Buying your first home is one of life's biggest milestones. While it feels exciting, it can also seem overwhelming. Many first-time buyers wonder where to begin, and how the buying process works. The good news is that buying your first home becomes much less daunting once you fully understand each stage.
A Guide to what you need to know:
Whether you're saving for a deposit, applying for a mortgage, or actively viewing properties, knowing what to expect can help you move forward with confidence.
At Wisdom Estates, we regularly help first-time buyers across Sidcup, Bexley, Dartford, and the surrounding areas. This guide explains everything you need to know before taking your first steps.
In this guide, you will discover what you need to know before buying your first home, including:
- What do I need to buy a home?
- How much deposit do I need?
- Can I afford a mortgage?
- What is a Mortgage in Principle?
- How do I find the right property?
- What happens after my offer is accepted?
- What additional costs should I budget for?
- How long does buying my first home take?
- First-time buyer checklist
- Frequently asked questions
What to consider before buying?
Before buying your first home, there are a few essential things you'll need to consider. These include:
- Available Deposit
- Your Credit history
- Obtaining a Mortgage in Principle
- Setting a Realistic budget
- Engaging a Solicitor or conveyancer
- Providing Proof of Income and Identification
Preparing before you begin your property search can save valuable time later on.
Buying your First Home: Step-by-Step
The house-buying process follows several stages.
Step 1 – Your Deposit
Most lenders require at least a 5% deposit. However, a larger deposit often gives you access to better mortgage rates.
Step 2 – Check Your Credit Score
Lenders review your credit history when assessing your mortgage application. Therefore, checking your score early allows you to correct any potential errors.
Step 3 – Obtain a Mortgage in Principle
This gives estate agents and sellers the confidence to know that you're a serious potential buyer.
Step 4 – Set Your Budget
Think beyond your monthly mortgage payments. You'll also need to budget for legal fees, surveys and moving costs. Other ongoing costs should also be considered, such as: Property Rates, Utility Bills, and annual Home & Contents insurance.
Step 5 – Start Viewing Properties
Now the exciting part begins! Take your time and compare several properties, before deciding which one is right for you.
Step 6 – Make an Offer
Once you find the right property, your estate agent will present your offer to the seller, and confirm to you whether it’s been accepted.
Step 7 – Appoint a Solicitor
Your solicitor manages the legal work, and keeps you informed of how the transaction is progressing.
Step 8 – Arrange Your Survey
Although optional, surveys can identify, and bring to your attention, any potential problems before you commit to exchanging contracts.
Step 9 – Exchange Contracts
Once contracts are exchanged, the purchase becomes legally binding to both parties.
Step 10 – Completion Day
Congratulations! You'll receive the keys, and officially become the homeowner.
How Much Deposit do you Need?
Many first-time buyers ask this question at the outset.
Most mortgage lenders require at least a 5% deposit.
For example:
£250,000 property = £12,500 deposit
£300,000 property = £15,000 deposit
£400,000 property = £20,000 deposit
Although a smaller deposit can help you get on the property ladder sooner, saving as much as possible beforehand may give you more choice, and/or could reduce your monthly mortgage repayments.
How Much can you afford to Borrow on a Mortgage?
Before viewing properties, calculate what you think you can comfortably afford to pay back each month.
Mortgage lenders usually take into account:
- Your income
- Employment Status
- Monthly Commitments
- Any Existing Debts
- Your Credit History
Because every lender uses different affordability checks, speaking with a professional mortgage adviser can provide greater clarity.
What Is a Mortgage in Principle?
A Mortgage in Principle estimates how much a lender may be willing to lend. Although it isn't a formal mortgage offer, it gives sellers greater confidence in your overall position.
Many estate agents recommend arranging a Mortgage in Principle, before viewing properties.
How do you Find the Right Property?
Buying your first home isn't only about finding a property you love. It's also about choosing the right location.
Consider:
- Transport links
- Schools and nurseries
- Local amenities
- Future resale value
- Available Parking
- Garden or outdoor spaces
- Energy efficiency
If you're buying your first home in Sidcup, Bexley or Dartford, researching the local market can help make an informed decision.
Working with an experienced local estate agent can also help you identify properties that match both your budget, and your chosen lifestyle.
What should you Look For when Viewing?
Try to look beyond the decoration. Check for:
- Signs of Damp
- Visible Cracks
- Roof Condition
- Boiler (age)
- Double Glazing
- Water Pressure
- Storage Space
Ask questions where necessary and, If possible, visit the property at different times of the day. This gives you a better understanding of traffic, parking and noise levels.
