Buying your first home is one of the biggest decisions you will ever make, and if you are a first-time buyer in Devon, you are not short of things to think about. This guide walks you through the entire process in plain English, from working out what you can afford to picking up the keys, with no jargon and no unnecessary complexity.

Work Out What You Can Actually Borrow

Before you start scrolling through Rightmove, it helps to know roughly what a lender would be willing to offer you. Most lenders use a multiple of your income as a starting point, typically four to four and a half times your annual salary, but affordability calculations also take into account your outgoings, credit history, and the size of your deposit.

The best way to get a realistic figure is to speak to a mortgage adviser early. We can run through your income and expenditure, check your credit position, and give you a number you can genuinely trust, rather than one based on a generic online calculator that does not know your full picture.

Save Your Deposit and Understand How Much You Need

You do not necessarily need a 20% deposit to buy a home. Mortgages are available with deposits as low as 5%, which on a £180,000 flat in Paignton would be £9,000. That is still a meaningful amount to save, but a very different target to what many people assume.

A larger deposit does help: it usually means access to better mortgage rates, which can reduce your monthly payments considerably. If family are able to help, many lenders accept gifted deposits, though they will ask for a letter confirming the money does not need to be repaid.

Get an Agreement in Principle

An Agreement in Principle (sometimes called a Decision in Principle) is a document from a lender confirming that, based on the information you have provided, they would be likely to lend you a certain amount. It is not a formal mortgage offer, but estate agents will often ask to see one before taking an offer seriously.

Getting one is straightforward and usually involves only a soft credit check, which does not affect your credit score. We can arrange this for you at your first appointment.

Find a Property and Make an Offer

Once you know what you can borrow and have your Agreement in Principle, you can start viewing properties with confidence. When you find somewhere you want to buy, you make an offer through the estate agent. In England, neither party is legally committed at this stage, which is worth knowing.

Think about the local market when you make your offer. In parts of Devon, particularly Torbay, well-priced properties can attract multiple offers, so it is worth understanding the seller’s situation and timeline when you put forward your figure.

Instruct a Solicitor and Apply for Your Mortgage

Once an offer is accepted, two things happen in parallel: you formally apply for your mortgage, and your solicitor begins the legal process known as conveyancing. The conveyancing process involves searches, checking the title of the property, raising queries with the seller’s solicitor, and ultimately exchanging contracts.

Your mortgage application will trigger a valuation of the property by the lender. Some lenders also offer more detailed survey options, which we would generally recommend for older properties. We manage the mortgage application process on your behalf, so you are not left chasing the lender yourself.

Exchange Contracts and Complete

Exchange of contracts is the point at which the sale becomes legally binding. Before exchange, you pay your deposit to your solicitor. Completion is when the remaining funds are transferred, the keys are released, and the property is yours.

The time between having an offer accepted and completing varies. A straightforward purchase with no chain can complete in six to eight weeks. A longer chain can stretch to four to six months. Your solicitor will give you a realistic timeline based on your specific transaction.

Do Not Forget Stamp Duty and Other Costs

As a first-time buyer in England, you benefit from Stamp Duty Land Tax relief on properties up to £500,000. It is worth factoring in the other costs involved in buying: solicitor’s fees, mortgage arrangement fees (if applicable), survey costs, and removal costs all add up.

We always recommend going through the total cost of buying, not just the deposit, before you commit. There should be no surprises.

Frequently Asked Questions

How much deposit do I need as a first-time buyer in Devon?

You can buy with as little as a 5% deposit, though a larger deposit usually gives you access to better mortgage rates. The right amount depends on your savings, your income, and which lenders are likely to suit your circumstances.

What is an Agreement in Principle and do I need one?

An Agreement in Principle is a lender’s confirmation that they would likely lend you a certain amount based on basic checks. Most estate agents will want to see one before accepting an offer. It is quick to arrange and does not affect your credit score.

How long does it take to buy your first home in the UK?

From offer accepted to completion, a straightforward purchase typically takes six to twelve weeks. Longer chains or leasehold properties can take longer. Your solicitor will give you a more accurate estimate once they have reviewed the details.

Contact Riviera Mortgages to talk through your first-time buyer options in Devon.