A step by step guide to buying your first home

Getting on the property ladder is exciting, but there’s lots to consider before you can start painting the walls and putting in your furniture.

To help you navigate through the process, we’ve put together a step by step guide on buying your first home.

Check your budget

Before you decide to buy, you should work out what you can afford in monthly mortgage payments. This will give you an idea of the amount you could borrow and how much you'll need to save for a deposit.

The money you set aside can also help to pay for legal fees, surveys, removal services and stamp duty. It can go towards things like home improvements, furniture and decorations too!

Find your property type

Everybody wants the perfect property for them, but it's important to recognise what you need from your first home and what's desirable. That could be the number of bedrooms, parking space or a garden.

When it comes to your property search, it will then be easier to narrow down your options depending on what each house has to offer.

If you're planning to stay in your first home for a few years, perhaps to start a family, then it's also worth considering how much space you would have for little ones and whether you could extend.

The location would be a key factor too, as you may want to be close to a school as well as being within a commutable distance to work.

Get a mortgage in principle

A mortgage in principle (also called a 'decision in principle' or 'agreement in principle') indicates how much you can borrow depending on your circumstances.

Although it doesn't guarantee that your mortgage application will be accepted, it's a written statement proving to estate agents and sellers that you're a serious buyer.

Make an offer

Once you've found a home that's right for you, it's time to make an offer. Be sure to view the property in person before deciding whether it's the one, as stepping inside is a different experience to looking at photographs online.

Apply for a mortgage

If your offer is accepted and you are happy with the price, you can then apply for a mortgage.

Speaking to a mortgage advisor can help you to understand the type of mortgage you need, depending on the property itself, your finances and plans for the future.

The process can take a few weeks as there's a number of checks that need conducting, so be patient and await an offer from your lender.

The legal bits

Once your mortgage application has been approved and you've received an offer, your solicitor can get started on the legal process.

It can take between 6 and 12 weeks for them to complete the work, which will come at a cost. Your solicitor will take care of things like stamp duty, transferring funds and property searches to make sure there aren't any planning or environmental issues that impact the home's value.

It's also worth getting an independent survey of your own to identify any problems with the property, from structural damage to interior flaws.

Exchange contracts and complete

When the legal work is finalised, your solicitor will exchange signed contracts with the seller's solicitor, before transferring your deposit over to them.

From this point, you're legally bound to buy the property – it's all yours! The next step is to agree on a completion date that works for you and the seller. This is typically within 2 weeks but it can be faster.

Once you've got your keys, it's time to move your stuff in and make the place your own!

Insurance

Whether you're buying a studio apartment or three-bed terraced house, it's essential to protect your home with insurance.

Buildings insurance covers the cost to repair the structure of your home, so includes fixtures and fittings, walls, windows, doors and the roof.

Contents insurance meanwhile safeguards you against the loss, theft or damage to personal and home possessions like furniture, electrical appliances and jewellery.

Most people choose combined buildings and contents insurance, but it's important to be aware that when doing so, you are taking out two separate policies.

Each policy has its own terms and conditions, so make sure you review both to ensure the coverage meets your needs.

To learn more about what we offer, visit our home insurance page and get a quote.