The dream of owning your first home might feel distant, but taking that first step onto the property ladder is more achievable than you might think. In fact, despite economic uncertainty, 2024 was a major year for first-time buyers in the UK. The market saw a significant rebound, proving that new buyers are a powerful force in the housing landscape.
If you’re ready to trade in your tenancy agreement for a set of keys, this comprehensive checklist from getting your finances in order to agreeing on a completion date is exactly what you need.
First Time Buyer Checklist
How It Works:
No login required. The checklist doesn’t require any login or account. Your progress is saved directly in your browser using local storage, so everything stays on the device you’re using.
Please note: If you clear your browser data or switch devices, the checklist will reset because nothing is stored on our servers.
My First Time Buyer Checklist
Phase 1: Financial Preparation
Phase 2: Finding and Securing Your Property
Phase 3: Legal and Financial Checks
Phase 4: Final Steps and Moving In
First-Time Buyers Continue to Drive the Housing Market
Despite ongoing affordability challenges, first-time buyers remain a major force in the UK housing market.
According to data by Lloyds Bank, the number of first-time buyers stepping onto the property ladder rose to 341,068 in 2024.
Recent data shows that first-time buyers accounted for more than half of all mortgage-financed home purchases, highlighting the important role they continue to play in helping drive housing market activity.
A number of trends have also emerged:
- The average first-time buyer is now around 34 years old.
- The average first-time buyer deposit remains around £61,000.
- Typical first-time buyer property prices are now around £237,500 nationally, although this varies significantly by region.
- Affordability has improved compared to recent years thanks to falling mortgage rates and rising wages. Lloyds reports that the typical first-time buyer home now costs 5.9 times average earnings, the most affordable position since 2015.
These figures show that while getting onto the property ladder remains challenging, thousands of people continue to successfully purchase their first home each year. Understanding the process and preparing early can help improve your chances of joining them.
Your 10-Step First-Time Buyer Checklist
How It Works:
No login required. The checklist doesn’t require any login or account. Your progress is saved directly in your browser using local storage, so everything stays on the device you’re using.
Please note: If you clear your browser data or switch devices, the checklist will reset because nothing is stored on our servers.
Buying a home is a process. It’s not a single event. By breaking it down into manageable stages, you can navigate the journey with more confidence knowing the steps ahead.
Understanding the First-Time Buyer Checklist
The entire home buying process begins and ends with your finances.
Phase 1: Financial Preparation
1. Know What You Are Able to Afford
This is the non-negotiable first step. Affordability is about more than just the mortgage payment; it includes your initial deposit, stamp duty (though first-time buyers have a relief threshold), and all the other associated fees.
If you are buying a leasehold property like flats, apartments or shared ownership properties you will need to take into account service charge costs. Lenders will conduct an affordability assessment by scrutinising your income, deposit size, and outgoings. Before you even look at a house, ensure you know your total budget.
2. Deposit Saved
While some mortgages accept a minimum of 5%, aiming for 10% or more of the purchase price will generally give you access to better interest rates and cheaper mortgage deals.
3. Mortgage Sourced & Agreement in Principle Received
“Mortgage Sourced” is the step where you find the best deal for your situation. Working with a mortgage broker is often invaluable, as they can search the whole market of lenders and match you to one most likely to accept you based on your financial profile. Likewise you can talk to your bank or building society and do some research. Either way it is worth speaking to a mortgage broker as they may have access to better deals not available if you were contacting the financial companies directly.
Once you’ve chosen a potential lender, the next goal is obtaining a Mortgage in Principle (MIP) (also known as an Agreement in Principle). This is a written estimate of how much the lender may be willing to lend you. It’s not a final offer, but it proves to estate agents, housing providers and sellers that you are a serious and viable buyer. This is crucial when making an offer.
Phase 2: Finding and Securing Your Property
With your finances locked down, the real fun begins: house hunting!
4. Found a Property You Like
Draw up two lists: “must-haves” and “nice-to-haves”. When viewing properties, consider practical factors like the age and condition of the property (older homes have charm but may require more work), energy efficiency (check the EPC), and most importantly, the location and transport links.
Depending on what you can afford you may need to consider properties to buy outside of your dream location. Don’t be disappointed if you have to do this! It’s something our founder did and they ended up living in the location they wanted to further down the line.
5. Offer Has Been Accepted
Once you’ve made an offer and it’s accepted, you have secured the property, but be aware of the process’s fragile nature. The seller can still legally pull out of the deal at any point before contracts are formally exchanged. This is known as gazumping and, while frustrating, is a risk in the UK system.
There are lots of discussion of making the process more stable. Some estate agents may help with this. However, it is important to know that buyers pull out, sellers pull out and other things such as survey results can sway whether or not properties are bought and sold.
Phase 3: The Legal and Financial Scrutiny
This is the longest part of the process, often referred to as “conveyancing.”
6. Solicitor Appointed
You will need to appoint a conveyancing solicitor to handle the legal transfer of ownership. While technically not always a legal requirement for the buyer, your mortgage lender will almost certainly insist on one. Their expertise is vital for navigating the complexity of the process.
Unfortunately you are only as good as the weakest link in the chain. If you are buying from someone who is not in a chain. A chain is where you are buying from someone, who are then buying from someone else and so on. Chains can be large or small so it’s worth finding this out at the start. That said it is still worthwhile using a good solicitor as they can help to move things along more smoothly.
It’s up to you, but if you use one local to you it means you can visit them in person to discuss issues, drop off documents. If you use ones further away then you’re dependent on post, email, messages and phone calls.
7. Mortgage Survey Successful
The mortgage lender will arrange a basic valuation survey to ensure the property is worth the loan amount. You, however, should arrange a more detailed survey, such as a Homebuyer’s Report or a full Structural Survey. This is your chance to uncover any hidden issues like damp, subsidence, or serious structural problems before you commit. If significant issues are found, you can negotiate the price down to cover repairs or decide to stop the process.
Your own more detailed survey will cost money, but could save you in the long run as you will learn more about the property and any potential issues uncovered.
8. Local Searches All OK
Your solicitor will conduct formal searches with the local council and other authorities. These checks investigate:
- Local Authority Searches: Planned road schemes, public rights of way, building control issues, and planning permissions for the property.
- Environmental Searches: Risk of land contamination or flooding.
- Drainage and Water Searches: Checking connection to public sewers.
Phase 4: Final Steps and Moving In
You are nearing the finish line!
9. Seller Agrees Completion Date
This is the point where contracts are legally exchanged, and you commit to the purchase. You must have building insurance in place from the moment of exchange. The completion date is the day the money is transferred, and you officially take ownership.
10. Get Keys!
On the completion date, your solicitor transfers the final payment to the seller’s solicitor. The keys will then be released to you via the estate agent or housing provider. Congratulations, you are officially a homeowner!
Remember to budget for other moving costs, such as removal firms, and to inform all necessary parties (utilities, council tax, banks) of your new address.
