You don't know what a LISA is. You're not sure what stamp duty means. You've never heard of conveyancing. That's fine. Everyone starts here. Let's make this simple.
If you've landed on this page, there's a good chance you've been renting for a while and you've recently started wondering whether buying a home might actually be possible. Maybe a friend bought recently. Maybe your rent went up again. Maybe you're just tired of feeling like you're throwing money away every month with nothing to show for it.
Whatever brought you here, this article assumes you know absolutely nothing about buying a home. No jargon without explanation. No assumptions about prior knowledge. Just the basics, clearly laid out, so you can decide whether to take the next step.
When you buy a home, you borrow money from a bank (this loan is called a mortgage) and use that borrowed money, plus some of your own savings (the deposit), to purchase a property. The bank owns the property alongside you until you've repaid the loan — which typically takes 25–35 years.
Each month, you make a mortgage payment. Part of this pays off the loan (called the capital), and part pays interest to the bank for lending you the money. Over time, you owe less and own more. Eventually, you own the property outright and your monthly payments stop.
This is fundamentally different from renting, where your monthly payment goes entirely to the landlord and you never own anything, no matter how long you pay.
The property world loves jargon. Here are the terms you'll encounter most, translated into plain English:
This is the first question, and it has a surprisingly simple answer. Take your annual salary (before tax) and multiply it by 4.5. That's roughly the maximum a bank will lend you.
Some examples:
If you earn £25,000 per year: the bank will lend approximately £112,500.
If you earn £30,000 per year: approximately £135,000.
If you earn £35,000 per year: approximately £157,500.
If you and a partner earn £55,000 combined: approximately £247,500.
Can you buy a property for that amount in your area? In many cities outside London — yes. In London itself — it's much harder on these incomes. A quick check on Rightmove or Zoopla for your target area will show whether properties exist in your price range.
Next question: can you afford the monthly payments? On a £130,000 mortgage at about 4.5% interest (a typical 2026 rate), you'd pay approximately £720/month. Compare that to your current rent. If it's similar or less, buying could work financially.
You need two pots of money: the deposit (your contribution toward the property price) and the costs (solicitor, survey, etc.).
The deposit: The minimum in 2026 is remarkably low. The Lloyds Banking Group £5k deposit mortgage (launching 18 May 2026) lets first-time buyers put down just £5,000 for properties up to £295,000. Alternatively, most lenders accept a 5% deposit — so on a £130,000 property, that's £6,500.
The costs: Budget £3,000–£5,000 on top of the deposit for solicitor fees (about £1,500), a survey (£400–£700), searches (about £300), insurance, and moving costs. These are unavoidable extras that many beginners don't know about.
Total to have saved: For a typical first-time purchase, somewhere between £8,000 and £12,000 will cover deposit plus costs. More is better (a bigger deposit means lower monthly payments), but this is the entry point.
Here's the entire process, simplified into five phases:
Save your deposit and costs. Open a LISA (the government gives you 25% extra on your savings — free money). Check your credit report and fix any errors. Get a "mortgage in principle" — a letter from a bank saying they'd probably lend you X amount. This doesn't commit you to anything but shows estate agents you're a serious buyer.
Browse properties on Rightmove, Zoopla, or OnTheMarket within your budget. Visit ones you like. Use a checklist to check for problems (damp, old boiler, short lease). Don't fall in love with the first thing you see — compare at least five properties before making a decision.
Found one you want? Make an offer through the estate agent. It doesn't have to be the asking price — most properties sell for 3%–5% below asking. If the offer is accepted, book a survey (a professional inspection) and submit your full mortgage application.
Your solicitor handles the paperwork: checking the property's legal title, ordering searches with the local council, raising questions about the property. This is the slow part. Expect lots of waiting and the occasional form to sign. Your solicitor guides you through it — you don't need to understand the legal details, just respond to their requests promptly.
Exchange: you and the seller sign contracts and you transfer your deposit to your solicitor. You're now legally committed — neither party can pull out without serious financial penalties. Completion (usually 1–2 weeks later): the bank sends the mortgage money, your solicitor sends it to the seller's solicitor, and you collect the keys. You own a home.
Total time from starting to save to having keys: typically 12–24 months, depending on how long the saving phase takes.
