PropWealthMetrics
First-Time Buyer Guide

From saving to getting the keys — your complete UK buying journey

10 stages. Plain English. Everything you need to know before you buy your first home in England.

15 minute guide

1

Financial Prep

1–6 months

2

Mortgage in Principle

1–3 days

3

House Hunting

Weeks–months

4

Making an Offer

Days

5

Solicitor & Application

1–3 weeks

6

Surveys & Searches

2–6 weeks

7

Mortgage Offer

1–2 weeks

8

Exchange

1 day

9

Completion

1 day

10

After Completion

Ongoing

Most buyers go from "start saving" to "keys in hand" in 6–18 months

01

Financial Preparation

1–6 months

What you need to know

Your deposit amount

Typically 5–20% of the property price. Higher = better mortgage rates.

Your affordability

Most lenders cap at 4.5× single income or 4.0× joint income.

Your credit score

Check Experian, Equifax and TransUnion. All three offer free checks.

Monthly budget

What's left after rent, bills, debts, food and lifestyle.

Typical upfront costs

ItemTypical cost
Deposit5–20% of price
Solicitor / conveyancer£1,000–£2,500
Survey£400–£1,500
Mortgage arrangement fee£0–£2,000
Moving costs£300–£2,000
Stamp duty£0 for most FTBs

Documents you will need

Passport or driving licence (ID)
Payslips — last 3–6 months
Bank statements — last 3–6 months
Proof of deposit (savings statements)
P60 (last tax year)
If self-employed: SA302 tax returns (2–3 years) and certified accounts

Key actions

  1. 01Check your credit report at all three bureaus (Experian, Equifax, TransUnion — all free).
  2. 02Avoid taking on new debt or finance in the 6 months before applying.
  3. 03Save bank statements — lenders want to see regular saving behaviour.
  4. 04Build a consistent proof of income trail.

Ready to work out your numbers?

02

Mortgage in Principle

1–3 days

What it is

A Mortgage in Principle (also called Agreement in Principle or Decision in Principle) is a statement from a lender saying: "Based on basic checks, we may lend you up to £X."It is not a formal mortgage offer — but estate agents take you more seriously when you have one.

It is not binding

Neither you nor the lender are committed at this stage. It is simply an indication.

Soft vs hard credit check

Some lenders do a soft check (no impact). Others do a hard check (leaves a mark). Always ask first.

Valid for 60–90 days

Most AIPs expire after 60–90 days. Renew if your house hunt takes longer.

Key actions

  1. 01Speak to a whole-of-market mortgage broker (they search all lenders, not just one bank).
  2. 02Compare interest rates AND fees — the lowest rate is not always the cheapest deal.
  3. 03Get your AIP before viewing properties — agents and sellers prefer AIP-backed buyers.

Compare two mortgage deals side by side

03

House Hunting

Weeks to months

What to check on every property

Location & lifestyle

Transport links and commute time
Local schools (if relevant)
Supermarkets and amenities nearby
Regeneration plans for the area
Crime statistics (police.uk)
Future development (council planning portal)

The property itself

Leasehold or freehold? (freehold preferred for houses)
If leasehold: years left on lease (under 80 = problem)
Annual service charge amount
Ground rent (should be zero on new leases)
EPC rating (A–C best; F–G needs investment)
Flood risk (environment.data.gov.uk)
Broadband and mobile signal
Age of boiler and roof

Key actions

  1. 01View at least 5–10 properties before making any offer — calibrate your eye.
  2. 02Visit at different times of day — morning and evening feel different.
  3. 03Check sold prices of comparable properties nearby on Rightmove and Zoopla.
  4. 04Ask the seller why they are moving — the answer can reveal a lot.
  5. 05Ask about the neighbours and the building management company (for flats).

Useful resources

Rightmove

Property search and sold prices

Zoopla

Valuations and price history

HM Land Registry

Official sold prices

StreetCheck

Area demographics

EPC Register

Energy performance certificates

04

Making an Offer

Days to 1 week

How offers work

You make your offer through the estate agent — verbally first, then confirmed in writing. The estate agent is legally obliged to pass on all offers to the seller.

