22/09/2025
🏡 10 Things you need to know Before Buying Your First Home
Buying your first home is one of the most exciting (and stressful!) milestones in life. The process can feel overwhelming, especially with all the hidden costs, jargon, and rules that no one tells you about until you’re knee-deep in paperwork.
Here are 10 things every first-time buyer in the UK should know before they take the plunge:
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1. Stamp Duty Isn’t Always Free
Everyone tells you about “first-time buyer relief,” but it’s not unlimited. You don’t pay Stamp Duty Land Tax (SDLT) on homes up to £300,000, and you only pay 5% on the portion between £300,001 and £500,000. But if your dream home is over £500,000? Sorry — no relief at all. Make sure you factor this into your budget early.
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2. The True Cost of Buying Is More Than the Deposit
The deposit is just the beginning. Solicitor fees, mortgage fees, surveys, removals, insurance, and even council tax on your move-in date can add up quickly. A rough rule of thumb? Budget at least £2,000–£4,000 extra on top of your deposit to cover the hidden costs.
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3. Bigger Deposit = Better Deals
Yes, you can buy with a 5% deposit, but if you can stretch to 10% or 15%, you’ll often get a much lower interest rate and save thousands over the life of your mortgage. Lenders love low “loan-to-value” ratios, so the more you put down, the cheaper your borrowing.
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4. Not All Mortgages Are Created Equal
Fixed-rate, tracker, variable… it can feel like alphabet soup. Fixed rates give you peace of mind, but trackers can be cheaper when interest rates are low. Always check the fees — sometimes the “cheapest” deal comes with a £1,000+ arrangement fee that wipes out the savings.
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5. Government Schemes Can Help (If You Qualify)
The Lifetime ISA (LISA) is a lifesaver if you’re planning ahead — the government tops up your savings by 25%. Schemes like Shared Ownership or the First Homes Scheme can also make buying more affordable. Just watch the fine print: Shared Ownership comes with rent and service charges on top of your mortgage.
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6. Your Credit Score Matters More Than You Think
Before a lender even looks at your dream home, they’ll look at you. Pay off short-term debts, avoid missed payments, and get on the electoral roll. A cleaner credit history = more mortgage options and better rates.
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7. Conveyancing Takes Forever (and Feels Like a Mystery)
The legal side of buying a house can take 8–16 weeks. Your solicitor will run searches, check the contract, and make sure the property is legally sound. It’s frustratingly slow, but it protects you from nasty surprises like boundary disputes or flood risks.
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8. Never Skip the Survey
It’s tempting to save money here, but don’t. A proper survey can reveal hidden problems like damp, subsidence, or dodgy wiring. Spending £500 on a survey could save you thousands in repairs later.
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9. Owning Can Be Pricier Than Renting
Beyond your mortgage, you’ll need buildings insurance (mandatory), contents and life insurance (sensible), and money set aside for repairs. Boilers break, roofs leak, and washing machines never last forever. It’s smart to keep an emergency fund once you’ve moved in.
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10. Negotiation Is Part of the Game
Asking price is just a starting point. Do your homework on what similar homes in the area sold for, and don’t be afraid to offer less — especially if you’re chain-free. Sellers often expect some negotiation, and as a first-time buyer, you’re attractive because you don’t have a house to sell.
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Final Thoughts
Buying your first home is exciting, stressful, and a huge learning curve. The process takes patience, organisation, and a fair bit of resilience — but once you’re holding those keys, it’s worth every bit of hassle.
