Buying Your First Home: Mortgage to Completion

Most first-time buyers need a 5-10% deposit. For a £250,000 home, that's £12,500-£25,000. Use a Lifetime ISA (LISA — £4,000/year, 25% government bonus up to age 50, must be 12+ months old, max property £450,000). Check your credit reports at all three agencies (free with Experian, Equifax, TransUnion). Fix errors. Avoid new credit applications in the 6 months before mortgage application. Save 1-2 years for legal fees, surveys, stamp duty (first-time buyer relief), and moving costs (~£3,000-£8,000).

Speak to a whole-of-market mortgage broker or use comparison sites. Mortgage broker fees range £0 (commission-only) to £500-£1,500 (fee + commission). The DIP is a soft-check estimate of what you can borrow. Useful for: searching properties in the right price bracket; signalling seriousness to estate agents. Valid 60-90 days. Get DIPs from 2-3 lenders to compare.

Use Rightmove, Zoopla, OnTheMarket. Filter on bedrooms, area, EPC rating, leasehold/freehold. Visit 10-20 properties to calibrate. When ready, make an offer through the estate agent — usually verbal then in writing. Below asking is common for slow markets; above for hot markets. The seller can reject, accept, or counter. Once accepted, the property is "sold subject to contract".

Conveyancing solicitor or licensed conveyancer handles the legal transfer (£800-£2,500). Get quotes — fixed fees are common. Survey: HomeBuyer Report (£400-£900) for most properties, full Building Survey (£600-£1,500) for older or unusual properties. Mortgage valuation is for the lender only and is not a survey for you. Pay early — surveys take 2-3 weeks to book and complete.

Submit full mortgage application (after DIP and offer accepted). Lender does hard credit check, full affordability calculation, valuation. Mortgage offer issued after 2-6 weeks, typically valid 6 months. Read the offer carefully — interest rate, fixed/variable, term, fees, early repayment charges. The mortgage offer is binding on the lender (subject to material change in circumstances).

Your solicitor orders: Local Authority search (planning issues, road schemes, contaminated land — £100-£300), Environment search (flood risk, ground stability), Water/Drainage search, Chancel Repair search. They review the contract from the seller's solicitor, raise enquiries about anything unclear, and check title. This stage can take 6-12 weeks. Push your solicitor for updates weekly.

Exchange of contracts: both sides sign and lock in. From this point, neither side can back out without legal penalty (10% of price typically). 5-7 days later (or longer if agreed): completion. The mortgage funds are sent. Your solicitor confirms completion. You collect the keys from the estate agent. Stamp Duty Land Tax (SDLT) is paid within 14 days — first-time buyer relief means £0 SDLT on properties up to £425,000 (2025-26 rates).

Notify your bank, employer, HMRC, DVLA, GP, schools, council tax (single occupier discount if applicable). Set up direct debits for mortgage, council tax, utilities. Get buildings insurance from completion day (the lender requires it). Get contents insurance. Register on the electoral roll. Update the Land Registry title — your solicitor handles this. Keep ALL documents — the title deeds, mortgage offer, completion statement, surveys — together for the future.