Readers put their property questions to our guest panel of experts:
solicitors, mortgage advisers, property gurus and shared ownership providers
How to get on the property ladder
Q I am a first time buyer and very keen to buy my first home. As I know very little about the process, how do I get on to the property ladder?
Oscar Shuttleworth, Oxford
Getting on to the property ladder can feel like a huge task and out of reach for many first time buyers, but the steps are much more manageable once you break them down. Here’s some useful tips for first time buyers to follow:
- Get a realistic idea of your budget
Start by looking at your income, debts and typical monthly spending. From there, a lender or mortgage adviser can give you an approximate borrowing range. This step will give you an idea whether you can buy now or need to plan for the future. - Check your credit health
Your credit score influences the rate you’ll get and how much you can borrow. If it needs a little work, even small changes such as paying down credit cards and avoiding new credit can make a noticeable difference in a few months. Payment history is the biggest chunk of your score. Automating minimum payments protects you from an accidental late mark that could stick around for years. Avoid big purchases on credit while preparing to buy – financing furniture, cars, or new tech right before applying for a mortgage can suddenly change your debt-to-income ratio and impact your score. - Build your deposit and plan for upfront costs
You don’t always need a 10-20% deposit; many lenders will accept around 5%. Set a realistic savings goal. Don’t forget to allow for solicitor fees, a valuation, survey, and moving costs. - Explore affordable housing schemes
You might have access to Shared Ownership, which can dramatically lower the entry barrier. You generally need less income and a smaller deposit compared to buying on the open market. For those with limited deposit, Rent to Buy offers a way to try before you buy your new home. - Get a mortgage decision in principle
This is a good way to show sellers and builders that you’re serious and gives you a clearer sense of what you can offer. - Start viewing properties that match your comfort zone
Whether it’s new build or resale, viewing homes helps you understand what’s realistic for your budget and lifestyle. It also sharpens your priorities – location, size, commute, amenities. - Plan for long-term affordability
Think about future income, interest rates and lifestyle changes so you choose a home that still feels comfortable later on.
Lisa Westerman
Shared Ownership Options
I am a first time buyer – can you tell me what options do I have once I’ve bought with Shared Ownership?
Elizabeth Drew, Sheffield
One of the many great things about Shared Ownership is that when you’ve bought a home, you are frequently saving money compared to renting, as the combined mortgage and value-linked rent are often less than private rents. This allows you to save up money that you can use to continue climbing the homeownership ladder.
If you want to stay in your Shared Ownership home you could use this money to staircase up, after you’ve lived there for a specified amount of time. This means you can buy another share, increasing the overall share you own, and of course decreasing the rent you have to pay at the same time! Many housing providers will allow you to staircase all the way up to 100%, allowing you to own your home like normal with no rent to pay, although there are different models for how you can achieve this. Other housing providers put a limit on the share you can own, to ensure that the Shared Ownership home is still available for other first time buyers or those with affordability barriers.
Alternatively, the savings you build up when living in a Shared Ownership home could allow you to move to a new home that you buy with full ownership, requiring you to sell your Shared Ownership home. In that case you will need to start by contacting your housing provider, and they will often try to find a Shared Ownership buyer for you. If your housing provider doesn’t find a buyer, you can look to sell yourself – privately or through an agent, once you have a surveyor’s valuation to establish the value of the share you own. Experienced Shared Ownership agents like our team at LSL The SO Hub can be the best option when selling a Shared Ownership home, as there are extra regulations and eligibility criteria to satisfy. A specialist Shared Ownership agent will be able to ensure that the buyers they find are eligible for the home, and have the correct mortgage in place, helping a sale to go through quicker and smoother.
Paul Warren
What costs should I budget for?
I am a first time buyer and I really want to get on the ladder. What extra costs should I budget for besides the deposit?
Linda Ryan, Basildon
Saving for a deposit is a huge milestone – but it’s only one part of the upfront cost of buying a home. Many first time buyers are surprised by how quickly the additional fees add up, especially in the final weeks before completion. Planning for these from the start will help you avoid last-minute stress and money worries.
- Stamp Duty
As a first time buyer, you may benefit from reduced Stamp Duty, but it’s vital to check what you will owe as the tax must be paid within 14 days of completion. To work out your exact bill, use our Stamp Duty Calculator. - Solicitor and Conveyancing Fees
Your conveyancer handles the legal work, including local authority searches and reviewing contracts. Fees typically range from £1,000 to £2,000. Expect to pay more if you are buying a leasehold or Shared Ownership property. Even with a “no move, no fee” agreement, you’ll usually still pay for searches if the purchase falls through. - Surveys
A survey is optional but recommended. A Homebuyer Report usually costs £400 to £1,000, while a more detailed Building Survey will cost around £700 to £1,500. These inspections can save you thousands by flagging issues such as damp, structural problems or outdated wiring. - Mortgage Fees
Mortgage arrangement fees vary widely. Some lenders offer fee-free deals, while others charge £1,000 to £2,000. There may also be valuation fees, and if you use a broker, check whether they charge a fixed fee or take commission from the lender.
Home Buyers Protection Insurance
Fall-throughs are common – almost one in three purchases collapses before completion. For a small upfront premium of £74, Home Buyers Insurance can reimburse you for key costs such as surveys, legal fees and mortgage valuation fees if your purchase doesn’t go ahead. - Insurance and Moving Costs
You’ll need buildings insurance from the day you exchange, as well as removals, packing materials and storage if needed. These costs often add up faster than expected.
To get a clear picture of what your move will really cost, try our Moving Costs Calculator. And remember – it always pays to shop around. You can compare and get quotes for solicitors, surveys, removals, mortgages and more directly through the HomeOwners Alliance website at hoa.org.uk
Paula Higgins
First Time Buyer is an exciting bi-monthly glossy which takes a stylish and comprehensive look at all the options available, setting them out in an entertaining and informative way, and helping potential customers navigate their way through what is often a daunting and complex process. We dispel the myths, reinforce the facts and arm the reader with the tools necessary to make their homeownership dreams a reality.
