First Time Buyer Guide: Explore Your Home Ownership Options
Buying your first home can feel overwhelming, but there are a range of schemes and support options available to help you get onto the property ladder. Explore Shared Ownership, First Homes, Rent to Buy, and other affordable home ownership routes, then search for properties that match your needs and eligibility.
Explore First Time Buyer Schemes and Home Ownership Options
Helping you take your first step onto the property ladder
There’s a lot to get your head around when buying your first home. Simply knowing where to start can be confusing, especially if you’re unfamiliar with the buying process, mortgage requirements, first time buyer schemes, or the different routes available to help you get onto the property ladder.
Whether you’re exploring Shared Ownership, First Homes, Rent to Buy, or looking for affordable homes for first time buyers, this guide will help you understand your options and take the next step with confidence.
At Share to Buy, we’re here to help you every step of the way. So, first things first: answering the question, ‘Am I really a first time buyer?‘
Start your first home journey
Not sure where to begin?
Most first time buyers start by asking three simple questions:
- Can I afford to buy a home?
- What schemes and support are available to me?
- What homes can I find in my area?
Choose a starting point below to explore your options
From affordability and support schemes to finding available homes, we’ll help you navigate each stage of the home-buying journey.
Jump to a section
What Is a First Time Buyer?
Understand the eligibility criteria and whether you qualify.
Step-by-Step Guide to Buying Your First Home
Follow the key stages from checking eligibility to collecting your keys.
Schemes and Support for First Time Buyers
Compare Shared Ownership, First Homes, Rent to Buy, Deposit Unlock and more.
Buying a Home in London
Explore affordable home ownership options and support available in the capital.
How Share to Buy Can Help You Find Eligible Homes
Discover schemes, tools and resources to help you search for suitable properties.
Financial Advice for First Time Buyers
Learn about mortgages, deposits, affordability, Stamp Duty and buying costs.
First Time Buyer News, Advice and Insights
Browse expert articles, market updates and practical home-buying advice.
First Time Buyer FAQs
Find answers to common questions about eligibility, mortgages, deposits and schemes.
Explore Homes for First Time Buyers
Search available homes and affordable home ownership opportunities across the UK.
What is a first time buyer?
A first time buyer is someone who has never owned a residential property before, either in the UK or abroad, and is purchasing their first home.
However, some situations can affect whether you qualify as a first time buyer for mortgage, Stamp Duty and affordable home ownership scheme purposes.
Why your buyer status matters
Understanding your first time buyer status is important, as it can affect the cost of buying a home and the support available to you. It may influence the mortgage products you’re eligible for, whether you qualify for first time buyer Stamp Duty relief, and the amount of Stamp Duty Land Tax (SDLT) you’ll need to pay.
Your buyer status can also determine whether you’re eligible for affordable home ownership schemes such as Shared Ownership and First Homes, helping you access lower-cost routes onto the property ladder.
Who qualifies as a first time buyer?
The key factor in determining your buyer status is ownership, not whether you’ve previously bought a home.
You may qualify as a first time buyer if:
- You’ve never owned a residential property in the UK or abroad
- You’re buying a home to live in rather than as an investment property
- You’ve only owned commercial property that did not include any residential accommodation
You may not qualify as a first time buyer if:
- You’ve previously owned or part-owned a residential property
- Your name has been added to a property’s title deeds
- You’ve inherited or been gifted a residential property
- You’re buying jointly with someone who currently owns or has previously owned a home
Step-by-step guide to buying your first home
Where do you even start when buying your first home? Here’s a brief rundown of the steps and the order to take them in.
1. Check if you’re eligible
Start by determining whether you’re a first time buyer and researching the schemes you may be eligible for.
Access our housing guides
2. Work out your budget and mortgage options
Speak to a mortgage broker to calculate your affordability. They can also arrange a mortgage in principle to prove how much you could borrow.
How much can you borrow
3. Search for first time buyer homes
Start looking for properties within your budget. If you’re interested in pursuing first time buyer schemes, use our property portal to find homes in your area.
Search for homes
4. Make an offer and arrange your mortgage
Once you’ve found a home, it’s time make an offer. For Shared Ownership homes, you’ll apply through the housing association instead. Once accepted, you can apply for a mortgage and appoint a solicitor.
