First-Time Buyer Checklist for Wales: Your Step-by-Step Guide to Buying a Home

Feeling daunted by the prospect of buying your first home? You’re not alone. Whether you’re renting in Cardiff, Newport, or further afield across South Wales, the process can feel complicated — but it doesn’t have to.

Here’s a clear, step-by-step checklist to help the road to homeownership run a little smoother.

Step 1: Decide if now’s the right time

Before jumping in, take a moment to decide whether buying now makes sense for you. Ask yourself:

• Can I realistically afford the upfront and monthly costs?

• What’s happening in the local housing market?

• Do I plan to stay in this area for at least a few years?

• How well do I know the neighbourhoods I’m considering?

Talking to a local mortgage adviser can help you understand what’s achievable based on your situation today — not six months ago or next year.

Step 2: Budget and save for a deposit

The size of your deposit affects everything — your mortgage rate, your monthly payments, and even which properties you can consider.

In Wales, lenders usually ask for at least a 5 % deposit.But if you can manage 10 %–20 %, you’ll often unlock much better interest rates.

Example:If you’re buying a £240,000 home (the current average in many parts of South Wales), you’ll need:

• 5 % deposit = £12,000

• 10 % deposit = £24,000

• 20 % deposit = £48,000

Start saving as early as possible, and consider government support such as Help to Buy – Wales or Shared Ownership Wales (see Step 4).

Step 3: Understand the real costs of buying

It’s not just about the deposit. To work out what you can afford, factor in all upfront and ongoing costs.

Upfront costs

• Land Transaction Tax (LTT): Wales’s version of Stamp Duty. You’ll pay no LTT on homes up to £225,000, but above that, progressive rates apply.(6 % from £225,001 – £400,000; 7.5 % up to £750,000; higher bands thereafter.)⚠️ Note: there’s no first-time buyer relief in Wales.

• Surveyor fees: usually £300–£700, depending on survey type.

• Solicitor or conveyancer fees: typically £1,000–£1,800 including searches.

• Mortgage arrangement or valuation fees: some lenders charge £0, others £1,000+.

• Removal costs: budget a few hundred pounds depending on distance.

Ongoing costs

• Mortgage repayments (use our Mortgage Calculator to test affordability).

• Council tax — check with your local council.

• Home insurance: lenders will require at least buildings cover before completion.

• Utilities, broadband, and maintenance (paint, repairs, boiler servicing, etc.).

Step 4: Work out how you’ll pay for it

Once you’ve got your savings target and budget, plan your finance structure.

A. Save your deposit + mortgage for the rest

If you’ve saved, say, 15 % of the property price, you’ll need an 85 % mortgage for the remainder.

B. Explore government or support schemes (Wales-specific)

If you need help getting started, there are several Welsh Government schemes worth exploring:

• Help to Buy – Wales: Offers up to a 20 % equity loan on new-build homes up to £300,000. You only need a 5 % deposit.

• Shared Ownership Wales: Lets you buy a share (25 %–75 %) of a home and pay rent on the rest. You can buy more shares over time (“staircasing”).

• Homebuy Wales: In specific areas, local authorities or housing associations may lend part of the purchase price to help eligible buyers.

A Smart Move adviser can confirm which schemes you qualify for and what lenders accept them.

C. Prepare your finances

Before applying, tidy up your financial profile:

• Check and improve your credit score.

• Pay down debts where possible.

• Avoid new credit applications in the months before applying.

Step 5: Get a Mortgage Agreement in Principle

An Agreement in Principle (AIP) tells you how much a lender might be willing to lend based on your income and credit history. It’s not a full mortgage offer, but it shows estate agents you’re serious — and helps you set a realistic search range.

Schedule a free, no-obligation call with our financial advisor to get yours today. We’ll guide you through every stage, from initial affordability to full application.

Step 6: Start property viewings

Once your AIP is ready, the fun begins — finding your first home!

• Check major property portals (Rightmove, Zoopla, OnTheMarket).

• Register directly with local estate agents — they often list homes before they appear online.

• Get advice from friends or family who’ve bought locally.

When viewing:

• Visit at least twice and at different times of day.

• Ask about the neighbours, parking, local schools, broadband, and council tax band.

• Check for damp, cracks, or signs of recent patch repairs.

• Explore the area — shops, pubs, gyms, public transport, and green spaces all impact quality of life and resale value.

Step 7: Make an offer

When you find the right property:

• Research recent sold prices in the area using the Land Registry or your agent.

• If the property’s been on the market a while, consider offering 5 – 10 % below asking — especially as a chain-free first-time buyer.

• Always submit your offer in writing via the estate agent, confirming your AIP status.

If your offer is accepted, celebrate — but also arrange a survey immediately to check for structural issues.

Step 8: Exchange contracts

If the survey is clear and your mortgage is approved, your solicitor will exchange contracts with the seller’s solicitor.

At this point, the sale becomes legally binding, and you’ll usually pay your deposit (5 – 10 %).Typical timelines in Wales range from 4–12 weeks between offer and exchange.

Step 9: Completion – get your keys!

Completion happens once the remaining funds are transferred to the seller’s solicitor.This is when you officially own your new home and can collect your keys.

Most completions occur 1–4 weeks after exchange, but your solicitor will confirm your specific date. If you’re buying a new build, completion may take longer while snagging lists are finalised.

First-Time Buyer Tips: Save Money When You Move In

You’ve done it — you’re a homeowner! Here’s how to keep your new costs under control:

• Switch your energy supplier to a cheaper tariff straight away.

• Take meter readings on move-in day.

• Buy pre-loved furniture — Facebook Marketplace, Vinted, or local charity shops can save hundreds.

• Compare broadband and insurance providers each year.

• Set aside a small “maintenance fund” monthly for repairs and unexpected costs.

Ready to Get Started?

Buying your first home in Wales doesn’t have to be confusing. Our local mortgage advisers understand the Welsh market — from LTT thresholds to Help to Buy – Wales eligibility — and can help you take the next step with confidence.

Schedule your free mortgage consultation today and take the first step toward your new home.

Quick Recap – The 9 Steps to Buying Your First Home in Wales

Step	Action	Why It Matters
1	Decide if now’s the right time	Sets your foundation
2	Save for a deposit	Bigger deposit = better rates
3	Understand all costs	Avoid surprise expenses
4	Plan how to pay	Explore mortgages + schemes
5	Get an AIP	Strengthens your buyer position
6	View properties	Find the right fit
7	Make an offer	Start the legal process
8	Exchange contracts	Sale becomes legally binding
9	Complete	Collect your keys and move in