33 pages + audiobook · Viewing checklist · Master checklist · Updated May 2026
Get the cheat sheet — £8.99The UK government genuinely wants first-time buyers to succeed (it's good politics). There are two key benefits available right now:
Stamp duty relief: First-time buyers pay zero stamp duty on the first £300,000 of a property's price. Since most FTBs buy under £300,000, this means you pay zero. A non-first-time buyer would pay thousands on the same property. This saves you real money just by being a first-time buyer.
LISA (Lifetime ISA): Open this special savings account (you must be aged 18–39). Save up to £4,000 per year. The government adds 25% on top — so if you save £4,000, they give you £1,000. Free money. The account must be open for 12 months before you can use it for a purchase, so open one today even if you only put £1 in. You can add more later.
Combined, these two benefits can save you several thousand pounds. They're available to everyone who qualifies — you don't need to apply or be selected. The Cheat Sheet's Chapter 3 walks through exactly how to set up and maximise your LISA.
If you've read this far and you're thinking "maybe I could actually do this," here are three immediate actions that cost nothing and commit you to nothing:
1. Check your credit report. Go to ClearScore (free, takes 5 minutes). See what lenders see when you apply. If there are errors, start the correction process now — it takes up to 28 days.
2. Open a LISA. Open one with any provider (Moneybox, AJ Bell, Nutmeg, and others all offer them). Put in £1. This starts the 12-month clock. You can't use the funds for a purchase until 12 months after opening, so starting the clock now is free and costs you nothing but gives you optionality later.
3. Run the salary calculation. Your salary times 4.5. Check Rightmove for properties at that price in areas you'd consider living. If properties exist in your budget, buying is mathematically possible. That's worth knowing.
"What if I lose my job?" This is a real concern. Most mortgage lenders expect you to have been in your current job (or at least the same industry) for at least 3–6 months before applying. If you're on a probationary period or expecting redundancy, wait until you're stable. Once you have a mortgage, payment protection insurance is available (though not always good value). The honest answer: don't buy if your job is genuinely insecure.
"What if interest rates go up?" A fixed-rate mortgage locks your rate for 2–5 years. During that time, your payments don't change regardless of what the Bank of England does. When your fixed term ends, you remortgage (get a new deal). If rates are higher then, your payments might increase. This is why you shouldn't stretch to the absolute maximum you can afford — leave a buffer.
"What if I need to move?" You can sell your property at any time, though the process takes 8–16 weeks. If you've owned for less than 2–3 years, you might not have built much equity, and the costs of selling (estate agent fees at 1%–2%, solicitor fees) could mean you break even or even lose money. The general advice: don't buy unless you expect to stay at least 3–5 years.
"What if something breaks?" As an owner, repairs are your responsibility. Boiler dies? That's £2,000–£4,000 from your pocket. Roof leaks? Your problem. Budget 1%–2% of the property value per year for maintenance. On a £130,000 property, that's £1,300–£2,600/year set aside. This is the trade-off for building equity instead of paying rent.
Honestly? Yes. The combination of the Lloyds £5k deposit mortgage (dramatically lowering the entry barrier), stamp duty relief (zero on first £300,000 for FTBs), LISAs (free government money), and the Renters' Rights Act (security while you save) creates an environment where first-time buyers have more accessible paths to ownership than in recent years.
The one caveat: interest rates are higher than the historic lows of 2020–2021. Monthly payments are therefore higher in real terms than buyers enjoyed a few years ago. But rates are not high by historical standards (they were 5%+ for most of the 2000s), and the other advantages more than compensate for most buyers.
The question isn't really "is 2026 a good time?" — it's "is my situation ready?" If you have stable employment, can save consistently, and plan to stay in one area for 3+ years, the 2026 policy environment is working in your favour.
If you're ready to go from "I know nothing" to "I have a plan," The First-Time Buyer's Cheat Sheet: UK 2026 is designed exactly for you. It's 33 pages that take you from the same starting point as this article — zero knowledge — all the way to completion day, with specific 2026 numbers, practical checklists, and a full audiobook you can listen to during commutes.
At £8.99 with a 30-day money-back guarantee, you can read the entire guide and get a full refund if it doesn't help. The risk is zero. The potential saving — in time, money, and anxiety — is substantial.
For more detailed topics: our FAQ page answers 15 specific questions first-time buyers ask. Our myth-busting article tackles the 10 beliefs that keep people renting unnecessarily. And our step-by-step guide provides the detailed framework for the entire buying process.
33 pages + audiobook · Viewing checklist · Master checklist · Updated May 2026
Get the cheat sheet — £8.99