First time buyer checklistLondon 2026

45 steps covering everything from checking your credit score to collecting your keys. Tick items off as you go — your progress is saved in the page.

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1. Get your finances in order

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Check your credit report with all three agencies (Experian, Equifax, TransUnion)

💡 Do this 6+ months before you apply so you have time to fix any errors.

💡 Lenders use this to verify your identity. Missing from the roll can hurt your score.

Close unused credit card accounts and store cards

💡 High available credit limits can worry lenders even if the balance is zero.

Pay down any outstanding debts — especially credit cards and loans

💡 Your debt-to-income ratio directly affects how much you can borrow.

Avoid applying for any new credit in the 6 months before your mortgage application

💡 Every credit application leaves a hard search on your file.

Build up a consistent savings record — ideally 3–6 months of regular deposits

💡 Lenders want to see disciplined saving, not a lump sum from family gifted last month.

2. Save your deposit

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Open a Lifetime ISA (LISA) if you're under 40 — get a 25% government bonus

💡 You can save up to £4,000/year and receive a £1,000 government bonus annually. Must be used for your first home.

Calculate your target deposit (minimum 5%, ideally 10%+)

💡 At 10% deposit (90% LTV) you access far better rates than at 5%.

Factor in purchase costs: solicitor (£1,500–£3,000), survey (£400–£800), mortgage fee (£0–£2,000)

💡 These are on top of your deposit — don't get caught short.

Check if you qualify for the Mortgage Guarantee Scheme or shared ownership

💡 Shared ownership lets you buy a 25–75% share and pay rent on the rest — lower initial deposit needed.

If using a gifted deposit, get a written gift letter from the donor

💡 Lenders require confirmation the gift is not a loan. Your solicitor will also need this.

Keep your deposit in an accessible, FSCS-protected account

💡 Don't invest your deposit in the stock market — you need certainty on completion day.

3. Understand your budget

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Calculate your maximum borrowing (typically 4–4.5x gross annual income)

💡 Joint applications combine incomes. Some lenders offer up to 5.5x for professionals.

Use our mortgage repayment calculator to estimate monthly payments

💡 Don't forget to stress-test at a higher rate — what if rates rise by 2%?

Factor in all ongoing homeownership costs: council tax, insurance, maintenance

💡 Budget an annual maintenance reserve of around 1% of the property's value.

Get a Decision in Principle (DIP) from a lender or through a broker

💡 A DIP shows sellers you're serious and gives you a clear budget before you start viewing.

Understand the difference between repayment and interest-only mortgages

💡 First time buyers almost always need a repayment mortgage — you pay off capital each month.

Consider the total cost of the mortgage over the fixed term, not just the monthly payment

💡 A lower rate with a high arrangement fee may cost more overall on a smaller loan.

4. Find a property

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Research boroughs carefully — compare commute times, school catchments, and future development plans

💡 Use TfL Journey Planner to test commutes at rush hour, not midday.

💡 The best properties often sell before they appear on Rightmove.

Set up Rightmove and Zoopla alerts for your exact search criteria

💡 Speed matters in competitive London markets — be ready to view within 24 hours.

View at least 5–10 properties before making an offer

💡 You'll calibrate your sense of value much better after seeing multiple homes.

Check the EPC (Energy Performance Certificate) — aim for band C or above

💡 A poor EPC means higher energy bills and potentially expensive works required by future regulations.

Research sold prices on Land Registry / Rightmove for comparable properties

💡 This gives you the confidence to negotiate and avoid overpaying.

5. Make an offer and instruct professionals

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Instruct a solicitor or licensed conveyancer as soon as your offer is accepted

💡 Choose one who specialises in residential conveyancing — not a general solicitor who does it occasionally.

Order the right survey: HomeBuyer Report (most buyers) or Full Structural Survey (older/unusual properties)

💡 Never rely on the mortgage valuation — it's for the lender, not you. Always get your own survey.

Formally apply for your mortgage — your broker will handle this once your offer is accepted

💡 Have all documents ready (see section 6) to avoid delays.

Check what's included in the sale (fixtures, fittings, appliances)

💡 Ask the seller to complete a TA10 Fittings and Contents form so there are no surprises on moving day.

Research the local authority for any planning applications nearby

💡 Check the council's planning portal for proposed developments that could affect the property's value or your enjoyment.

Investigate leasehold issues if buying a flat: lease length, service charge, ground rent

💡 A lease below 80 years is a red flag — costly to extend and hard to mortgage. Get this checked early.

6. Documents you'll need

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Passport or driving licence (photo ID)

Proof of address — utility bill or bank statement dated within 3 months

Last 3 months' payslips (employed) or 2–3 years' SA302s and tax overviews (self-employed)

💡 Self-employed applicants: HMRC online account lets you print SA302s instantly.

Last 3 months' bank statements (all accounts)

💡 Lenders will scrutinise these — avoid gambling transactions, frequent overdrafts, or unexplained large debits.

P60 for the last tax year

Evidence of your deposit (savings statements showing build-up, or gift letter if applicable)

Details of any existing debts, loans, or credit commitments

Employer's name, address, and HR contact if lender requires employment verification

7. Exchange and complete

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Ensure your mortgage offer is valid — check the expiry date

💡 Standard offers last 3–6 months. If the process drags, ask your broker about extending.

Review the draft contract carefully with your solicitor before exchange

💡 Once you exchange, you are legally committed — any defects you missed are your problem.

Arrange buildings insurance to start from the date of exchange (not completion)

💡 Your lender will require proof of buildings insurance before releasing the mortgage funds.

Transfer your deposit to your solicitor in good time before exchange

💡 Bank transfers of large amounts can be held for fraud checks — don't leave it to the last minute.

Book a removal company and give notice on your rental property

💡 Removal firms book up fast — secure your slot as soon as you have a likely completion date.

Do a final inspection of the property on the morning of completion

💡 Check the sellers have left it in the agreed condition and taken only what was agreed.

Collect your keys — you're a homeowner! 🎉

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