Information for first-time buyers
Buying your first home is exciting, but it can also feel complicated and overwhelming. This guide takes you through the key stages, explains the main costs you should plan for, and points you to trusted sources of information so you can make informed decisions.
This information is for people buying a home in England. It offers general guidance only. It is not financial or legal advice.
Understand what you can afford
Before you start looking for a home, work out what you can realistically afford.
You will usually need:
- a deposit (often at least 5% of the property price)
- a mortgage from a lender
- money for up‑front costs such as legal fees, surveys and moving costs
When you apply for a mortgage, lenders look at your income, spending, debts and credit history to decide how much they will lend.
Helpful links
Check what help is available for first‑time buyers
There are government schemes that may help some first‑time buyers get onto the property ladder.
Lifetime ISA (LISA)
A Lifetime ISA lets eligible first‑time buyers aged 18 to 39 save up to £4,000 a year, with a 25% government bonus, to use towards buying their first home (up to a price limit).
Shared ownership
Shared ownership lets you buy a share of a home (usually between 10% and 75%) and pay rent on the remaining share. You can buy more shares later if you can afford to.
Find a home and make an offer
Once you know your budget, you can start looking for a property. When you find one you like, you make an offer through the estate agent.
At this stage, many buyers apply for a Decision in Principle or Mortgage in Principle (MIP) from a mortgage lender. This shows how much a lender might be willing to lend and can help strengthen your offer.
Get a mortgage, solicitor and survey
When your offer is accepted, several important checks take place.
Mortgage
You will make a full mortgage application. The lender will assess your finances and carry out a valuation of the property.
Solicitor or conveyancer
A solicitor or licensed conveyancer will manage the legal work, including:
- checking contracts
- carrying out searches
- transferring money on completion
For more information, visit The Law Society – Buying a home.
Property survey
A mortgage valuation is not a full survey. You may want to arrange your own home survey to check the condition of the property.
For more information, visit RICS – Home surveys.
Understand the costs and taxes
As well as your deposit, you should budget for:
- solicitor or conveyancer fees
- survey costs
- mortgage arrangement fees (if applicable)
- moving costs
- buildings insurance (usually needed before contracts are exchanged)
Stamp Duty Land Tax
Some first‑time buyers may be eligible for Stamp Duty Land Tax relief, depending on the purchase price of the property and their circumstances.
Exchange contracts and complete
- Exchange of contracts: the purchase becomes legally binding and a completion date is set
- Completion: the money is transferred, and you receive the keys to your new home
Your solicitor will guide you through these final steps and explain what needs to happen and when.
Get independent, trusted advice
Buying a home is one of the biggest financial decisions you will make. Always use reliable, independent sources of information and consider professional advice if you need it.
Trusted sources
- GOV.UK – Buying and owning a property
- MoneyHelper – Independent money guidance
- RICS – Property surveys and standards
- The Law Society – Legal advice on buying a home
How first‑time buyers can use Greater London Authority support
For most London first‑time buyers, the Greater London Authority's role is to:
- help you find an affordable home through Homes for Londoners
- provide routes into home ownership if you cannot buy outright (Shared Ownership or London Living Rent)
- offer trusted guidance alongside national schemes such as Lifetime ISA and First Homes
Steps to home ownership
Step 1: Check your credit score
Knowing your credit score helps you understand how lenders may view your application. You can view your score for free with:
If your score is low, improving it even a little can help you get a better mortgage rate.
Also, make sure your name is on the electoral register, as this can improve your credit score.
Step 2: Work out your budget
Before you start viewing properties, work out:
- your deposit (most first‑time buyers need at least 5% to 10% of the property price – larger deposit may give you better mortgage options)
- what monthly mortgage payments you can afford
- your credit score and financial commitments
Most lenders offer free online mortgage affordability calculators to help you get a realistic idea of what you may be able to afford.
Step 3: Research mortgage options or speak to a broker
You can contact lenders directly or use a mortgage broker to compare options and find a deal that suits your circumstances.
Step 4: Get your Agreement in Principle
An Agreement in Principle (AIP) helps you:
- understand how much you may be able to borrow
- show estate agents you are a serious buyer
- speed up the process once you find a property
Many lenders offer an AIP online in minutes.
Step 5: Start viewing properties
You can look at:
- local estate agents
- online property websites (such as Rightmove and Zoopla)
- new‑build developments
- shared ownership schemes (if eligible)
Think about:
- your preferred area
- transport links
- local schools
- the size and layout
- the condition of the property
It can help to make a list of must‑haves and nice‑to‑haves.
Step 6: Choose a solicitor
A solicitor or licensed conveyancer will handle:
- contracts
- legal checks
- searches
- exchange and completion
Choose someone with good reviews and clear communication.
Step 7: Make an offer
When you find the right home:
- submit your offer through the estate agent
- negotiate if needed
- show your AIP/MIP to prove you can afford the property
Once your offer is accepted, the legal process begins.
Step 8: Arrange surveys
A survey checks the condition of the property and can help you avoid unexpected repair costs.
Common types include:
- Homebuyer’s report
- Full structural survey
Your solicitor or lender can advise on what you need.
Step 9: Exchange contracts
At exchange:
- your solicitor confirms all checks are complete
- you pay the deposit
- a completion date is agreed
Once contracts are exchanged, the sale becomes legally binding.
Step 10: Move in and celebrate!
On completion day:
- the full payment is transferred
- you get the keys
- the home is officially yours
This is your moment to celebrate and make the place your own.
First-time buyers commission report
Enfield Council launched a First-Time Buyers Commission to develop fresh, practical solutions that help people onto the housing ladder.
The commission's first-time buyers report (PDF, 8950.87 KB) sets out the policy ideas discussed through the commission.
Naked House homes in Enfield
Naked House is a not-for-profit developer. They are delivering 22 homes in Enfield for private sale at discounted market price.
The homes are for people on a moderate income who cannot afford to buy a home on the open market.
They will be prioritised for first time buyers who live and/or work in the borough.
Naked House new build homes are located at Raynton Road East, Raynton Road West, and Meyer Green. There are 14 houses, 3 flats and 5 bungalows.
They are being built on former Enfield Council garage and car parking sites.
The scheme is expected to complete in 2026.
For full details, visit Naked House Enfield.
For more information on the scheme developer, visit Naked House FAQs.