're paying - it's not for your benefit. A proper survey can uncover hidden problems that could cost thousands to fix. It gives you leverage to renegotiate or walk away.

Most buyers get at least a HomeBuyer Report (£400-£600). For older properties or those with visible issues, a Full Building Survey (£600-£1,500) is worth it.

The physical inspection takes 2-4 hours depending on property size and survey type. You'll receive the written report within 5-10 working days. Book your survey as soon as your offer is accepted to avoid delays.

It depends on the market and property condition. In a competitive market, you might need to offer asking price or above. In a slower market, 5-10% below asking is reasonable. Look at recent sales of similar properties in the area (your estate agent or Rightmove can help).

Your first offer should leave room for negotiation but not insult the seller. Being chain-free or a cash buyer gives you leverage.

Yes, until exchange of contracts. Your offer isn't legally binding - it's "subject to contract" and "subject to survey". You can pull out for any reason with no legal penalty, though you'll lose money spent on surveys and legal fees.

After exchange, pulling out means losing your deposit (typically 10% of purchase price) and potentially being sued for breach of contract.

Typically between 12pm and 2pm, but it can vary. Your solicitor will call you once the money has been received and the property is legally yours. Don't book movers or give notice on your rental until completion is confirmed - delays can happen.

Take meter readings (gas, electricity, water if metered), locate the stopcock and fuse box, test smoke alarms, and consider changing locks. Set up home insurance if not already done - you need this from completion day. Register with council tax and notify utility companies.

Beyond the deposit, expect: Solicitor fees (£850-£1,500), Survey (£400-£1,500), Mortgage arrangement fee (£0-£2,000), Stamp duty (£0 for first time buyers up to £425,000), Removal costs (£400-£1,500), and initial setup costs (utilities, furniture, repairs).

Budget around 3-5% of the property price for all buying costs on top of your deposit.

Yes, absolutely. Get quotes from at least 3 solicitors and compare. Many offer fixed fees which makes comparison easier. Ask what's included and what's extra. Don't just choose the cheapest - balance cost with service quality and responsiveness.

On average 12-16 weeks (3-4 months) in England and Wales. Scotland is typically faster (8-12 weeks) due to a different system. If you're chain-free with mortgage approval ready, you might complete in 6-8 weeks. Long chains can take 6+ months.

Main time factors: mortgage application (2-4 weeks), searches (2-6 weeks), enquiries (1-3 weeks), survey (1-2 weeks), and exchange to completion (1-2 weeks).

Yes. Get your mortgage in principle before house hunting, have all documents ready (ID, proof of address, bank statements), respond immediately to solicitor requests, book your survey quickly after offer acceptance, and chase everyone weekly for updates.

Being chain-free, paying for faster searches, or having a cash buyer behind you all help. However, some delays are unavoidable.