Buying a home is often described as one of the most stressful events in our lives – and if it’s your first time doing it, it can be a complicated and overwhelming process.

From picking an area to getting a mortgage in principle, then putting in an offer and finally getting the keys, it’s a lot to wrap your head around.

To help, we’ve created a guide on how to navigate each step – with experts giving you some tips and tricks along the way.

So if you’re just beginning the process, or curious about what you need to start, view this guide as your essential companion…

Step one: Set a budget

First things first – you need to work out what you can afford to spend.

You don’t always need a deposit to buy a home – some lenders offer 100% loan to value mortgages – but the more money you borrow, the higher your interest rate is likely to be.

As a general rule, the more you can save for a deposit, the better – you’ll owe less, get a lower interest rate, have cheaper monthly repayments and a better chance of getting accepted by lenders.

Most lenders offer 95% and 90% LTV mortgages for first-time buyers, meaning you need to have a 5% or 10% deposit to put down.

That means if you were buying a £269,000 house (the UK average), you’d need either £13,450 or £26,900 for a deposit.

That rises to £53,800 for a 20% deposit, £80,700 for 30%, and £107,600 for 40%.

There are lots of ways to help you save this money, including using a lifetime ISA – read more about those here.

Lenders typically allow you to borrow between four and five times your income.

If you are buying with a partner, lenders may combine your incomes and use a lower multiplier, or multiply the larger income and add the smaller on top.

Make sure you can comfortably afford your monthly mortgage repayments – a mortgage advisor can help with this (more on that later).

One way to get the gist of how much you can afford to spend is to look at your income, any existing debt repayments, and bills that you’ll still be paying when you move to see how much money you’ll have left over.

It’s worth saving money to cover costs that will crop up in the house-buying process too, such as:

• Solicitor fees
• Valuation and survey costs
• Stamp duty
• Mortgage arrangement fees
• Moving costs
• Utility bills

As a general rule, setting aside an extra 3% to 5% of the purchase price of your home should cover you.

So, using the £269,000 house example with a 10% deposit, having at least £34,970 should be enough.

Step two: Pick the area you want to live in

After setting your budget, you might have a better idea about the sort of area you can afford to live in.

You’ll likely already have an ideal area in mind, whether it’s close to work, near family or within reach of good commuter links.

It might be difficult to find something that ticks all your boxes, so it’s worth setting out a list of “non-negotiables”.

For example: Do you need to be close to a good school or will you need to be near one before you plan to sell? If so, you’ll want to check that you’re in the right catchment area with the local council.

If not, you might be able to save money by buying a property that’s outside the catchment area.

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Exclusive data provided to the Money blog showed people can pay tens of thousands of pounds more to be in the same postcode as a school – and it doesn’t even have to be a good one.

Taking a longer-term view can also be helpful because your home is likely to be your biggest asset.

Consumer advice group HomeOwners Alliance says:

• Cheap areas surrounded by expensive ones are likely to gentrify – unless there is a particular reason they are cheap, such a chemical plants or post-industrial wastelands;
• Fashionable areas may have lower growth, so might not increase in value quickly;
• A good value area with decent transport links is a “good bet” because house prices can take years to catch up with transport improvements.

Homes in city centres also tend to be more expensive than the countryside, and the south of the country is usually more expensive than the north.

To make sure the area you’re interested in is affordable, you can have a look at the average property prices in each local authority area below…

If you are trying to decide if you like a specific area, one of the best – and easiest – things to do is just spend time there.

Visit during the day, in the evening and during rush-hour traffic.

Test out key parts of your life, like the commute to work or walk to the local park, and be realistic about whether they fit your lifestyle.

An hour and a half journey to work might seem good the first time, but will you be happy doing it every day?

Do you want to be able to walk to the shops, or are you happy to jump in the car?

While visiting the area will give you a feel for the place, it’s also worth checking crime rates – you can do that here.

Step three: Get a mortgage in principle

Getting a mortgage in principle (MIP) shows estate agents and sellers that you are a serious buyer.

What is it? Basically, it’s an initial indication a lender gives you detailing how much they are willing to lend you for a mortgage, which should match your budget – or exceed it.

There are two main ways to get one – use a mortgage broker or go directly to a lender.

Some brokers will find you the best deal for free, others may charge you a fee if you take out the mortgage.

Using a broker can be helpful and save you time as they sift through mortgage products available to you and find the cheapest one – something you’d otherwise have to do yourself.

