Your home buyer journey will typically start with you saving a deposit to put down on your first home. How much you’re able to save will depend on your earnings and circumstances, but it’s wise to save as much as possible to get access to the best possible mortgage deals. Some lenders offer 95% mortgages, which means you’ll need to save at least 5% of the price of the property you wish to buy but, ideally, you should aim to save 10–15%. As a first-time buyer, you may also have the option of using a government-backed scheme to boost your savings. For example, if you’ve saved 5%, the government offers equity loans that can bolster your deposit and give you access to better mortgage deals, while you can put up to £4,000 per year in a Lifetime ISA and the government will add a 25% bonus to help you save for your first home.

As of 1 July 2021, if you’re a first-time buyer in England or Northern Ireland, you’ll pay no Stamp Duty on a home priced up to £300,000. If you’re buying a property worth up to £500,000, you won’t pay any Stamp Duty up to £300,000 but will pay Stamp Duty at the relevant rate of 5% up to £200,000. However, if you’re buying a property that’s worth more than £500,000, you won’t qualify for first-time buyers’ Stamp Duty relief and will need to pay the standard rates. These can be found on the government website.