Visit our mortgage hub
5. Exchange, complete and move in
After you’ve signed the paperwork, the solicitors exchange contracts, making the purchase legally binding. On completion day, your deposit and mortgage funds are paid, and you’ll receive the keys.
See our full buyer checklistSchemes and support for first time buyers
There are several schemes designed to help first time buyers get onto the property ladder, whether you’re struggling to save a deposit, need a lower-cost route to home ownership, or want to buy a discounted home. Understanding how each scheme works can help you identify the most suitable option for your circumstances.
Not every scheme is designed for the same buyer. Some focus on reducing deposit requirements, while others offer discounted homes or lower-cost routes to home ownership.
Shared Ownership
If you’re finding it challenging to buy a home in your area due to high property prices and deposit requirements, Shared Ownership could be the solution.
This government-backed scheme allows you to buy a share of a home, usually between 10% and 75%, and pay rent on the remainder to the housing provider. Because you only need a deposit and mortgage on the share you’re purchasing, the upfront costs can be significantly lower than buying on the open market.
Who is it for? First time buyers and eligible households who cannot afford to buy a suitable home outright.
Learn more about the scheme and eligibility criteria in our Shared Ownership hub.
Rent to Buy
Want to save for a deposit while renting? Rent to Buy could help you take the next step towards home ownership.
This government-backed scheme allows eligible households to rent a newly built home at a reduced rate, typically around 20% below market rent. The money you save on monthly housing costs can then be put towards building a deposit for a future home purchase.
Who is it for? Aspiring home owners who need more time to save for a deposit while renting.
Find out how the scheme works and whether you’re eligible in our Rent to Buy hub.
London Living Rent
Calling all Londoners looking to save for a deposit: London Living Rent could be the scheme for you.
This initiative from the Mayor of London offers homes at below-market rents, helping middle-income households save towards buying a home in the capital. Designed to bridge the gap between renting and home ownership, the scheme is available to households with a maximum income of £75,000.
Who is it for? London households who want to save for a deposit while renting at a discounted rate.
Visit our London Living Rent hub for more information on eligibility and how the scheme works.
First Homes Scheme
Buy a home for less with the First Homes scheme.
This government-backed initiative helps eligible first time buyers purchase selected new-build homes at a discount of 30% to 50% off the market value. The discount remains attached to the property when it’s sold, helping future buyers benefit too.
Who is it for? First time buyers who meet local eligibility criteria and are looking to purchase a discounted new-build home.
Discover more about eligibility and available properties in our First Homes scheme hub.
Deposit Unlock
Struggling to save a large deposit for a new-build home? Deposit Unlock could help.
This developer-led initiative allows buyers to purchase selected new-build homes with just a 5% deposit. Participating developers provide lenders with an insurance-backed guarantee, helping buyers access competitive mortgage products with a smaller upfront contribution.
Who is it for? Buyers who can afford mortgage repayments but have a smaller deposit saved.
Find out how the scheme works and which developers participate in our Deposit Unlock hub.
Which first time buyer scheme could be right for you?
- Shared Ownership: If you can afford monthly mortgage and rent payments but can’t afford to buy a home outright.
- Rent to Buy: If you need more time to save for a deposit while renting.
- London Living Rent: If you’re a Londoner saving towards buying a home in the capital.
- First Homes: If you’re looking to purchase a discounted new-build home and meet local eligibility criteria.
- Deposit Unlock: If you’ve saved a smaller deposit but want to buy a new-build home.
Buying a home in London?
Looking to buy your first home in London? Alongside the schemes and support outlined above, you can access additional guidance, resources and property searches through Homes for Londoners.
Built in partnership between Share to Buy and the Greater London Authority, the Mayor of London’s official property platform helps Londoners explore affordable home ownership options, understand their eligibility and search for homes available across the capital.
How Share to Buy can help you find eligible homes
Once you’ve explored your home ownership options, the next step is finding homes you’re eligible to buy. Share to Buy brings together affordable home ownership schemes, expert first time buyer guides and free tools to help you understand your options and search for suitable properties.
Whether you’re interested in Shared Ownership, First Homes, Rent to Buy or other affordable housing schemes, you can compare opportunities, learn about eligibility requirements and search available homes from housing providers across the UK.