They can also advise if you are better suited to a fixed or variable rate mortgage, and they’ll be able to guide you through the process.

Some brokers will have access to more deals than others, so it’s worth asking if they are a “whole-of-market” broker, meaning they can look at a huge variety of deals instead of just those offered by a select panel of lenders.

Brokers also have two ways of being paid, either they earn commission from lenders or they charge you a fee for taking a mortgage using their services.

If they offer you a choice between fee or commission, they are allowed to call themselves “independent”.

They are obliged to tell you the exact amount they’ll be paid by the lender before you apply for the mortgage – it’s usually in the “key facts illustration” they give you, but if it isn’t, then ask to see it.

David Hollingworth, associate director of communications at L&C Mortgages told Money: “It makes sense to speak to a mortgage adviser while you are considering the right type of property for your needs and budget. A mortgage adviser will assure you that the borrowing you need should be possible and how much that might cost you.

“They can also provide a mortgage in principle if you’re concerned about qualifying for the borrowing amount. This isn’t a guarantee, but it should demonstrate to the seller and their agent that you are able to proceed.”

It’s important to stress that an MIP is a preliminary assessment – a soft credit check is used to give you a rough idea of what kind of house you can afford.

That means it doesn’t provide absolute certainty that you’ll get a mortgage offer – a more detailed credit check may be required before a lender commits to a loan.

It’s valid for between 30 and 90 days, depending on your lender, so you have time to go and look at properties in that price range before asking the bank for an actual mortgage agreement.

If your house hunt lasts longer than that, you can also ask for an extension on your MIP or apply for a new one.

Step four: Start viewing properties

Right, with your mortgage in principle sorted, you’re now in a great position to start viewing properties.

A good place to start is online property sites or apps such as Rightmove, Zoopla and OnTheMarket.

Using the search tool, enter the area you are interested in, the type of home and your price range.

Some sites will give you the option to add other specific details to your search, such as number of bedrooms, garden, driveway, electric car charging point, etc.

Scroll through, and when you come across one you like, email or call the estate agent it is listed with to ask for a viewing.

Once you have your viewing booked in, go armed with questions for the estate agent and the seller.

“When viewing, it’s great when you ask questions about the home, take your time to view, and get to know the home,” said president of the National Association of Estate Agents Propertymark Mary-Lou Press.

“The seller will likely be as excited as you to have a viewing, so it’s nice when you can get to know everything. Being up front on affordability will save both you and the seller time.”

When looking around the home, you should keep an eye out for any red flags.

It’s probably a bad sign if there’s mould, cracks in the walls, or any leaks. If you feel you have enough in your budget to decorate, try to look past the aesthetics like wallpaper, paint colours or flooring – they can be relatively cheap things to change yourself.

Michael Holden, a surveyor with more than 30 years of experience, and a former president of Propertymark, gave us this list of simple checks you can make:

• Look for signs of damp – check behind sofas, wardrobes and cupboards;
• Look for any cracks in walls and floors, doors and windows that stick, uneven or sloping floors, and bulging or leaning walls – this can be a sign of internal or external structural movement;
• Make sure all the taps turn on;
• Open and shut the windows to ensure they all work;
• Look to see if there’s been any recent building work and ask the estate agent if it meets building regulations;
• Think about what it smells like – is it musty or stagnant?;
• Take note of how well it has been maintained – it’s usually a good sign if it’s been looked after.

If you want to take a fuller checklist with you, consumer champion Which? has one that you can download here.

Step five: Put in an offer

Once you find a home that ticks all your boxes, it’s time to put in an offer. You do this by contacting the estate agent.

When deciding what to offer, have a look at what similar properties in the area have sold for and see if you can negotiate what’s included in the sale.

Some sellers will agree to leave all their white goods – items like a fridge, freezer, dishwasher and washing machine – or you might want them to leave other pieces of furniture like a sofa, or curtains.

If there are repairs needed, it’s worth asking what will be fixed before the house is sold as well.

“If you think that the asking price is broadly fair for the market, you may not want to risk offending the seller with a lowball offer,” said Hollingworth.

“If it’s been marketed at the right price, you could risk other interested buyers taking pole position if you are too low.

“However, pitching a realistic offer below asking price and knowing how high you are prepared to go could help you move closer to a quicker agreement.”

Some offers can be more enticing than others – and not just because they’re offering a higher amount.

“A buyer with an approved mortgage is likely more advanced and able to commit to exchanging on the purchase when compared to someone potentially at the very start of a property journey,” Press added.