Possible outcomes

Accepted

Congratulations. Move to Stage 5 immediately — do not delay instructing your solicitor.

Rejected

The seller wants more. You can counter-offer or walk away.

Negotiation

Common. Come back with evidence: comparable sold prices, viewing issues, your strong position.

After acceptance

The property is now Sold Subject to Contract (SSTC). NOTHING IS LEGALLY BINDING YET. Either party can still pull out without legal penalty until exchange of contracts. This is known as gazumping (seller accepts higher offer) or gazundering (buyer drops offer last minute). Both are legal but unethical.

Offer tips

  1. 01Use comparable sold prices to justify your offer — not just the asking price.
  2. 02A below-asking offer is normal for properties on the market over 6–8 weeks.
  3. 03Your chain position matters: no chain (FTB renting) is very attractive to sellers.
  4. 04Never reveal your maximum budget to the estate agent — they work for the seller.
05

Solicitor & Full Application

1–3 weeks

Two things happen simultaneously

Your solicitor

A solicitor or licensed conveyancer handles the legal side of your purchase.

  • Conducts property searches
  • Checks the title deeds
  • Reviews the contract from the seller's solicitor
  • Handles the transfer of funds
  • Registers your ownership at Land Registry

Use a Law Society-registered conveyancer. Your broker may have a recommended panel — you are not obliged to use them but it can speed things up.

Your mortgage application

Your lender now conducts a full assessment.

  • Full affordability check using your documents
  • Commissions a valuation of the property (for them, not you — get your own survey too)
  • Underwriting: verifies all income, employment, credit

What slows this down

  • Missing or incorrect documents
  • Discrepancies between application and bank statements
  • Employer unable to verify employment quickly
  • Lender backlog

Key actions

  1. 01Instruct your solicitor within 24–48 hours of offer acceptance — do not delay.
  2. 02Submit all documents to your mortgage broker/lender within 48 hours of request.
  3. 03Do NOT change jobs, take on new credit, or make large unexplained transfers during this period.
06

Surveys & Searches

2–6 weeks

Survey types

Level 1

Condition Report

£300–£500

Very basic traffic-light summary only.

For: New-build properties only.

Not recommended for most purchases

Level 2

HomeBuyer Report

£400–£1,000

Thorough inspection of accessible areas. Flags issues that need attention.

For: Most standard properties built after 1930.

Recommended for most FTB purchases

Level 3

Full Structural Survey

£600–£1,500

Comprehensive structural inspection. Invasive checks where possible. Detailed written report.

For: Old (pre-1920), unusual construction, or major-work properties.

Essential for older or unusual properties
The lender's valuation is NOT a survey. It is a basic check that the property is worth what they are lending on. It does not protect you. Always commission your own independent survey.

Searches your solicitor conducts

Local Authority Search

What: Planning history, road adoption, enforcement notices.

Why it matters: Reveals if the property has unpermitted extensions or sits on a proposed road scheme.

Water & Drainage Search

What: Confirms public sewer locations and water supply.

Why it matters: Identifies if a sewer runs under the garden (affects building rights).

Environmental Search

What: Contaminated land, flooding, subsidence, mining history.

Why it matters: Affects insurability and value.

Optional Searches

What: Flood risk, chancel repair, tin mining, coal mining.

Why it matters: Depending on location.

If problems are found

Renegotiate the price

Use findings to reduce your offer.

Request seller fixes

Ask for work before completion.

Walk away

Some issues are deal-breakers: short lease, severe structural, major flood risk.

07

Mortgage Offer Issued

1–2 weeks
The lender formally confirms in writing that they will lend you £X on this property at the agreed rate and terms. This is the formal mortgage offer — different from the AIP you got earlier.

