Many prospective first-time buyers in the UK feel underprepared for the steps involved in purchasing a home, according to new research from Lloyds.
In a survey of 2,000 potential buyers, just 13% said they fully understand the homebuying process. A further 32% said they understand most steps, while 42% reported knowing only some of what’s involved.
Legal processes and affordability are top concerns. Nearly a third (29%) of respondents said the legal side of buying a home, including conveyancing and dealing with the Land Registry, is the most daunting part of the process. Other worries include securing a mortgage (22%) and finding the right property (12%). Only 4% felt confident about every stage of the journey.
Affordability continues to pose a barrier. Over one in five (22%) said saving a large sum of money had delayed them from making an offer, while 19% were concerned about future job security or income stability.
Advice is important, though not universally sought. Nearly two-thirds (65%) of would-be buyers plan to speak to a lender or mortgage broker for guidance. However, almost one in five (19%) said they do not intend to seek advice at all.
Parents remain a trusted source, with 34% of respondents citing their mum and dad as a key advisor. Among 18- to 24-year-olds, this rises to 46%.
Top tips for first-time buyers
Learn the steps: Research each stage, from agreement in principle and mortgage approval to moving day. Free guides and expert-led online sessions from lenders like Lloyds can clarify the process.
Get advice: Speak to a mortgage adviser or broker early. They can explain what you can afford and outline costs from deposits to legal fees. Lloyds also offers video appointments at convenient times.
Explore your options: Support is available through government schemes such as First Homes, as well as products like Lloyds’ Lend a Hand or 5% deposit mortgages, which can make buying more affordable.
“Buying your first home is a big milestone, and it’s natural to feel uncertain – especially with so much to consider," notes Lloyds head of mortgages, Amanda Bryden. "The good news is there’s plenty of help available, from clear online guides to a conversation with a qualified mortgage adviser or broker."
"With the right support, taking that first step onto the property ladder becomes much more manageable. And with mortgages available with as little as a 5% deposit, it’s often more affordable than you might think.”
