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Our experts answer your questions about buying a home
How much do I need for a deposit to buy a house?
In the U.S., the traditional advice is to put down 20%, but many buyers—especially first-timers—don’t. In fact, the average down payment for first-time homebuyers is around 6% according to the National Association of Realtors. Some loans, like FHA loans, allow as little as 3.5% down, and VA or USDA loans may require no down payment at all if you qualify. So while 20% avoids mortgage insurance, most Americans buy homes with much less upfront.
How long does it take to buy a house?
The timeline to buying a home can vary. Aside from the time it takes to find a home you love, it normally takes 6 to 12 weeks to buy it. In some cases, it can take up to six months.
The conveyancing part alone can take up to three months. But there are things you can do to speed up the process.
What is the process of buying a house?
Start by working out what you can afford with our mortgage calculator. Consider how much stamp duty you’ll pay and if you can improve your credit score before you pre-apply for a mortgage.
Then for the exciting bit: start house-hunting. Use our handy search tools to narrow down your search, whether you’re looking for a cottage, period property or fixer upper. Don’t forget to take our viewing checklist along to keep sight of the important things.
When you find a place you love, hire a conveyancer to help you make an offer and sort the paperwork. There might be some negotiations before you exchange and complete.
What credit score is needed to buy a house?
Conventional loans usually require 620+ (740+ for the best rates), while FHA allows 3.5 % down at 580+ or 10 % down between 500–579. VA and USDA have no official minimum, but lenders typically look for 620–640. Higher scores lower your rate and mortgage insurance, so pay bills on time and keep credit-card balances low before applying.
