Buying your first home is exciting, but it can also feel overwhelming — especially in a competitive town like Guildford. From saving a deposit to understanding mortgage options, there’s a lot to take in. This guide breaks everything down in plain English and explains how first-time buyers in Guildford, Burpham, Merrow and surrounding villages can get on the ladder with confidence.
Why Guildford Appeals to First-Time Buyers
Guildford combines excellent transport links with the charm of a historic market town. Fast trains to London Waterloo make it a favourite with commuters, while areas like Merrow and Shalford offer family-friendly settings. With Surrey University attracting students and graduates, there’s consistent demand for rental and resale properties too. All of this makes Guildford both a practical and aspirational place to start your property journey.
Step 1 – Work Out Your Budget
Lenders typically offer between 4 and 4.5 times your annual income, adjusted for credit history and outgoings. For example:
- A joint income of £60,000 could support borrowing of £240,000–£270,000
- Adding a 10% deposit (£30,000) raises total buying power to ~£300,000
To see how this looks for your situation, use our mortgage calculators or compare lenders directly on our First-Time Buyer Mortgages page.
Step 2 – Save for a Deposit (and More)
Most lenders require at least a 5–10% deposit. The more you can save, the better the rates you’ll access. Don’t forget additional costs:
- Stamp Duty: FTBs pay nothing on the first £425,000
- Solicitors & conveyancing: £1,000–£1,800
- Surveys: £300–£700 depending on detail
- Moving costs: £500–£1,500+
Tip: If eligible, open a Lifetime ISA. The government tops up savings with a 25% bonus (up to £1,000/year).
Step 3 – Get Mortgage Ready
Lenders check affordability carefully. To avoid delays:
- Gather 3 months of payslips and bank statements
- Ensure ID and proof of address are up to date
- For self-employed buyers: prepare 2+ years of accounts or SA302s
- Keep credit card balances low and avoid new loans just before applying
Step 4 – Choose the Right Mortgage Product
There’s no “one-size-fits-all” mortgage. Common first-time buyer options include:
- Fixed-rate mortgages: Lock in payments for 2–5 years; predictable budgeting
- Tracker mortgages: Linked to the Bank of England base rate; may save money if rates fall
- 95% LTV mortgages: Available with smaller deposits; higher rates but useful for quicker entry
- Family-assisted products: Parents’ savings or property used as security
Step 5 – Explore First-Time Buyer Schemes
National and local schemes can help stretch affordability:
- First Homes scheme: Discounted new builds for local buyers
- Shared ownership: Buy a percentage, rent the rest
- Help-to-Buy ISAs & LISAs: Boost savings with government bonuses
Our First-Time Buyer Mortgages page explains how these schemes work and what’s currently available in Guildford.
Step 6 – Understand Local Property Nuances
Guildford’s housing stock is varied, and this affects what lenders will accept:
- Flats in town centre: Check lease length (80+ years is preferred), ground rent clauses and service charges
- Victorian terraces: Watch for damp, roofs and EPC efficiency; lenders may flag costly repairs
- New builds in Burpham: Developers often work with recommended lenders, but it’s still worth shopping around
Step 7 – Secure an Agreement in Principle (AIP)
An AIP shows estate agents you’re proceedable. It also sets your realistic budget ceiling and prevents wasted time on properties outside your range. Aim to get this before serious viewings.
Step 8 – Instruct the Right Professionals
Surround yourself with experts:
- Solicitor/conveyancer: Handles contracts and searches
- Surveyor: Identifies structural or maintenance issues
- Mortgage adviser: Compares lenders and products to find a suitable deal
If you’re unsure who to use, we can connect you with trusted, FCA-regulated advisers who know the Guildford market.
Step 9 – Common Mistakes to Avoid
- Underestimating monthly costs (council tax in Guildford Borough is higher than average)
- Overstretching to the top of your borrowing limit without a savings buffer
- Ignoring leasehold “gotchas” (ground rent escalators, cladding, major works)
- Skipping the survey to save money (repairs can cost far more later)
Step 10 – Plan for the Future
Think beyond today. Fixed rates give certainty, but consider whether you’ll move again within 5 years — early repayment charges (ERCs) may bite. If you expect pay rises or inheritances, flexible mortgages with overpayment options might suit.
Guildford First-Time Buyer FAQs
How much deposit do I need?
As little as 5%, though 10%+ improves rates and lender choice. Some schemes reduce deposit requirements further.
Can I get a mortgage if I’m self-employed?
Yes, but you’ll usually need 2+ years of accounts. Some lenders accept 1 year with strong evidence.
Do I pay Stamp Duty as a first-time buyer?
Not on the first £425,000. Between £425,000–£625,000, a reduced rate applies.
How long does the process take?
Typically 8–12 weeks from offer to completion, depending on surveys, searches and chain complexity.
What if my credit isn’t perfect?
Specialist lenders may still help. You might need a bigger deposit or accept higher rates.
Next Steps for Guildford Buyers
Buying your first home in Guildford doesn’t have to be overwhelming. With clear budgeting, the right professionals, and a realistic plan, you can secure a mortgage and step confidently onto the ladder. Start by exploring our First-Time Buyer Mortgages page, or request a callback and we’ll connect you with a trusted local adviser.