The first-time buyer journey can feel overwhelming — deposits, mortgages, solicitors, surveys and a language all of its own. But it doesn't have to be complicated. At Sidney & Co, we help first-time buyers in Liverpool and Wigan every day, and we believe the process is a lot easier when you understand it from the start.
How much do I need to save?
The biggest upfront cost is your deposit. Most lenders ask for at least 5% of the property price, though 10% or more will unlock better mortgage rates. On a £200,000 home, a 10% deposit means saving £20,000.
But don't forget the other costs:
- Stamp duty. First-time buyers pay no stamp duty on the first £425,000 of a property up to £625,000 (subject to current thresholds).
- Survey costs. Budget £300–£600 for a homebuyer survey, or £700+ for a full building survey.
- Solicitor fees. Typically £800–£1,500 plus disbursements and searches.
- Moving costs. Removals, storage, furniture and new essentials.
- Mortgage fees. Some lenders charge arrangement or booking fees, though many offer fee-free deals.
A good rule of thumb: save 10% for the deposit, then set aside another 2–4% of the purchase price for everything else.
Can I get help as a first-time buyer?
There are several schemes designed to help people get onto the ladder, though availability and rules change. The most relevant for Liverpool and Wigan buyers include:
- Help to Buy ISA / Lifetime ISA. If you already have a Help to Buy ISA, you can still claim the bonus. The Lifetime ISA (LISA) lets you save up to £4,000 a year with a 25% government bonus, but it must be used for your first home or retirement and you need to have held it for 12 months before buying.
- Shared ownership. Buy a share of a property — typically 25% to 75% — and pay rent on the rest. You can usually staircase up to full ownership over time.
- First Homes scheme. New-build homes sold at 30% below market value to local first-time buyers and key workers, subject to eligibility.
- 100% mortgages. A small number of lenders offer deposit-free mortgages, usually with a guarantor. These are not right for everyone and need careful advice.
We don't give financial advice ourselves, but we can point you towards trusted mortgage advisers who will explain which options suit your situation.
How much can I borrow?
Lenders typically offer between 4 and 4.5 times your annual income, sometimes up to 5 or 5.5 times in certain cases. If you're buying with someone else, your combined incomes are usually used.
But affordability isn't just about salary. Lenders will also look at:
- Your regular outgoings — loans, credit cards, childcare and living costs.
- Your credit history and any missed payments.
- Whether you have a stable employment record or contract.
- The deposit size and property type.
Getting a Decision in Principle (DIP) — also called an Agreement in Principle — from a lender is a smart first step. It shows sellers and estate agents that you're serious and have the funds in place, at least in principle.
We can introduce you to Equation Financial, our partner mortgage broker, for independent, whole-of-market advice. There's no obligation and no pressure.
Should I buy a freehold or leasehold?
This is one of the most common questions we hear from first-time buyers.
- Freehold. You own the property and the land it stands on. There's no ground rent or service charge, and you control maintenance. Most houses are freehold.
- Leasehold. You own the property for a fixed number of years, but not the land. Flats are almost always leasehold. You'll pay ground rent, service charges and possibly a sinking fund, and the lease length matters — shorter leases can be harder to mortgage and sell.
If you're buying a leasehold flat, always check the lease length, service charges and any major works planned. We make sure these details are clear before you make an offer.
What should I look for when viewing?
It's easy to fall for a beautiful kitchen or a sunny garden, but try to think like a future seller too. We suggest every first-time buyer checks:
- Mobile signal and broadband. Test them while you're there. Slow internet can be a daily frustration.
- Heating and hot water. Ask the age of the boiler and whether the system is efficient.
- Windows and doors. Are they double glazed, secure and in good condition?
- Damp and condensation. Look for mould, stained ceilings and musty smells.
- Storage. Where do the bins, bikes, suitcases and Christmas decorations go?
- Neighbourhood at different times. Visit in the evening and at rush hour if you can.
- Parking. Is it free, permit-only or a battle every evening?
Bring a checklist, take photos (if allowed), and don't be afraid to ask questions. A good agent will give you honest answers.
Making an offer
Once you've found a property you love, the next step is making an offer. In England and Wales, offers are usually made "subject to contract and survey" — meaning nothing is binding until contracts are exchanged.
Before you offer, think about:
- How much similar properties have sold for nearby.
- How long the property has been on the market.
- Whether it's had price reductions or other interested buyers.
- Any work that needs doing — and how much that will cost.
- Your maximum budget. It's easy to get carried away in a competitive situation.
We'll submit your offer to the seller and negotiate on your behalf. Being chain-free, mortgage-ready and flexible on completion can make your offer more attractive, even if it's not the highest.
What happens after my offer is accepted?
Congratulations — but this is where the work begins. Here's what happens next:
- Instruct a solicitor. They handle the legal work, searches, contract checks and transfer of funds. We can recommend local solicitors who communicate well and move quickly.
- Apply for your mortgage. Your lender will carry out a valuation survey to confirm the property is worth what you're paying. This is not the same as a full survey.
- Arrange a property survey. We always recommend a homebuyer survey at minimum. It can reveal issues that affect your offer or future budget.
- Searches and enquiries. Your solicitor will check local authority plans, water and drainage, environmental issues and more.
- Exchange contracts. Once everything is agreed, you pay your deposit and the sale becomes legally binding. You can no longer pull out without losing the deposit.
- Completion. The remaining funds are transferred, the keys are released, and the property is yours.
Do I need a survey?
Yes. A mortgage valuation checks value for the lender, not condition for you. A homebuyer survey looks at the structure and condition of the property and flags problems like damp, subsidence, roof issues or poor electrics. For older or unusual properties, a full building survey is worth the extra cost.
Surveys can also give you leverage. If a survey reveals £5,000 of roof repairs, you may be able to renegotiate the price.
What is completion day like?
On completion day, your solicitor sends the purchase money to the seller's solicitor. Once it's confirmed received, the estate agent releases the keys and you can collect them.
Completion usually happens on a weekday, and chains complete from the bottom up. If you're in a chain, your completion time depends on everyone else completing first. Be patient — we'll keep you updated throughout the day.
- Pack a first-night box with essentials: kettle, mugs, loo roll, phone chargers, snacks.
- Take meter readings as soon as you arrive.
- Redirect your mail and update your address with the bank, DVLA, employer and utilities.
- Arrange buildings insurance to start from exchange day.
First-time buyer mistakes to avoid
- Not getting a Decision in Principle first. Sellers may not take you seriously, and you could lose out to a buyer who is ready.
- Underestimating costs. The deposit is just the start. Budget properly for fees, moving and the unexpected.
- Skipping the survey. It can feel like an extra expense, but it often saves money and stress in the long run.
- Stretching the budget. Leave room for interest rate rises, repairs and life changes. Your first home doesn't have to be your forever home.
- Rushing the decision. It's a big purchase. Sleep on it, revisit at a different time of day, and trust your instincts.
How Sidney & Co can help
We specialise in helping first-time buyers in Liverpool and Wigan find the right home and understand the process from start to finish. We'll explain every step honestly, answer questions without jargon, and never rush you into a decision.
From viewings and offers to introductions to mortgage brokers, solicitors and surveyors, we'll make sure you feel supported throughout. We can also show you properties that match your budget and priorities — sometimes before they appear on the portals.
Get in touch with our Liverpool or Wigan office for a no-obligation chat about buying your first home.