“Sellers typically can take into account the complexities of chains and might also find more simplistic situations more appealing.”

Buyers who are chain-free, meaning they aren’t waiting for their home to sell in order to purchase a property, are often in a good position because they can move quickly.

It’s the same with those able to provide an all-cash offer, as long as they can prove the cash has been obtained legally.

The estate agent will let you know if your offer has been accepted or rejected. This is usually done over email.

While it might seem like time to pop the bubbly, you can’t celebrate just yet – there’s still a chance the home won’t be yours.

Estate agents are legally required to pass on all offers to the seller – even if they have already started progressing with a deal.

What you need to know about gazumping

This means you could be pushed out by another buyer with a better offer – a practice known as gazumping.

While frustrating, it’s not illegal in England and Wales until contracts have been exchanged – that’s the point when the sale becomes legally binding.

Figures released by lending agency Market Financial Solution last year showed 37% of buyers had been gazumped – the number was even higher in London, at 53%.

You can protect yourself against any losses you might incur by taking out home buyer protection insurance. This will help you claim back some of the costs you’ve paid out, such as conveyancer fees (more on that next), if a seller changes their mind.

Step six: Sort out a solicitor/conveyancer

Once you’ve had an offer accepted, it’s time to find a solicitor or a conveyancer.

The biggest difference between the two is that a solicitor is trained in all areas of law, while a conveyancer specialises in property law.

Both can handle the conveyancing process – the term used for the legal part of transferring property ownership.

Estate agents may offer conveyancing services to you, but it’s good to look around.

“Get a quote from them so you can compare it to other options. You can shop around online or ask friends and family for any recommendations to get a better idea of comparable prices,” Hollingworth said.

“Understand whether prices are fixed or whether there could be any other charges that apply.”

The amount you’ll pay varies depending on the value of the property you’re buying. According to comparison site CompareMyMove, the fees were between £1,050 and £2,520 in 2024.

The seller will be responsible for drawing up the legal contract to transfer ownership to you, which will detail the sale price, property boundaries, planning restrictions and which fixtures and fittings will be included.

Your solicitor or conveyancer will handle these documents for you and will be responsible for checking the property on your behalf…

Step seven: Carry out property searches

When buying a property, solicitors will carry out several checks.

These are to make sure that you’re getting value for money – and that there aren’t any major hidden problems.

It also makes clear the property’s boundaries – so you know exactly where your land ends and your neighbour’s begins.

There are four main checks they’ll carry out:

1. Land registry search – This covers basics including previous sale history, as well as confirming that the seller actually owns the property.

2. Local authority search – This looks at the local surroundings that might affect a property up for sale – including planning permissions, highway issues, environmental factors, and outstanding financial charges.

3. Water and drainage search – This one is fairly self-explanatory, as it confirms the property’s connection to the mains water supply and drainage systems. It could also reveal public sewers within the property’s boundaries that could affect future development plans.

4. Environmental search – This search looks to identify things like potential flooding risks or any contamination on the land.

L&C, the UK’s largest broker, says these searches typically take around two to three weeks to complete, but the results may prompt your solicitor to make further enquiries.

Step eight: Get a survey done

While getting a survey isn’t legally required to buy a home, it is highly recommended because it can highlight any problems with the property before you commit to it.

Essentially, it gets you an expert, in-depth account of the condition of your potential home, which could identify any issues that you might have missed during your viewing.

A survey is carried out by a surveyor, and you should make sure they are accredited by the Royal Institution of Chartered Surveyors (RICS) or the Residential Property Surveyors Association

Some people choose to skip this part of the process to save money, because it can be expensive – usually between £500 and £800.

But it could end up saving you a fortune if an even more expensive issue is uncovered.

There are three types of surveys you can choose from – the one you pick really depends on how thorough you want the surveyor to be.

In most cases, the age, size, condition and complexity of the property will decide which one you opt for. If you’re unsure, your surveyor can advise which one they think is best suited to your situation.

Here are your options:

Level 1 home survey– This used to be called a condition report and tends to be the cheapest option. It will describe the condition of the property, identify any legal issues and highlight urgent defects. The RICS website says you should choose this option if you are buying a “conventional house, flat or bungalow built from common materials and in good condition”.

Level 2 home survey – this used to be called a home buyers survey or home buyers report. This gives you more detailed information about your property and ideas about future repairs that might be needed. You can opt for a market valuation and an insurance reinstatement figure (how much it would cost to rebuild the entire property). This can help you avoid under- or over-insurance.