What Happens After your Offer is Accepted?
Once the seller accepts your offer, the property becomes ‘Sold Subject to Contract (STC).
At this stage you'll need to:
- Apply for your Mortgage
- Instruct your Solicitor
- Arrange your Survey
- Complete Legal Paperwork
Although the process can take several weeks, staying organised helps avoid unnecessary delays.
What will your Solicitor do?
Your solicitor or conveyancer will:
- Carry out Property Searches
- Review Contracts
- Communicate with the Seller's Solicitor
- Arrange the Transfer of Funds
- Complete the Legal Purchase
Choosing an experienced local solicitor early on in the process, can help keep your purchase moving smoothly.
Should you Arrange a Survey?
Yes, this is always recommended because a survey could reveal issues that weren't visible during your viewing/s.
Common survey options include:
Level 1 Survey
Suitable for newer homes.
Level 2 Survey
Generally used for the majority of properties.
Level 3 Survey
Usually recommended for older, Grade I or Grade II listed, or more unusual homes.
What Costs should you Budget for in the Buying Process?
Many first-time buyers focus on their deposit, but don’t always account for additional expenses. These may include:
- Solicitor Fees
- Survey Fees
- Mortgage Valuation/Arrangement Fees
- Buildings Insurance
- Removal Costs
Planning ahead helps avoid unexpected financial obligations.
How long does Buying your First Home take?
Every purchase differs. However, many transactions complete within 8–16 weeks.
Delays may occur because of:
- Mortgage Processing
- Length of Property Chains
- Legal Enquiries
- Survey Findings
Fortunately, good communication between all parties keeps things moving at a steady pace, and a good local estate agent will always do their best to actively keep things moving.
Top Tips for First-Time Buyers
- Obtain your Mortgage in Principle before viewing homes.
- Don't overstretch your budget.
- Keep extra savings for unexpected costs.
- Visit properties more than once.
- Ask plenty of questions.
- Research the local area.
- Choose experienced professionals to guide you.
First-Time Buyer Checklist
- Save your deposit
- Check your credit score
- Obtain a Mortgage in Principle
- Set your budget
- Contact local reputable estate agents
- View a variety of properties
- Make an offer
- Instruct your solicitor
- Arrange your survey
- Exchange contracts
- Complete your purchase
Why Choose Wisdom Estates?
Buying your first home should feel exciting, not overwhelming. Wisdom Estates helps first-time buyers across Sidcup, Bexley, Dartford and the surrounding areas, and if you should buy a property through us, we will help you move through the process with clear guidance, practical support, and expert advice at every stage of your home-buying journey, from the first viewing right through to completion. Let us help you, by signing up for latest property updates – register with us now.
Frequently Asked Questions for First Time Buyers
Can you buy your first home with a 5% deposit?
Many lenders offer 5% deposit mortgages, although a larger deposit may unlock better mortgage rates.
Do First-time Buyers pay Stamp Duty?
Stamp Duty rules do change, so please feel free to contact us for up-to-date advice, as much depends on the purchase price and current government thresholds. It is always strongly recommended that you check the latest guidance before committing.
How Much can you Borrow?
The amount you can borrow varies, depending on your income, ongoing financial commitments, and the lender's affordability criteria. A Financial Advisor or Mortgage Advisor can help with this.
Should you get a Mortgage in Principle before viewing houses?
Ideally yes, as it demonstrates that you're a serious buyer, and this can strengthen your position when making an offer.
Do you need a Solicitor before Making an Offer?
Not necessarily. However, choosing one early can speed up the buying process once your offer is accepted.
What is a Gifted Deposit?
A gifted deposit is money given by a family member, or another approved person, to help you buy your first home. Your mortgage lender may ask for written confirmation that the money is a gift rather than a loan.
What Credit Score do you need to Buy a Home?
There isn't a single minimum score. However, a stronger credit history can improve your chances of securing a mortgage and could help you access better mortgage interest rates.
How long does a Mortgage in Principle last?
Mortgage in Principle agreements generally remain valid for between 30 and 90 days, depending on the lender.
What is the Biggest Mistake that First-time Buyers make?
Many buyers underestimate the total cost of purchasing a property. Budgeting for surveys, legal fees, and moving costs, can help you avoid unexpected expenses.
Reviewed by the Wisdom Estates Team
Our experienced property professionals regularly help first-time buyers across Sidcup, Bexley, Dartford and the surrounding areas. We review our guides to ensure the information remains accurate, relevant, and helpful for today's property market.
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Sidcup Office: 0208 090 5959
Dartford Office: 01322 272144
