First time buyer checklistLondon 2026

45 steps covering everything from checking your credit score to collecting your keys. Tick items off as you go and 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 and 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, so 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, with a 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, where 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) and 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. It is 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 and 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, so don't leave it to the last minute.

Book a removal company and give notice on your rental property

💡 Removal firms book up fast, so 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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