RICS says this one should be chosen for “conventional properties that are in a reasonable condition” and in a simple layout.

Level 3 home survey– This is the most comprehensive – and therefore most expensive – option. It gives you an in-depth analysis of the property’s condition, advice on defects, repair options and how the materials used to build it will perform in the future. This is the recommended option for larger, older or run-down homes, or one that has been altered or is unusual.

“You want to make sure you are getting good value for money and there aren’t any hidden problems,” said Holden

“It gives you peace of mind and saves you money in the future.

“We go through significant training and we want to be sure that we are protecting you so you know what, if anything, there is to do on the property.”

He explained that there are some early indicators that you can look out for when viewing the property, such as a musty smell, dodgy DIY projects, and general upkeep.

His top tip was to make sure you check behind cupboards, wardrobes, sofas, cabinets etc to make sure there isn’t damp or mould being hidden by sneaky sellers.

Once you have the survey results back, it’s important to read through them thoroughly. They should be written in a clear, easy-to-understand way, and anything of serious concern should be flagged to you.

If there’s anything of serious concern, you might want to reconsider your purchase.

Step nine: Get ready to exchange contracts

Once solicitors on both the buyer’s side and the seller’s side are happy, they can officially “exchange contracts”.

The buyer’s contract is usually accompanied by what’s called an exchange deposit – often 10% of the property value – which goes to the seller’s solicitor.

It differs from your mortgage deposit, although confusingly, an exchange deposit is often part of a mortgage deposit (and most times is all of it). So don’t panic, you don’t need two deposits.

This basically means that if the buyer defaults or tries to pull out of the deal, the seller can keep the deposit as compensation.

The next stage is when it gets really exciting…

Step 10: Complete on the sale

This is the point where you finally get the keys! Pop the champagne and celebrate!

Completion is the final stage of the transaction and the point when the sale becomes legally binding.

It’s when ownership of the property physically transfers from the seller to the buyer.

Sellers usually have until 1pm on completion day to leave the property. Buyers will pick up the keys from the estate agent and will be free to move in.

It typically occurs within 28 days of the exchange of contracts, but is dependent on factors like the complexity of the chain, schedules, and the availability of funds.

Your solicitor will register your details with the Land Registry and will send the new title deeds to your mortgage lender.

Step 11: Now you need to think about bills

While your focus will be on unpacking and setting up your new home, you’ll need to pay attention to all your new bills.

The first might be stamp duty – but not everyone has to pay this.

First-time buyers pay stamp duty on the value of homes above £300,000. The rate is then 5% on the portion of the house price from £300,001 and over.

Other buyers have to pay it on purchases of £125,000 or more. They will pay 2% on the portion between £125,001 and £250,000 and 5% on anything between £250,001 and £925,000.

This increases to 10% on the portion between £925,001 and £1.5m, and even further to 12% on the remaining amount.

There is a tool you can use to work out the exact amount of stamp duty you will pay – you can find it here.

Your solicitor will handle this for you and should have already told you the amount you’ll need to pay.

You’ll want some time to settle in, but as soon as you step through the front door, there will be things to do.

To start, it’s a good idea to get meter readings and send them to your supplier. You don’t want to end up paying for the last owner’s usage. Use a tool like CompareTheMarket or MoneySuperMarket to see if you can get a better deal as well.

You’ll also want to set up your broadband and register for a TV licence, which is £174.50 a year.

You need to change your address to make sure your details are up to date and you don’t miss any important post.

You should do this for your:

• Workplace
• Bank and credit card companies
• Insurance companies, including car, contents and life
• Doctor
• Dentist
• Driver licence
• The electoral roll
• The local council

You should also set up your home insurance. Your mortgage provider might have already required you to get buildings insurance, which covers the brick and mortar of your home. If not, this could be a good place to start.

Contents insurance covers the items inside our home, such as your TV, furniture, technology, etc.

Hollingworth said life insurance is also important to consider.

“Protecting against death and sickness is important when taking on a large commitment like a mortgage. It helps to cover costs for dependants if you can’t work or pass away,” he said.

“If offered advice on protection, check whether the adviser can access products from providers across the market or is tied to a particular insurer. A limited choice may not get the best product or price.

“Advisers will receive commission from the insurer, but ask whether they load the premium. Some firms will charge a higher premium for an enhanced commission.”

That’s it, settle in and enjoy your new home! You’re a homeowner now!

