Understanding the home-buying process, from the first step to the doorstep, can help you navigate the journey with confidence. Here’s our overview of how to buy a home in 10 simple steps, along with how long each step should take.
1. Save for your deposit
You’ll need to save at least 5-10% of the property value as a deposit. The average property price in the UK is £269,000 (£564,000 in London)* – and you’ll need to factor in the additional costs of buying a home as well. The Lifetime ISA could be the best way to save for your deposit – thanks to its 25% government bonus, you can get up to £1,000 for free each tax year on top of your tax-free savings up to £4,000. Learn more about the Lifetime ISA.
Once you’ve reached your goal, it’s time to start the home-buying process!
2. Calculate how much you can borrow
5 minutes — A Mortgage in Principle (MIP) is an official estimate of how much you could borrow from a lender. While not essential, a MIP shows sellers you’re a serious buyer. You can get a free MIP in minutes within the Moneybox app.
3. Talk to the experts
Based on the details you provided for your MIP, a mortgage broker can help you find the right mortgage to suit your needs. We help you buy your first home from first step to doorstep, while our trusted partner First Mortgage searches over 12,000 mortgage deals to secure the right one for you. Provided by First Mortgage Ltd. Your home may be repossessed if you do not keep up repayments on your mortgage.
4. Find your new home – and make an offer!
From 1-6+ months — Use sites such as Zoopla and Rightmove to research properties. Arrange viewings and ask plenty of questions! Once you’ve found a home you want to buy, make an offer.
5. Secure a mortgage
From 3-6 weeks — Apply for a mortgage directly with a lender or via your mortgage broker. The lender will review your details and organise a property valuation before issuing a mortgage offer.
6. Give the go-ahead to your solicitor
From 4-12 weeks — Conveyancing solicitors manage the legal side of property transactions, including organising searches and drafting contracts. Make sure they’re on your lender’s approved panel.
7. Consider a survey
From 1-2 weeks — You don’t have to order a survey, but consider which of the three main types are right for your new home.
8. Agree on a completion date
Up to two weeks — Arrange a date that works for you, the seller and the estate agents. Once confirmed, you can start packing and hire a removals company.
9. Exchange contracts
From 2-4 weeks — Swapping signed copies of the contract with the sellers via your solicitors makes the transaction legally binding. Remember you need buildings insurance in place from exchange day.
10. Complete your home purchase – and move in!
7 to 28 days after exchange — On completion day you’ll get the keys! Your solicitor will transfer the funds to the seller and apply to the Land Registry to transfer the title deeds into your name. If stamp duty applies, you have 14 days to pay it.
*Gov UK, UK House Price Index, January 2025.