Buying your first home is one of the biggest financial decisions you'll make. This guide walks you through every stage — from saving your first £ of deposit to getting your keys — including all the schemes, costs, and timelines you need to plan around.
Your home may be repossessed if you do not keep up repayments on your mortgage. This guide is for information only and does not constitute personal financial advice.
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The process can feel overwhelming, but it follows a clear sequence. Here's every stage explained — with typical timelines so you know what to expect.
Most lenders require a minimum 5% deposit. A 10% deposit opens significantly more lenders and better rates. On a £200,000 Manchester home, that's £10,000–£20,000. Use a Lifetime ISA (LISA) to get a 25% government bonus on up to £4,000/year saved.
Before you start viewing properties, get a Mortgage in Principle. This gives you a clear budget and shows estate agents you're a serious buyer. It involves a soft credit search and can be arranged in 24 hours. We do this free of charge.
Search on Rightmove, Zoopla, and local Manchester estate agents. Know your non-negotiables vs nice-to-haves. Popular FTB areas in Manchester include Didsbury, Chorlton, Levenshulme, Sale, and Stretford depending on your budget.
Once your offer is accepted, instruct a conveyancing solicitor immediately — delays often come from this stage. Your solicitor handles searches, contracts, and the legal transfer of ownership. Budget £1,000–£2,000 for conveyancing fees.
We submit your full mortgage application with all supporting documents. The lender will conduct a valuation survey (and you may commission an independent homebuyer survey). The lender issues a formal mortgage offer valid for 3–6 months.
At exchange of contracts, you pay your deposit and the sale becomes legally binding. Completion (the day you get your keys) typically follows 1–4 weeks later. On completion day, your mortgage funds transfer and you collect your keys.
First-time buyers often focus entirely on the deposit and underestimate the additional costs of buying. Budget for these upfront — they're needed at various stages before and on completion day.
| Cost | Typical range |
|---|---|
| Solicitor / conveyancing | £1,000–£2,000 |
| Mortgage arrangement fee | £0–£1,500 |
| Survey (homebuyer report) | £400–£1,000 |
| Stamp duty (from Apr 2025) | £0–varies |
| Removal costs | £300–£1,500 |
| Initial furnishing | £2,000–£10,000+ |
A reasonable rule of thumb: budget an additional 2–3% of the purchase price for buying costs beyond your deposit.
Several government-backed schemes exist to help first-time buyers. Not all are right for everyone — eligibility, property type, and location all matter.
Save up to £4,000/year, get a 25% government bonus (up to £1,000/year). Must be aged 18–39. Use to buy a first home up to £450,000 or for retirement.
Buy a share (25–75%) of a property and pay subsidised rent on the rest. Available through housing associations. Smaller deposit and mortgage required.
New-build homes offered at a 30–50% discount to first-time buyers and key workers. The discount is locked into the property title forever.
Government guarantee enables lenders to offer 95% mortgages (5% deposit). Available on properties up to £600,000.
Manchester's property market varies enormously by area. Here's a rough overview of popular first-time buyer areas at different price points (figures approximate, 2024–25):
Up-and-coming, good transport links into city
Suburban, Metrolink access, family-friendly
Close to MediaCityUK, strong regeneration story
Popular, well-served, tends to be higher prices
Good value vs south Manchester, regenerating town centre
Affordable commuter towns, Metrolink connection
Price ranges are approximate and based on typical 1–2 bed properties. Market conditions change — speak to local agents for current data.