Buying and renting schemes
Explore affordable home ownership and rental schemes available to first time buyers.
Free interactive tools
Check affordability, understand your options and plan your next steps with confidence.
Expert guides
Browse advice on mortgages, deposits, buying schemes and the home-buying process.
Financial advice for first time buyers
Understanding your finances is one of the most important parts of buying your first home. From saving a deposit and improving your credit score to securing a mortgage and budgeting for additional costs, there are several financial factors to consider before you start your property search.
If you’re unsure where to begin, speaking to a mortgage broker can help you understand how much you could borrow, which mortgage options may be available to you and what steps you can take to improve your affordability.
Financial checklist for first time buyers
Getting your finances in order early can make the home-buying process smoother and help you understand what homes may be within your budget. Start with these key steps:
How to get a mortgage as a first time buyer
Most first time buyers use a mortgage to purchase a home. Before applying, it’s worth checking your credit history, understanding how much you may be able to borrow and comparing mortgage products from different lenders.
Check out our mortgage broker panel to find a specialist who can guide you through the process.
How much deposit do you need?
Saving for a deposit is one of the biggest financial hurdles for many first time buyers, but knowing how much you’ll need can help you plan your next steps.
Most lenders require a minimum deposit of 5% of the property’s purchase price. However, putting down a larger deposit, typically 10% to 20%, may reduce the amount you need to borrow and help you access more competitive mortgage rates.
The exact deposit required will depend on the property you’re buying, the mortgage lender and your personal financial circumstances. Some affordable home ownership schemes, such as Shared Ownership, may also allow you to buy with a smaller deposit because it’s based on the share you’re purchasing rather than the full property value.
If you’re unsure how much deposit you’ll need, speaking to a mortgage broker can help you understand your options and what may be achievable within your budget.
Understanding SDLT for first time buyers
Stamp Duty Land Tax (SDLT) is a tax that may be payable when purchasing a residential property in England and Northern Ireland. As a first time buyer, you may be eligible for Stamp Duty relief, helping to reduce the upfront cost of buying your first home.
The amount of SDLT you’ll pay depends on the property’s purchase price. Currently, first time buyers pay:
- 0% on the first £300,000
- 5% on the portion between £300,001 and £500,000
If the purchase price exceeds £500,000, you won’t be eligible for first time buyer relief and standard SDLT rates will apply. As tax rules can change, it’s always worth checking the latest government guidance before making a purchase.
Credit scores, mortgage types and affordability checks
Before offering a mortgage, lenders will assess your financial circumstances to determine how much you can afford to borrow. This process typically includes reviewing your income, monthly outgoings, existing debts and credit history.
Your credit score can play an important role in a mortgage application. Maintaining a good credit history, paying bills on time and managing debt responsibly may improve your chances of securing a mortgage and accessing competitive rates.
There are also different types of mortgage available. Most first time buyers choose a repayment mortgage, where monthly payments cover both the amount borrowed and the interest charged.
Popular mortgage options include:
Fixed-rate mortgage:
Your monthly repayments stay the same for a set period, providing certainty over your housing costs.
Variable-rate mortgage:
Your repayments can rise or fall depending on changes to interest rates.
To get a better understanding of your affordability before applying, you can use our free affordability calculators or speak to a mortgage broker for personalised advice.
Common costs to plan for
When budgeting for your first home, it’s important to remember that your deposit isn’t the only upfront cost you’ll need to cover. There are several additional expenses associated with buying a property, and planning for them in advance can help you avoid unexpected surprises.
Understanding these costs early can help you set a realistic budget and feel more prepared throughout the home-buying process.
Common costs include:
- Mortgage broker fees
- Mortgage product fees
- Property reservation fees (where applicable)
- Solicitor or conveyancing fees
- Surveyor fees
- Stamp Duty Land Tax (where applicable)
- Removal costs
- Buildings and contents insurance
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First time buyer FAQs
Still have questions about buying your first home? Browse our frequently asked questions covering first time buyer eligibility, mortgages, deposits, home ownership schemes and the buying process.
Once you’ve found a home you want to buy, it can take as little as 12 weeks to complete the sale, but this varies from case to case, heavily depending on factors such as whether you’re in a property chain, and the efficiency of everyone involved, including the housing provider, lender and conveyancer.
