Buying your first home is exciting – but let’s be honest, it can also feel like a maze of deposits, jargon, and paperwork. Don’t worry. We’ve helped loads of first-time buyers through the process, and this guide breaks it all down into plain English.
By the end, you’ll know exactly what to expect, what you’ll need, and how to avoid the common mistakes that trip people up.
Step 1: Save Your Deposit
Most first-time buyers need at least 5% of the property price as a deposit. Here’s how it works:
- 5% deposit – enough to get started.
- 10% deposit – unlocks better deals.
- 15%+ deposit – gives you the best rates.
? Tip: If saving feels like climbing Everest, check out the Lifetime ISA (LISA). For every £4,000 you save each year, the government adds a 25% bonus. That’s a free £1,000 towards your first home.
Step 2: Check Your Credit & Affordability
When you apply, lenders don’t just look at your income. They check:
- What you earn (salary, bonuses, self-employed income).
- What you spend (loans, credit cards, childcare).
- Your credit history (have you been reliable with borrowing?).
? Tip: Do a quick credit check before you start with tools like ClearScore or Experian. Little things like old phone contracts or the wrong address on file can cause delays.
Step 3: Government Help for First-Time Buyers (2025)
There are schemes designed to make getting on the ladder easier:
- Shared Ownership – buy part of a home, rent the rest.
- First Homes Scheme – discounts of 30–50% on some new builds.
- 95% Mortgages – only a 5% deposit needed, thanks to the government’s guarantee scheme.
Not sure which is right for you? That’s where we come in. We’ll talk you through your options so you don’t waste time on schemes you don’t qualify for.
Step 4: Get a Mortgage in Principle
Think of a Mortgage in Principle (MIP) as your shopping voucher for house hunting. It shows estate agents and sellers you’re serious – and gives you a ballpark figure for what you can borrow.
At Crane Financial, we’ll sort this out for you. No need to spend hours online with different lenders — we’ll do the legwork and make sure your MIP reflects the best options available for your situation.
The best part? Getting one through us doesn’t impact your credit score, because it’s only a soft credit check.
? Pro tip: Just because the MIP says you can borrow £250,000 doesn’t mean you should. Borrow what feels comfortable, not what your maximum is.
Step 5: The Buying Process (Made Simple)
Here’s the journey from start to finish:
- Get your Mortgage in Principle
- Start house hunting
- Make an offer
- Full mortgage application
- Hire a solicitor/conveyancer
- Survey & valuation
- Exchange contracts
- Move in ?
No need to memorise this – we’ll walk you through and organise each step when you’re ready.
Step 6: Don’t Forget the Extra Costs
Your deposit isn’t the only thing to budget for:
- Stamp Duty – first-time buyers pay nothing up to £300,000.
- Solicitor fees – £1,500–£2,500.
- Surveys – anywhere from £300 to £1,000 depending on detail.
- Moving costs – vans, new furniture, broadband, the works.
? Tip: Always keep a little extra aside. The last thing you want is to be caught short right before moving in; you’ll always want to maintain an emergency fund for any unexpected costs.
Step 7: Mistakes to Avoid
We see these all the time:
- Borrowing the max because the bank said yes.
- Forgetting about the “hidden” costs (solicitors, surveys, insurance).
- Skipping advice and going direct to one bank – which means missing better deals elsewhere.
First-Time Buyer FAQs
Q: Can I buy with just a 5% deposit?
Yes, there are still 95% mortgages in 2025. But a bigger deposit = better rates.
Q: Do I need a mortgage broker?
You don’t have to. But using one gives you access to 90+ lenders and exclusive deals you won’t find by walking into your high-street bank.
Q: How long does it all take?
On average, about 10–15 weeks from mortgage application to moving in, but this can differ depending on the type of purchase.
Ready to Start Your Journey?
Your first home should be exciting – not stressful. At Crane Financial, we’ll explain everything in plain English, compare deals across 90+ lenders, and guide you every step of the way.
? Book your free consultation today and let’s get you on the property ladder.