How to buy your first home: the definitive guide

As well as the cost of the home you want to buy, you'll also need to pay for:

• Solicitor (conveyancer) fees. Up to around £2,500 but this varies depending on how much the solicitor charges.
• Surveys. It's a good idea to check for hidden surprises before you buy a property, you can pay a surveyor to check things like whether the roof is in a good state and whether there are any problems with damp. Surveys generally cost between £300 and £1,500 depending on what you want checked.
• Mortgage adviser fees. Some mortgage advisers are paid in commission by the provider they recommend to you, but some will ask you to pay. Find out before you commit!
• Stamp Duty. As of 1 April 2025, the Stamp Duty threshold is £300,000 for first-time buyers. This means you don't pay any Stamp Duty if your first home costs less than £300,000. If your property costs more than £300,000, you’ll need to pay 5% on the portion from £300,000.01 to £500,000. However, if your first home costs more than £500,000 you'll be charged the same rate as those who've bought property before. This means you don't pay Stamp Duty on the amount up to £125,000, then pay a percentage on the rest depending on how much the home is worth.

Find out more: How much deposit do I need to buy a house?

• Moving costs. If you need to hire a van to move your things, this could cost you anywhere between £200 and £1,000, depending on the size of the van, the distance your moving and how many people you need to help you.
• Redecorating and new furniture. If you're starting from scratch, you could use the money you save on a moving van to furnish your new place.

Here's how you can work out how much you need to save up.

Mortgages are simply a loan that's specifically to buy property.

The amount of money you can borrow when you take out a mortgage depends on:

• How much you earn
• What your outgoings are
• Your credit rating

The exact amount you can borrow will depend on how much the mortgage provider is prepared to lend you. But a mortgage adviser should be able to give you a rough estimate.

Find out more: What is a mortgage?

Every month, the government looks at how much you've paid into your lifetime ISA and adds another 25% of the amount you've put in that month.

So, if you put £100 in one month, the government will put in another £25.

The catch is that you have to use the money in your lifetime ISA to buy your first home (or leave it in there until you turn 60), otherwise you'll be charged a withdrawal fee on any money you take out for any other reason. This could mean you end up with less money than you put in.

Find out more: How to use a lifetime ISA to buy your first home