Question 1

How much deposit does a first-time buyer need in the UK?

Accepted Answer

MoneyHelper says first-time buyers commonly need at least 5% or 10% of the property price as a deposit. The actual minimum and mortgage terms depend on lender criteria, your circumstances and the product available, so confirm the position with an FCA-authorised adviser or lender.

Question 2

Do first-time buyers pay Stamp Duty in 2026?

Accepted Answer

In England and Northern Ireland, qualifying first-time buyers pay no SDLT on the first £300,000 and 5% on the portion from £300,001 to £500,000. If the property costs more than £500,000, first-time buyer relief is not available. Scotland and Wales use different property taxes.

Question 3

Am I a first-time buyer if I owned property in India?

Accepted Answer

Possibly not for first-time buyer tax relief. HMRC’s SDLT definition looks at whether you have previously owned an interest in a residential property anywhere in the world. Revenue Scotland also uses a worldwide-ownership test for its first-time buyer relief. Ask your conveyancer or tax professional to confirm your exact position.

Question 4

What is an Agreement in Principle?

Accepted Answer

An Agreement in Principle is an indication of how much a lender might be prepared to lend based on the information checked at that stage. It can help show an estate agent that you are financially prepared, but it is not the same as a full mortgage application or final mortgage offer.

Question 5

Should I get a survey if the lender is doing a valuation?

Accepted Answer

A lender valuation is primarily for the lender, so it should not be treated as your property-condition survey. A qualified surveyor can explain which survey level is suitable for the age, type and condition of the home you are considering.

Question 6

When does an accepted house offer become legally binding?

Accepted Answer

In England and Wales, the purchase is generally not legally binding when the seller accepts the offer; the legal commitment normally arises when contracts are exchanged. Scotland uses a different legal process, so Scottish buyers should follow advice from a Scottish solicitor.

Question 7

Can I use a Lifetime ISA for my first home in 2026?

Accepted Answer

Yes, if the withdrawal meets the current LISA rules. The property must cost £450,000 or less, you normally need a mortgage, the account must have been open at least 12 months from the first payment, and the provider pays the purchase funds to your conveyancer.

Question 8

Can my parents in India gift my house deposit?

Accepted Answer

This may be possible, but the lender, mortgage adviser and conveyancer can require evidence about the donor, source of funds, transfer route and whether the money is a genuine non-repayable gift. Prepare the evidence before moving the money and ask the relevant professionals what they require.

Question 9

What is the First Homes scheme?

Accepted Answer

First Homes is an England-only scheme where eligible first-time buyers can buy qualifying homes at 30% to 50% below market value. Eligibility and local-priority rules can apply, and the discount remains attached to the home for future qualifying resales.

Question 10

Does DiuMitra provide mortgage or legal advice?

Accepted Answer

No. DiuMitra provides general community guidance, checklist support and professional signposting only. Mortgage suitability and regulated advice must come from an FCA-authorised professional or lender; legal, conveyancing and tax issues must be confirmed by the appropriately qualified professional.

Real Estate

First-Time Buyer Guide UK 2026: Mortgage, Costs & Steps