It is vital that the housing market remains accessible for those wishing to own their very first home. Quite simply the housing market needs first time buyers to keep the property market moving for all.
Attempting to buy your first property can be daunting, stressful and feel like a big endeavour for many. However, we see many people paying more in monthly rent than they would their mortgage lender.
At Stephensons we fully support home ownership for all. We wish to play our part in assisting first time buyers make the step up on to the property ladder. We will offer you guidance and a bespoke hand in navigating you through the conveyancing process.
We recognise that buying a first home is a huge milestone in a person’s life. There are steps first time buyers can take in readiness that will assist and make home ownership easier and more accessible.
Consider and prepare
Your credit profile: check your credit profile in advance of making a mortgage application. Aim to strengthen your credit file in advance of making an application for a mortgage. Many credit reference agencies now provide helpful hints and tips to strengthen your profile and credit rating.
A new credit scoring system was introduced in November 2025, do you know how this change has impacted your credit profile?
Lenders take into account your credit profile when considering mortgage ability. Therefore this is not something to shy away from. Check your credit profile in advance and periodically.
Save and prepare your bank statements in readiness of your future mortgage application: many mortgage lenders will require three to six months bank statements along with payslips upon application.
Take advantage of a Lifetime ISA account: in which the government will reward your savings with a bonus top up. The government will add a 25% bonus to your savings up to a maximum of £1,000 per year. Full details of this scheme and its terms can be found on the governments website: Lifetime ISAs
It is common that many need a helping hand from family (such as parents) to assist in saving towards deposit funds: this is not unusual. If help is being offered, then its worth considering.
Speak to a mortgage advisor/broker in advance: consider mortgage options early. Before you set your heart on a property, speak to an independent financial adviser (IFA) to find out how much you may be able to borrow. You don’t want to find your perfect house only to be unable to borrow the required amount.
Consider the type of property you are seeking and any schemes available designed to help you: there are a number of affordable housing options. Designated affordable housing properties exist to assist those that are eligible in stepping onto the property ladder.
Such as shared ownership properties, discounted homes, rent to buy options. Your local authority will hold details of approved scheme providers.
Consider overall affordability: work out a plan of all the costs you will need to pay. On top of your mortgage payment every month, you will need to pay bills such as gas and electricity, buildings insurance, council tax, TV licence and water. If you’re buying a flat you may also have a service charge each month.
Consider legal costs and stamp duty payable prepare for all costs not just your deposit: if you are a first time buyer no stamp duty is payable on properties up to £300,000.
Choose the right support: it is important to choose the right solicitor to act in the purchase of your new home at the right agreed fees. One that has experience and understands the concerns that first time buyers may have. First time buyers naturally may have more questions and concerns regarding their potential investment. Some buyers may well be nervous as to the process and commitment of buying their own home. At Stephensons we are here to help and guide all buyers through the legal process of buying a property patiently and with understanding.
Our conveyancing department are award winning and have strong highly rated client feedback and we aim to guide you through the process and limit any stress and anxiety you may feel. Upon instruction, you will have direct contact with your conveyancer and their assistant colleagues.
At Stephensons we are truly committed to providing affordable legal services to first time buyers to support the purchase of their very first home. We are proud to offer discounts to all first time buyers, regardless of the type of purchase work you intended to instruct us on.
To try and minimise any stress we will keep you up to date, move as quickly as possible and be up front with you on all matters and costs.
Our conveyancing team can offer initial guidance on matters and provide you with a discounted quotation of costs, for you to then consider. When contacting the team for a quote, please make the team member aware of that you are a first time buyer so we can ensure the correct quotation of costs is provided. Call us on 0161 696 6187. Alternatively you can use our online quote calculator to get an idea of your legal fees and one of our conveyancing specialists will call to discuss this with you.
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