The Step-by-Step Guide to Buying a Home

Buying a home is one of the biggest financial commitments you’ll ever make. It can feel daunting, especially if it’s your first time, or if you haven’t moved in years. The good news? The process is fairly structured, although any number of things could crop up. Once you know the steps, you’ll feel much more in control.

Here’s your roadmap from budget to keys in hand.

Step 1: Understand Your Budget

Before you scroll through Rightmove or book viewings, you need to know what you can realistically afford.

• Speak to a mortgage broker - I’ll help you work out your borrowing capacity, monthly repayments, and explain how different interest rates could affect you.

• Get a Decision in Principle (DIP) - this is a lender’s confirmation of how much they may be prepared to lend you, subject to full checks. It also shows estate agents you’re serious and will usually be requested once you’ve had an offer accepted.

• Check you’re comfortable with the numbers - it’s not just about what the bank says you can borrow, it’s about what feels affordable month to month. This is where a mortgage broker can help, looking at the likely cost of your future bills and other expenditure.

Step 2: Start Your Property Search

This is the exciting bit, but don’t let emotion completely run the show.

• Write down your must-haves (e.g. number of bedrooms, garden, location) and nice-to-haves (e.g. parking, home office space).

• Stick to your list when viewing. It helps you compare properties logically, not just emotionally.

• Use estate agents’ websites, social media pages, and property portals like Rightmove.

• Book plenty of viewings and don’t be afraid to ask questions — if you forget, follow up with an email.

Step 3: Making an Offer

When you’ve found the right property, it’s time to make an offer.

• Decide how much you’re willing to pay and what your top limit is.

• If you offer under the asking price, back it up with reasons e.g. the property needs work, or it doesn’t compare as well to others you’ve seen. The seller, guided by the estate agent, will have an idea of what they are looking to achieve, and you’ll need to justify any offer under asking price.

• Always present yourself as a serious buyer. Having a DIP already in place strengthens your position. Being a first-time buyer is also a benefit if you have some flexibility around when you would look to move.

Step 4: Offer Accepted – The Busy Stage

Congratulations! Once your offer is accepted, three important processes kick off (often at the same time):

1. Mortgage Application - Your mortgage broker will handle this with the lender. They’ll arrange a valuation of the property as part of the process.

2. Solicitor/Conveyancer - you’ll need a solicitor to handle the legal side: property searches, enquiries, and managing contracts.

3. Survey - instruct a RICS surveyor to check the condition of the property. This can highlight issues that may affect your decision or negotiations. Having a survey, and to what level, is your decision and is often affected by the properties age/condition.

4. It’s also the perfect time to review your protection needs - life cover, critical illness, or income protection, so you know your home and family are secure whatever happens.

There is a more detailed article available here to help you understand what to do next here.

Step 5: Working Towards Exchange of Contracts.

This stage involves tying up all the loose ends before you commit legally.

• Review your survey results. If problems are found, you may negotiate with the seller or request work to be completed in advance of exchange.

• Your solicitor will carry out searches (checking things like planning restrictions, flood risk, or ownership rights).

• They’ll also raise enquiries with the seller’s solicitor to clarify any issues.

• You’ll receive your formal mortgage offer around this time, but bear in mind lenders can still carry out further credit searches, so you should avoid any changes to your financial situation such as applying for or using available credit.

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Step 6: Exchange & Completion

These are the two milestone moments.

• Exchange of Contracts - you pay your deposit (often 10% of the purchase price, though this can be less if your total deposit is lower). You’re now legally committed to buy. You’ll also need to have your life insurance and buildings insurance in place from this date so you and your new home are protected.

• Completion Day - your solicitor transfers the remaining funds (including your mortgage and any stamp duty), and you officially become the legal owner. This is the day you get the keys and can move in!

Step 7: Moving In

On moving day, don’t forget the small but important details:

• Take meter readings straight away so your bills are accurate.

• Update your address with banks, insurers, HMRC, and anyone else important.

• Test appliances and heating systems as soon as possible.

Final Thoughts

The home-buying process has a lot of moving parts, but when you break it down step-by-step, it can feel easier to manage. Having the right professionals - a mortgage broker, solicitor, and surveyor - makes all the difference. As you’ll see from our reviews, we offer much more than just a mortgage, and it’s helping you through the whole journey to your new home which gives us the most joy in the work we do!

If you’re thinking about buying your first home or moving after a long time, I’d love to guide you through the process and make it as stress-free as possible.

Get in touch today to start with Step 1: understanding your budget.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Approved by The Openwork Partnership on 4/9/2025.