Buying a home

Budget for all of these, not just the deposit:

• Deposit — usually 5% to 20% of the property price. A larger deposit lowers your loan-to-value and unlocks better rates.
• Stamp Duty Land Tax — payable above the relevant threshold in England and Northern Ireland, with different regimes in Scotland (LBTT) and Wales (LTT). First-time buyer relief may apply, and thresholds change, so check the current rates before budgeting.
• Solicitor or conveyancer fees — typically £500 to £1,500 depending on complexity, plus disbursements such as searches.
• Survey costs — from around £300 for a basic level up to £1,500 for a full building survey.
• Mortgage arrangement fees — up to around £1,000, sometimes addable to the loan.
• Moving costs — typically £300 to £1,500 depending on distance and volume.

Keep a contingency on top. Something almost always emerges during conveyancing, and having cash available is what stops a small problem from collapsing the purchase.

Find out what you could borrow

Our free home affordability calculator estimates your borrowing capacity from your income, deposit and outgoings — the number worth knowing before you start viewing.

• Fixed-rate mortgages — the interest rate is set for a fixed period, giving payment certainty.
• Variable-rate mortgages — the rate follows the lender’s standard variable rate, which they can change at will.
• Tracker mortgages — the rate tracks the Bank of England base rate plus a set margin.
• Offset mortgages — your savings are linked to the mortgage and reduce the interest charged.

The right choice depends less on predicting rates than on how much certainty you need. If a rate rise would genuinely strain your budget, the case for fixing is strong regardless of the forecast.

• Pay off outstanding debts — they reduce the amount lenders will advance.
• Register on the electoral roll, which helps credit checks match your identity and address.
• Avoid taking on new credit in the months before applying, including car finance and buy-now-pay-later.
• Keep your bank statements clean for three to six months — lenders look at spending patterns, not just income.
• Get a mortgage in principle before viewing, so your offer carries more weight with sellers.

Be explicit with yourself about what matters:

• Location — proximity to work, schools, transport or family.
• Type of property — flat, terraced, semi-detached or detached, and the leasehold or freehold position.
• Must-have features — number of bedrooms, outside space, parking.

At viewings, ask the questions that reveal the things photographs do not:

• How long has it been on the market, and has the price been reduced?
• Are there any known issues — damp, subsidence, Japanese knotweed, cladding?
• What is included in the sale — appliances, fixtures, fittings?
• For a leasehold, how many years remain and what are the service charges and ground rent?

1. Research the market and make your offer

Look at recent sale prices for similar properties nearby rather than asking prices, then submit your offer through the estate agent and expect to negotiate.

2. Offer accepted

The property is marked as under offer. Nothing is binding yet in England and Wales, so keep momentum — instruct your solicitor and progress the mortgage application immediately.

3. Survey and mortgage valuation

Your lender values the property for its own purposes; a survey is for yours. If the survey finds problems, you can renegotiate on the basis of the cost of the work.

4. Conveyancing and searches

Your solicitor carries out searches, reviews the title and raises enquiries. Responding quickly to every request is the single biggest thing you control in the timeline.

5. Exchange and completion

On exchange the sale becomes legally binding and you will need buildings insurance in place from that moment. On completion the money transfers and the keys are yours.