What to check on your offer

Loan amount — matches what you applied for
Interest rate — fixed or variable, and for how long
Monthly payment amount
Total mortgage term
Early Repayment Charge (ERC) — what it costs if you leave early
Overpayment allowance — usually 10% per year without charge
Special conditions (retention, works required before drawdown)
Offer validity — usually 3–6 months, can normally be extended
A mortgage offer is not a guarantee of funds until completion. Lenders can withdraw in extreme circumstances (job loss, new debt, significant property damage). Do not make any major financial changes between offer and completion.
08

Exchange of Contracts

The legal commitment

Big moment

Exchange of contracts is the most significant legal moment in your property purchase. Once exchanged, the sale is legally binding on both parties. You cannot pull out without losing your deposit.

What happens on exchange

  1. 01Both solicitors confirm all searches are complete, contracts agreed, mortgage offer in place.
  2. 02You sign the contract (usually done in advance).
  3. 03Your solicitor transfers your deposit to the seller's solicitor.
  4. 04Contracts are formally exchanged — usually over the phone between solicitors.
  5. 05Completion date is legally fixed.

Your deposit at exchange

Your deposit (typically 10% of purchase price at exchange) is now transferred to the seller's solicitor and held in their client account.
  • If you pull out after exchange: you lose your deposit.
  • If the seller pulls out after exchange: you can sue for losses.

Between exchange and completion

Arrange buildings insurance from exchange date (you are legally responsible)
Book removals
Notify your landlord (if currently renting)
Start redirecting post
Book time off work for completion day

Exchange to completion is usually 1–4 weeks, agreed between both parties. Some buyers exchange and complete on the same day (more stressful, less common).

09

Completion Day — Getting the Keys 🎉

1 day

What happens — step by step

  1. 01Your mortgage lender releases the funds to your solicitor.
  2. 02Your solicitor sends the full purchase amount to the seller's solicitor.
  3. 03Seller's solicitor confirms receipt and authorises release of keys.
  4. 04Estate agent receives confirmation and calls you to collect the keys.
  5. 05You collect the keys.
Your solicitor will call you when completion has happened. Do not go to the estate agent to collect keys until you have received this call — occasionally there are morning delays.

Practical on the day

Phone charged and with you all day
Do a final meter read at the property
Check all keys are handed over (doors, windows, garage, post box, outbuildings)
Check the property condition matches what you agreed (fixtures & fittings)
Photograph/video every room immediately (insurance & records)

Your solicitor registers your ownership with HM Land Registry in the days/weeks after completion. You don't need to do anything — you'll receive your Title Register in due course.

10

After Completion — You Own It Now

Ongoing

Immediate actions (first 48 hours)

Buildings insurance active (should be in place from exchange — confirm policy)
Set up utilities: electricity, gas, water (contact suppliers, give meter readings)
Contact council for council tax (register as new owner, single person discount if applicable)
Set up internet/broadband (can take 1–2 weeks to activate)
Change address: DVLA, bank, HMRC, GP, employer, electoral register, insurance, subscriptions

First week

Set up direct debit for mortgage payments
Find your mortgage offer document and note: rate, end date, overpayment allowance
Set a calendar reminder 3 months before your deal ends to remortgage

First month

Register on electoral roll at new address (important for credit score)
Consider contents insurance
Get to know the property: locate stopcock, fuse box, boiler controls
Set a reminder to remortgage 3 months before your initial deal ends. When your deal ends, you'll revert to your lender's Standard Variable Rate (SVR), which is usually significantly higher.

Track your mortgage and plan your remortgage

Timeline summary

StageDescriptionTypical time
01Financial Prep1–6 months
02Mortgage in Principle1–3 days
03House HuntingWeeks–months
04Making an OfferDays
05Solicitor & Application1–3 weeks
06Surveys & Searches2–6 weeks
07Mortgage Offer1–2 weeks
08Exchange1 day
09Completion1 day
10After CompletionOngoing

Most buyers go from starting to save to holding the keys in 6–18 months.

Track your own journey

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Ready to run your numbers?

Use our free calculators to work out your affordability, deposit target, and total buying costs.