Administrators are on standby this weekend to handle the collapse of Petrofac, the oil and energy services group – an insolvency which could threaten the future of more than 2,000 jobs in Scotland.

Sky News has learnt that directors of Petrofac has lined up Teneo for an administration process which could be confirmed as early as Monday morning.

The company’s board, chaired by former Anglo American finance director Rene Medori, is said to be holding emergency talks this weekend.

One industry executive said a decision to file for administration was likely to be taken before the stock market opens on Monday.

Ed Miliband, the energy secretary, and other ministers have been briefed on the situation, with more than 2,000 Scottish-based jobs potentially at risk.

Kroll, the advisory firm, has been engaged by the Department for Energy Security and Net Zero to work with ministers and officials on the unfolding crisis.

Government sources claimed this weekend that Petrofac’s UK operations were “growing”.

“This government is supporting jobs and investment in Scotland including building a world leading carbon capture industry in the North Sea, alongside our biggest ever investment in offshore wind,” one official said.

A source close to Petrofac said on Saturday that the UK arm of the group had not been beset by any lossmaking contracts and would be in a strong position to secure its future.

The administration process would affect the parent company, Petrofac Limited, which does not directly employ the company’s workforce, they added.

Petrofac’s potential collapse comes at a sensitive time for Mr Miliband, who is coming under enormous pressure to permit more North Sea oil and gas drilling despite Labour’s manifesto commitment not to grant licences on new fields.

Petrofac employs about 7,300 people globally, according to a recent stock exchange filing.

It designs, constructs and operates offshore equipment for energy companies.

The company’s shares have been suspended since April.

Petrofac, which now has a market capitalisation of barely £20m, has been mired in financial trouble for years.

Once-valued at more than £6bn, it has been drowning in a sea of debt, and faced a Serious Fraud Office investigation which resulted in a 2021 conviction for failing to prevent bribery, and the payment of more than $100m in penalties.

In a stock exchange announcement on Thursday, Petrofac said the cancellation of a contract by TenneT, an operator of electricity grids in Europe which is its biggest customer, meant that a solvent restructuring was now not viable.

“Having carefully assessed the impact of TenneT’s decision, the Board has determined that the restructuring, which had last week reached an advanced stage, is no longer deliverable in its current form,” the company said.

“The group is in close and constant dialogue with its key creditors and other stakeholders as it actively pursues alternative options for the group.

“In the meantime, Petrofac remains focused on serving its clients and maintaining operational capability and delivery of services across its businesses.”

Founded in 1981 in Texas, Petrofac has been in talks about a far-reaching financial restructuring for more than a year.

A formal restructuring plan was sanctioned by the High Court in May 2025 with the aim of writing off much of its debt and injecting new equity into the business.

This was subsequently overturned, prompting talks with creditors about a revised agreement.

If Petrofac does fall into administration, it is expected to be broken up, with some of its assets – including key contracts – likely to be taken over by other industry players.

Petrofac has been contacted for comment.

A DESNZ spokesman declined to comment.

UK car production fell by more than a quarter (27.1%) last month as a cyberattack at Jaguar Land Rover halted manufacturing at the plant, industry figures show.

The total number of vehicles coming off assembly lines – including cars and vans – fell an even sharper 35.9%, according to September data from the Society of Motor Manufacturers and Traders (SMMT).

“Largely responsible” for the drop was the five-week pause in production at Jaguar Land Rover (JLR) due to a malicious cyber attack, as other car makers reported growth.

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JLR’s assembly lines in the West Midlands and Halewood on Merseyside were paused from late August to early October as a result.

During this time, not a single vehicle was made. Production has since restarted, but the attack is believed to have been the “most financially damaging” in UK history at an estimated cost of £1.9bn, according to the security body the Cyber Monitoring Centre.

It was the lowest number of cars made in any September in the UK since 1952, including during the COVID-19 lockdown.

Despite the restart, the sector remains “under immense pressure”, the SMMT’s chief executive Mike Hawes said.

The phased restart of operations led to a small boost in manufacturing output this month, according to a closely watched survey.

Of the cars that were made, nearly half (47.8%) were battery electric, plug-in hybrid or hybrid.

The vast majority, 76% of the total vehicles output, were made for export.

The top destinations are the European Union, US, Turkey, Japan and South Korea.

JLR was just the latest business to be the subject of a cyberattack.

Harrods, the Co-Op, and Marks and Spencer, are among the companies that have struggled in the past year with such attacks.