First-Time Buyer Savings & Stamp Duty Checklist
Opus Mortgage & Protection
Helping you step confidently onto the property ladder
Step 1: Set Your Savings Goal
Research average house prices in your target area
Calculate your target deposit (typically 10–20% of property value)
Consider Lifetime ISA (LISA) for a 25% government bonus
Automate monthly savings into a dedicated account
Step 2: Strengthen Your Finances
Review your credit report (Experian, Equifax, TransUnion)
Pay down high-interest debts where possible
Avoid taking out new credit before your application
Gather proof of income (payslips, P60, or tax returns if self-employed)
Step 3: Budget Beyond the Deposit
Stamp Duty (above £300,000, relief up to £500,000 for first-time buyers)
Solicitor/legal fees (approx. £1,500–£2,500)
Mortgage arrangement fees (sometimes added to the loan)
Survey/valuation costs (approx. £300–£700)
Moving costs & initial furnishings
Step 4: Explore Buying Options
Look into Shared Ownership or First Homes scheme (if eligible)
Ask about low-deposit mortgage products (5–10%)
Check if a gifted deposit from family is possible (with formal 'gift' letter)
Consider location flexibility — broaden your search beyond city centres
Step 5: Secure Mortgage Advice
Compare lenders across the market (whole-of-market broker)
Get an Agreement in Principle (AIP) before house hunting
Understand loan-to-income multiples (usually 4–4.5x salary)
Check protection options (life cover, income protection, home insurance)
Step 6: House-Hunting Essentials
Research local property values & trends
Check energy efficiency ratings (EPC)
Inspect for hidden costs (repairs, service charges on flats)
Factor in commute times & transport links
Step 7: Ready to Offer
Have deposit funds accessible
Provide proof of deposit (bank statements, gift letter, LISA withdrawal docs)
Ensure your solicitor is lined up and ready
Keep mortgage broker updated throughout
Your Next Step With Opus
Buying your first home doesn't need to feel overwhelming. With the right plan, you'll get there faster.
✔Review your savings & affordability
✔Help you navigate Stamp Duty & other upfront costs
✔Find the right mortgage deal for your situation
✔Protect your home and your family's future
Book Your Free First-Time Buyer Review Today:
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