This checklist puts the money side of buying a first home in the order it happens. It’s written for England and Wales; in Scotland the buying process, and when offers become binding, is different.
Stage 1: before you start looking
- Work out your budget: how much you can borrow (mortgage affordability) and the deposit you’ll need (how much deposit).
- Keep your deposit somewhere it grows, in a Lifetime ISA if you qualify and are sure you’ll buy a first home with it (saving for a deposit). A LISA needs to have had its first payment at least 12 months before you buy.
- Check which schemes you qualify for: First Homes, shared ownership and others are compared in Help to Buy alternatives.
- Save for the costs on top of the deposit: conveyancing, a survey, any mortgage fees, moving, and stamp duty above the first-time buyer threshold (costs of buying).
- Check your credit reports and correct any mistakes; register to vote at your address, which lenders use to confirm who you are.
Stage 2: getting mortgage-ready
- Gather documents: usually proof of ID and address, recent payslips, your P60 (or tax returns and accounts if you’re self-employed) and a few months of bank statements.
- Get a mortgage in principle, so estate agents take your offer seriously (how to apply for a mortgage).
- Avoid new credit in the months before you apply: new loans and missed payments show up in lenders’ checks.
- If family are helping, agree whether it’s a gift or a loan and get it in writing (helping your child buy).
Stage 3: from offer to exchange
- Make your offer and, once it’s accepted, instruct a conveyancer and apply for the mortgage.
- Pay for the valuation and survey. The lender’s valuation is for the lender; a survey (a RICS Level 2 or 3 report, for example) tells you about the property’s condition.
- Get buildings insurance lined up to start from exchange, which most lenders require.
- Have the deposit ready in your account for exchange, with any gifted money and its paperwork in place.
- Check bank details with your conveyancer by phone before sending money: criminals impersonate conveyancers by email when deposits are due.
Stage 4: exchange to completion
- Exchange contracts: you pay the deposit and the purchase becomes legally binding.
- Pay your conveyancer’s final bill and the stamp duty before completion, usually via the conveyancer. In England and Northern Ireland the SDLT return and tax are due within 14 days of completion (stamp duty calculator).
- Book the move and arrange meter readings, council tax, and gas, electricity and broadband from the completion date.
After you move in
- Set up the mortgage direct debit and note when your initial rate ends, so you can remortgage in time rather than moving onto the lender’s standard variable rate.
- Register for council tax and update your address with your bank, employer, HMRC and the DVLA.
- Take out contents insurance, and think about life insurance if someone depends on your income to pay the mortgage.
- Start an emergency fund for repairs: a boiler or roof repair is now your cost, not a landlord’s.
Related guides
- First-time buyers guide: costs, deposits, schemes and stamp duty relief in one place
- How to save for a house deposit: where to keep a deposit and how long saving takes
- Buying with a 5% deposit: 95% mortgages and the Mortgage Guarantee Scheme
- How to apply for a mortgage as a first-time buyer
Your home may be repossessed if you do not keep up repayments on your mortgage. PocketWise provides information and guidance, not financial advice. Seek independent mortgage advice before making decisions about borrowing.