First Home Buyers Guide: Simple Steps to Your First Property

Thinking about buying your first home? It can feel overwhelming, but you don’t need a finance degree to get started. Below you’ll find straight‑forward advice that cuts the jargon and helps you move from renting to owning without surprise bills.

First, figure out how much you can actually spend. Grab a piece of paper, write down your net monthly income, then subtract all regular outgoings – rent, utilities, food, transport, and any debt repayments. Whatever is left is what you can realistically allocate to a mortgage payment and a small savings buffer. A good rule of thumb is to keep your mortgage payment under 30% of your net income.

Choosing the Right Mortgage

Most first‑time buyers start with a fixed‑rate mortgage because the payments stay the same for the first few years, which makes budgeting easier. Look for deals that offer a low initial rate and a short fixed period (usually 2‑5 years) if you plan to move or refinance later. If you have a solid credit score, you’ll get better rates – so check your credit report, fix any errors, and pay down high‑interest debt before you apply.

Don’t forget to ask about fees. Some lenders hide arrangement fees, valuation costs, or early‑repayment penalties. A mortgage calculator can help you compare the total cost of different offers, not just the headline rate.

Saving for a Deposit and Government Help

In the UK, most first‑time buyers need at least a 5% deposit, but putting down 10% or more can shave years off your loan term and lower your interest rate. If you’re struggling, check out the government's Help to Buy scheme or shared‑ownership options. These programs let you buy a portion of a property and rent the rest, gradually increasing your share as your finances improve.

While you’re saving, keep your money in a high‑interest savings account or a short‑term ISA. Avoid risky investments that could lose value just when you need the cash for a deposit.

Another practical tip: factor in extra costs beyond the deposit. Stamp duty, legal fees, survey costs, and moving expenses can add up to 5‑10% of the property price. Build these into your budget early so they don’t catch you off guard.

Finally, when you start looking at properties, use the “must‑have” list wisely. Prioritise location, transport links, and school quality over cosmetic features. A house that needs a fresh coat of paint is cheaper than one with a perfect kitchen you’ll never use.

Remember, buying your first home is a marathon, not a sprint. Take time to research, save, and compare offers. With a solid budget, the right mortgage, and a clear view of extra costs, you’ll be well on your way to turning that rental payment into a mortgage you actually own.