Buying a first home is one of the biggest financial decisions most people make. Understanding the process reduces stress and surprises.
The key stages
- Save your deposit (typically 5–20% of the purchase price)
- Get a mortgage in principle
- Find a property and make an offer
- Instruct a solicitor for conveyancing
- Survey the property
- Exchange contracts (legally binding)
- Complete
Stamp duty land tax may be due on completion. First-time buyers benefit from relief — check the current thresholds on gov.uk. This is general information, not financial or legal advice.
Frequently Asked Questions
How much deposit do I need to buy a house?
The minimum is typically 5% of the purchase price, though 10% gives access to better mortgage rates.
What is stamp duty for first-time buyers?
First-time buyers benefit from a higher nil-rate threshold. Check current thresholds at gov.uk as they change with government policy.
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