Buying your first home with a mortgage can feel overwhelming. The process involves saving for a deposit, securing mortgage approval, completing legal paperwork and preparing for moving day. For many first-time buyers, understanding each stage clearly can make the experience far less stressful.
This step-by-step guide explains how moving with a mortgage works and what first-time buyers should expect when purchasing and moving into their first property.
What this guide covers
- How mortgage applications work
- Saving and preparing your deposit
- Steps involved in buying your first home
- Legal and financial checks during the process
- Preparing for the final move into your property
Step 1: Save for Your Deposit
The first step toward buying a home with a mortgage is saving a deposit. Most UK lenders require a minimum deposit of around 5% to 10% of the property value.
For example, if a property costs £250,000, a 10% deposit would be £25,000.
A larger deposit often improves your chances of mortgage approval and may also provide access to better interest rates.
In addition to the deposit, buyers should also budget for legal fees, surveys and moving expenses.
Step 2: Get a Mortgage Agreement in Principle
Before viewing properties, many buyers obtain a mortgage agreement in principle. This is a preliminary confirmation from a lender indicating how much you may be able to borrow.
An agreement in principle helps demonstrate to estate agents and sellers that you are financially prepared to proceed with a purchase.
The lender will usually review:
- Your income and employment status
- Credit history
- Monthly expenses
- Outstanding debts
This assessment helps determine the amount you may be able to borrow.
Step 3: Start Viewing Properties
Once you know your approximate budget, you can begin searching for properties. First-time buyers often explore several neighbourhoods before choosing the right home.
Factors to consider include:
- Location and commuting distance
- Property size and layout
- Local amenities
- Future property value potential
Viewing multiple properties allows you to compare options and make a confident decision.
Step 4: Make an Offer on a Property
After finding a suitable property, the next step is submitting an offer through the estate agent.
The seller may accept the offer, reject it or negotiate a different price.
Once the offer is accepted, the property is usually marked as “sold subject to contract”, meaning legal checks must still be completed before the sale becomes final.
Step 5: Apply for a Full Mortgage
After your offer is accepted, you can submit a full mortgage application to your lender.
The lender will conduct detailed financial checks and arrange a property valuation to confirm the home is worth the purchase price.
If the application is approved, the lender will issue a formal mortgage offer outlining the loan amount, repayment schedule and interest rate.
Step 6: Conveyancing and Legal Checks
During this stage, a solicitor or conveyancer handles the legal process of transferring ownership.
The solicitor performs several checks, including:
- Local authority searches
- Property title checks
- Environmental reports
- Contract preparation
These checks ensure there are no legal issues affecting the property.
Step 7: Property Survey
Most buyers arrange a property survey before completing the purchase. Surveys identify potential structural problems or maintenance issues.
Common survey options include:
- Basic mortgage valuation
- Homebuyer survey
- Full structural survey
Although surveys add to the overall cost, they help prevent unexpected repair expenses later.
Step 8: Exchange Contracts
Once legal checks are complete and the mortgage is approved, contracts are exchanged between the buyer and seller.
At this point the transaction becomes legally binding. The buyer typically pays the deposit and a completion date is agreed.
After contracts are exchanged, both parties are committed to completing the transaction.
Step 9: Completion and Moving Day
Completion is the final stage of the process. On completion day, the lender transfers the mortgage funds to the seller and ownership of the property officially changes.
You will then receive the keys to your new home and can begin moving in.
Some buyers experience delays between leaving their previous property and accessing the new one. In these cases, temporary options such as home storage in Manchester can help store furniture and belongings safely.
If you are unsure how much space your belongings require during the move, a storage size estimator can help calculate the appropriate storage unit.
Short-term solutions such as student storage in Manchester may also help if you need flexible storage during relocation.
Costs First-Time Buyers Should Expect
In addition to the deposit, several other costs are typically involved when buying a home.
Common expenses include:
- Solicitor or conveyancing fees
- Property surveys
- Mortgage arrangement fees
- Removal costs
- Stamp duty (depending on property price)
Budgeting for these costs in advance helps avoid financial surprises during the buying process.
Benefits of Buying Your First Home
Although the buying process can feel complicated, owning your home offers several long-term benefits.
- Building property equity
- Greater housing stability
- Freedom to renovate or personalise your home
- Potential property value growth over time
For many buyers, these advantages make home ownership an important long-term goal.
Related guides
- Explore home storage options during your move
- Estimate the storage space required for your belongings
- View flexible short-term storage options
Frequently Asked Questions
How much deposit do first-time buyers need?
Most lenders require a deposit of at least 5% to 10% of the property price.
What is a mortgage agreement in principle?
An agreement in principle is an estimate from a lender indicating how much you may be able to borrow.
How long does the home buying process take?
Buying a home in the UK typically takes around 8 to 12 weeks once an offer has been accepted.
Do first-time buyers need a property survey?
Although not always required, surveys are recommended because they identify structural problems before purchase.
What happens on completion day?
On completion day the mortgage funds are transferred to the seller and you receive the keys to your new property.
Moving with a mortgage may feel complicated at first, but understanding each stage of the process makes it much easier to manage. With proper planning, financial preparation and reliable support, first-time buyers can move into their new home with confidence. If you need extra space during your move, explore home storage in Manchester to keep your belongings safe during the transition.