💛 Buying Your First Home? Here’s How to
Buying your first home is an exciting milestone. Whether you have been saving for years or have only recently started thinking about taking that first step onto the property ladder, the idea of owning somewhere of your own is something many people look forward to.
But with mortgage rates, deposit requirements and house prices regularly making headlines, it is easy to feel that buying your first home is becoming more difficult to achieve.
The good news is that there are still opportunities for first-time buyers, and understanding your options can make a real difference. From working out what you can comfortably afford to exploring new government support, a little preparation can help you approach your property search with greater confidence.
At Leightons, we believe buying a home should feel like a positive step forward. So, if you are hoping to buy your first home, here are some practical things worth considering.
💛 Start with What You Can Comfortably Afford
When you first start looking at properties, it is tempting to focus on the maximum mortgage a lender might offer you. However, being able to borrow a certain amount does not necessarily mean you will feel comfortable making those repayments every month.
Your mortgage is only one part of your household budget. You will also need to consider council tax, utility bills, insurance, maintenance, travel costs and all the everyday expenses that come with running a home.
Think about how much you would ideally like to have left over each month, too. You may want to continue saving, enjoy holidays or have money available for unexpected costs.
The aim is to find a property that works for your finances and your lifestyle, rather than stretching yourself simply to secure a particular home.
According to Rightmove’s October 2026 research, more than half of surveyed first-time buyers were concerned about the monthly cost of a mortgage. This highlights just how important affordability is when planning a move.
🏡 Look Beyond the Mortgage Rate Headlines
Mortgage rates naturally attract a lot of attention, and changes can affect how much you pay each month. However, the rate alone does not tell you everything about what you may be able to afford.
Lenders consider a range of factors when assessing an application, including your income, deposit, existing financial commitments, regular spending and credit history. Their criteria also differ, so the amount one lender is prepared to offer may not be the same as another.
This means it is worth exploring your options rather than assuming that buying is out of reach because of one headline or an online mortgage calculation.
Speaking to a qualified mortgage adviser can help you understand the products available to you and what your likely repayments could look like. A Mortgage in Principle can also give you a useful starting point before you begin viewing properties.
Remember, though, that a Mortgage in Principle is not a final mortgage offer, and the amount you could borrow is not necessarily the amount you should borrow.
💛 Get Your Deposit and Extra Costs in Order
Saving a deposit is often one of the biggest hurdles for first-time buyers. While some mortgage products are available with deposits of 5%, a larger deposit may give you access to a wider choice of mortgages or more favourable rates, depending on the lender and your circumstances.
It is also important to remember that your deposit is not the only upfront cost.
You may need to budget for solicitor’s fees, surveys, mortgage-related fees, removals and the cost of furnishing your new home. Depending on the property price and your circumstances, Stamp Duty Land Tax may also be payable, although first-time buyer relief is available to eligible purchasers in England and Northern Ireland.
Building a realistic savings target that includes these additional costs can help you avoid surprises when you are ready to move.
If you are not quite there yet, do not be discouraged. Reviewing your spending, setting a regular savings target and keeping an eye on your credit report can all help you work towards your goal.
🏡 Could the New ‘Your First Home’ Scheme Help?
One development attracting attention is the Government’s proposed Your First Home scheme, which could provide another route into homeownership for eligible first-time buyers.
As outlined in Rightmove’s September 2026 article, the proposed scheme is expected to support purchases of participating new-build homes in England. The headline features include:
- A minimum deposit of 2.5%.
- A government-backed equity loan of 20%.
- An initial interest-free period on the equity loan.
For illustration, a 2.5% deposit on a property priced at £200,000 would be £5,000, compared with £10,000 for a 5% deposit.
For buyers who have been struggling to save enough for a deposit, this could make homeownership feel more achievable.
However, there are important details to bear in mind. At the time of writing, the full eligibility criteria, property price limits, participating lenders and developers, and the length and longer-term cost of the interest-free period have yet to be confirmed.
The scheme is expected to apply to eligible new-build homes rather than the wider property market, so it may not suit everyone.
It is also important to understand that an equity loan is not a grant. You will need to understand the repayment terms and any interest that may become payable later before deciding whether this type of support is right for you.
We recommend keeping an eye on official announcements as further details become available, rather than making your plans around a scheme that has not yet fully launched.
💛 Should You Wait or Start Looking Now?
With changes to mortgage rates and potential new support on the horizon, some buyers may be wondering whether it is better to wait before making a move.
There is no single answer. Waiting could give you more time to build your deposit, improve your credit profile or explore new schemes. On the other hand, future house prices, mortgage rates and lending criteria are difficult to predict, so there is no guarantee that waiting will make buying cheaper.
The best approach is to focus on the things you can control.
If your finances are in good shape and you find a home that suits your needs and budget, it may be worth exploring your options now. If you need more time to save or feel uncertain about your monthly commitments, using that time to prepare can be just as valuable.
There is no need to rush into a decision, and you do not have to put your plans on hold simply because the market is changing.
🏡 Consider What You Really Need from Your First Home
Before starting your search, think about what matters most to you.
Would you prefer a smaller property in a location close to work, transport links and local amenities, or would you be happy to look a little further afield for more space? Is having a garden important? Would you consider a property that needs some updating, or would you prefer somewhere ready to move into?
It can help to separate your essentials from the things that would simply be nice to have.
Being flexible about certain features or considering a wider range of locations may open up more possibilities. At the same time, it is important not to compromise on the things that will make a home work for you in the long term.
At Leightons, we know that every buyer has different priorities. Taking the time to understand yours can help you focus on properties that genuinely suit your circumstances.
💛 Let Leightons Help You Take the Next Step
Buying your first home is a big decision, and it is perfectly normal to have questions along the way.
The most important thing is to understand your budget, explore the options available to you and take each stage at a pace that feels right.
Whether you are just beginning to save, arranging your first Mortgage in Principle or ready to start viewing properties, being well prepared can help you move forward with confidence.
At Leightons, we are here to help you navigate your property search and understand the buying process. If you are thinking about taking your first step onto the property ladder, we would be delighted to hear from you.
Get in touch with the Leightons team today and let us help you start your journey towards a place you can call home. 💛
Please note: Mortgage availability, government schemes and tax relief depend on individual circumstances and the relevant eligibility criteria. The proposed Your First Home scheme remains subject to confirmation of its full terms. Always seek advice from a regulated mortgage adviser before making financial decisions.
Sources from Rightmove
