First-Time Buyer Guide: From Offer to Keys

29 Sep 2026 · 7 min read

Everything a first-time buyer needs to know: Agreement in Principle, mortgage application, surveys, exchange, and completion — step by step.

Before you start looking: the Agreement in Principle

Before you view properties seriously, speak to a mortgage broker and get an Agreement in Principle (AIP). This is a conditional assessment of how much you could borrow, based on an initial review of your income and credit file. Estate agents and vendors take AIP-holding buyers more seriously — it signals you're ready to proceed. It also prevents you from falling in love with a property that's outside your realistic budget. We can typically produce an AIP within 24–48 hours.

The offer and what happens next

Once your offer is accepted, instruct a solicitor (conveyancer) and let us know so we can progress the full mortgage application. We gather your documents — payslips, bank statements, P60, proof of deposit — and submit the application to the lender. A formal mortgage offer typically follows within 2–4 weeks, subject to a satisfactory valuation. The period between offer acceptance and exchange of contracts is usually 8–12 weeks.

Surveys: what you actually need

The mortgage lender will arrange a valuation to confirm the property is worth what you're paying. This is for their protection, not yours — it tells them very little about the condition of the property. We strongly recommend commissioning your own survey: a HomeBuyer Report for properties in reasonable condition, or a full Building Survey for older, unusual, or high-value properties. A survey can reveal issues that give you negotiating power or, in serious cases, save you from a very costly mistake.

Exchange, completion, and getting the keys

Exchange of contracts is the point at which the purchase becomes legally binding and a completion date is set. You'll pay your deposit to your solicitor at exchange. On completion day, funds transfer from your lender to the seller's solicitor and you collect the keys. The gap between exchange and completion is typically 1–4 weeks, though it can be simultaneous or longer depending on the chain. Most first-time buyer purchases complete within 3–4 months of offer acceptance.

Have questions about your situation? Our team offers a free, no-obligation consultation — no upfront fees, just straightforward advice.

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