# YourFirstHouse UK — Full LLM Context # https://yourfirsthouse.co.uk/ > YourFirstHouse UK is a free, comprehensive platform for first-time home buyers in the United Kingdom. It provides mortgage rate comparison, stamp duty calculation, property search links, insurance quotes, solicitor/conveyancer quotes, affordable housing scheme guidance, utility comparison, and an AI-powered property advisor. --- ## Frequently Asked Questions ### How much can I borrow as a first-time buyer in the UK? Most UK lenders offer first-time buyers between 4 to 4.5 times their annual income. For example, earning £35,000 means you could typically borrow £140,000 to £157,500. Joint applicants can combine incomes. Your borrowing also depends on your credit score, existing debts, and monthly commitments. Use the free affordability calculator at yourfirsthouse.co.uk. ### What deposit do I need for my first home? Most UK lenders require a minimum 5% deposit. On a £250,000 property, that is £12,500. A 10-20% deposit unlocks better rates. The Lifetime ISA adds a 25% government bonus on up to £4,000/year saved. ### Do first-time buyers pay stamp duty in 2026? First-time buyers in England and Northern Ireland pay no stamp duty on the first £300,000 for properties up to £500,000. Above £300,000 up to £500,000, the rate is 5%. Properties over £500,000 are taxed at standard rates. Scotland has LBTT and Wales has LTT with different thresholds. ### What government schemes help first-time buyers in 2026? - **Shared Ownership**: Buy 25-75% of a home, pay rent on the rest. Household income must be £80,000 or less (£90,000 in London). - **First Homes**: 30-50% discount on new builds for local first-time buyers. - **Lifetime ISA**: 25% government bonus on savings up to £4,000/year. Must be held 12 months before use. - **Right to Buy**: Council tenants can buy their home at a discount. ### How long does it take to buy a house in the UK? From offer acceptance to completion: typically 8-12 weeks. The entire process including saving and searching can take 6+ months. Cash buyers can complete in 4-6 weeks. ### What is the home buying process step by step? 1. Check affordability and save a deposit 2. Get a mortgage Agreement in Principle (AIP) 3. Find a property on Rightmove, Zoopla, or OnTheMarket 4. Make an offer through the estate agent 5. Instruct a solicitor or conveyancer (£800-£1,500) 6. Arrange a survey and mortgage valuation 7. Exchange contracts (sale becomes legally binding, deposit paid) 8. Complete — receive keys, register with Land Registry ### What is the difference between fixed and variable rate mortgages? - **Fixed rate**: Interest rate locked for a set period (usually 2 or 5 years). Predictable payments. - **Variable rate**: Can change. Tracker mortgages follow the Bank of England base rate. Standard variable rates (SVR) are set by the lender. - Fixed rates offer stability; variable rates may start lower but carry risk. ### What are the hidden costs of buying a house? Beyond deposit and mortgage: stamp duty (if over £300,000), solicitor fees (£800-£1,500), survey (£250-£600), mortgage fees (£0-£2,000), Land Registry (£90-£940), removals (£300-£1,500), and furnishing. Budget £2,000-£5,000+ extra. ### Do I need a solicitor to buy a house? Yes. In England and Wales, you need a solicitor or licensed conveyancer for property searches, contract review, fund transfer, and Land Registry. In Scotland, a Scottish solicitor handles a slightly different process. ### What is a Lifetime ISA? A savings account for adults 18-39. Save up to £4,000/year with a 25% government bonus (max £1,000/year). Use for your first home (up to £450,000) or retirement. Must be held 12+ months before property use. Withdrawing early incurs a 25% penalty. ### What is an Agreement in Principle (AIP)? A conditional confirmation from a mortgage lender stating how much they would lend you, based on an initial credit check. Also called a Decision in Principle (DIP) or Mortgage in Principle (MIP). Typically valid for 60-90 days. Shows estate agents and sellers you are a serious buyer. ### What is Shared Ownership and how does staircasing work? Shared Ownership lets you buy a share (25-75%) of a property and pay rent on the rest. Over time, you can buy additional shares — this is called 'staircasing'. Each staircasing purchase requires a new valuation. You can staircase up to 100% ownership. ### What is gazumping and how can I avoid it? Gazumping is when a seller accepts a higher offer from another buyer after already accepting yours. It is legal in England and Wales because the sale is not binding until exchange of contracts. You can reduce the risk by getting a lock-out agreement, being mortgage-ready with an AIP, and instructing a solicitor quickly. ### What surveys do I need when buying a house? - **Mortgage valuation**: Required by the lender (may be free or £150-£300). Confirms the property is worth the price. - **HomeBuyer Report** (RICS Level 2): £250-£400. Checks for visible defects and urgent issues. - **Full Building Survey** (RICS Level 3): £400-£600+. Comprehensive inspection for older or unusual properties. ### What happens on completion day? On completion day, your solicitor transfers the remaining purchase funds to the seller's solicitor. Once confirmed, you receive the keys from the estate agent. Your solicitor pays stamp duty on your behalf and registers the property with the Land Registry. You are now the legal owner. --- ## Glossary of UK Property Terms | Term | Definition | |------|-----------| | SDLT | Stamp Duty Land Tax — property purchase tax in England and Northern Ireland | | LTV | Loan-to-Value ratio — mortgage amount as a percentage of property price | | AIP / DIP / MIP | Agreement / Decision / Mortgage in Principle | | Conveyancing | Legal process of transferring property ownership | | Exchange | When contracts are exchanged and the sale becomes legally binding | | Completion | When ownership transfers and you receive the keys | | Gazumping | Seller accepting a higher offer after accepting yours | | Staircasing | Buying additional shares in a Shared Ownership property | | Freehold | Full ownership of property and land indefinitely | | Leasehold | Ownership for a fixed term; you don't own the land | | Ground Rent | Annual charge paid by leaseholders to the freeholder | | Service Charge | Fee for maintenance of communal areas in flats/apartments | | EPC | Energy Performance Certificate — rating A to G, required for all property sales | | Chain | A sequence of linked property transactions that must complete together | --- ## Tools Available at yourfirsthouse.co.uk - Mortgage Calculator (monthly payments, LTV, total interest) - Stamp Duty Calculator (first-time buyer, standard, additional property rates) - AI Property Advisor (instant answers on UK home buying) - AI Affordability Checker (personalised borrowing estimates) - AI Document Explainer (understand mortgage offers and legal documents) - AI Area Guide (research UK neighbourhoods) ## Mortgage Lenders Compared Halifax, Nationwide, Barclays, NatWest, HSBC, Santander, and more. Rates updated regularly. ## Property Portals Linked Rightmove, Zoopla, OnTheMarket. ## Insurance Providers Compare quotes from major UK home insurance providers for buildings and contents cover. --- Website: https://yourfirsthouse.co.uk/ Coverage: United Kingdom (England, Scotland, Wales, Northern Ireland) All tools are free to use.