First-Time Buyer Checklist: From Saving a Deposit to Getting the Keys

1. Work out your real buying budget

Your deposit is only one part of the money you will need. Build a separate buying-cost pot for mortgage fees, legal work, searches, a survey, property tax if it applies, moving costs and an emergency buffer.

Set a monthly housing budget that leaves room for council tax, utilities, insurance, service charges where relevant, maintenance and ordinary life. A lender's maximum is not automatically a comfortable budget.

• List your income, regular commitments and existing debt payments.
• Keep deposit savings separate from your fees and emergency buffer.
• Check your credit reports early so there is time to correct mistakes.
• Avoid making major financial changes while preparing a mortgage application.

2. Prepare for a mortgage conversation

A mortgage in principle, also called an agreement in principle or decision in principle, can give you an estimate of what a lender might be willing to lend. It is not a formal mortgage offer.

A regulated mortgage adviser can help you understand your options. You can also approach a lender directly. Have evidence of income, spending, debts and deposit funds ready.

• Gather payslips or accounts, bank statements, identification and proof of address.
• Know where your deposit came from, including any gifted amount.
• Ask whether a mortgage-in-principle check will leave a soft or hard credit search.

3. Search, view and compare homes calmly

Decide your must-haves before viewings begin. Compare homes using the same checklist so that an attractive kitchen does not distract you from questions about tenure, condition, location or running costs.

• Check whether the property is freehold, leasehold or another tenure.
• Ask about the chain, council tax band, energy performance and what is included.
• Visit the area at different times of day where possible.
• Budget for a suitable survey after your offer is accepted.

4. Move from offer to completion

Once an offer is accepted, instruct a solicitor or conveyancer, complete your full mortgage application and arrange an appropriate survey. Your legal professional will deal with searches, title checks, enquiries and the contract.

Do not treat an accepted offer as the finish line. In England and Wales it is not legally binding until contracts are exchanged. The process differs in Scotland, so use nation-specific professional guidance.

• Read your mortgage offer and survey carefully.
• Ask your conveyancer to explain anything you do not understand.
• Check your completion statement and verify bank details by a trusted method before transferring money.
• Arrange buildings insurance when your solicitor or conveyancer tells you it is needed.