Purchasing a House for the First Time? Here’s What to Know as a First Time Purchaser

Stepping onto the property ladder as a first time buyer is one of the biggest milestones in life—but it’s also one of the most overwhelming. With terms like mortgage application, eligibility criteria, and first homes scheme being thrown around, it can be difficult to know where to begin. Add to that rising property prices, fluctuating mortgage rates, and the question of how much deposit you need, and it’s easy to feel lost.

But don’t worry—this guide will walk you through what every first time home buyer needs to know, helping you confidently prepare to buy your first home.

What Makes You a First Time Purchaser?

Before anything else, it’s important to know what actually qualifies you as a first time buyer. Simply put, you’re considered a first time buyer if you’ve never owned a residential property in the UK or abroad. If you’re purchasing jointly, your co-buyer must also meet the first time buyer status for you to access certain benefits.

This status can make you eligible for schemes like the First Homes Scheme, which is designed to support first time home buyers by offering properties at a discounted purchase price, typically 30% below market value. However, accessing these benefits means meeting specific eligibility criteria, which may include factors such as your income, credit score, and whether the property will be your main residence.

Understanding Local and Scheme-Based Eligibility Criteria

Not all first-time buyer opportunities are equal. In addition to national schemes, many local councils have their own local eligibility criteria. These often require you to live or work in the area, have a family connection there, or even be a key worker such as a nurse, teacher, or emergency services staff.

The First Homes Scheme, for example, comes with its own homes eligibility criteria. To qualify, you typically must be over the minimum age of 18, be able to afford the purchase price after the discount, and meet the required household income threshold for your area.

It’s always important to read the full details of any scheme you’re considering, as many are subject to additional checks and regional requirements.

Getting a Mortgage: What It Really Involves

Getting a first mortgage is often the most intimidating part of the journey. From understanding your credit rating to selecting the right lender, there’s a lot involved before you even make an offer on a house. Most first time buyer mortgages require you to prove your income, supply bank statements, and complete a thorough mortgage application process.

The lender will use this information to determine how much you can borrow and what mortgage rates apply to your case. Your monthly payments will be calculated based on the loan, the repayment term, and the current rate of interest.

How Much Deposit Do You Need to Purchase Your First Home?

The deposit is often the largest upfront expense for first time buyers, and the amount you need depends on the mortgage offer you’re aiming for. Most lenders require at least a 5% deposit, but a larger one—such as 10% or 15%—can secure better terms and reduce your overall repayment amount per month.

Keep in mind, however, that some schemes and time buyer mortgages allow lower deposit requirements, particularly if you meet certain eligibility criteria. Always check with your lender or mortgage advisor to understand what’s realistic based on your financial situation.

The Application Process: Step-by-Step Support for First Time Buyers

Once you’ve found the right mortgage deal, the actual process of application begins. It usually involves a pre-approval (or agreement in principle), followed by the submission of all necessary documentation. Lenders will assess your credit rating, employment status, income, and outgoings before making a formal mortgage offer .

Your solicitor or conveyancer will handle the legal work, but it’s up to you to stay on top of timelines and make sure everything is progressing smoothly. If you’re purchasing through a scheme like the First Homes Scheme, you may also need approval from the local authority before moving forward with the purchase.

Throughout this stage, communication is key—make sure to stay in contact with your broker or lender so that any issues can be resolved quickly. Staying organised not only saves you money by avoiding delays but also gives you peace of mind and a greater sense of security throughout the process.

First Time Purchaser’s Tips: Avoiding Pitfalls and Planning Ahead

Buying your first home comes with a learning curve, but a few key tips can make the journey smoother. Always assess your credit rating early and correct any errors on your report before applying for a mortgage. Understand the total cost of homeownership—including insurance, utility bills, and moving expenses—not just your monthly payments.

Take advantage of first time buyer schemes when eligible, and work with an experienced mortgage advisor who can guide you through your options, especially if you’re unsure how to interpret the fine print.

It’s also smart to consider the long-term: choose a mortgage deal not just based on the current interest rate but also on your projected income and life changes over the next few years.

Taking the First Step Toward Your New Home

Becoming a first time buyer is a big commitment, but you don’t have to navigate the journey alone. Whether you’re applying for first time buyer mortgages, exploring the first homes scheme, or figuring out how much you’ll need to pay upfront, support is available at every stage.

With the right mortgage advice, a clear understanding of your eligibility criteria, and a solid plan, you can confidently purchase your new home. As a future member of your local community, this first step marks the beginning of financial independence and long-term stability.