Getting prepared: 7 things to do before you start your homebuying journey

Starting your homebuying (Home Purchase Plan) journey doesn’t begin with making an offer on a property, it starts with getting yourself prepared. From understanding your finances to gathering the right documents, a little planning upfront can save time and reduce stress later on.

Whether you’re hoping to buy in a few months or are just starting to explore your options, here’s what you can do to get ready for your homebuying journey in the UK.

Table of contents

• What we heard at MTF 2025
• The data confirms it: Our community is underserved
• StrideUp’s model resonated deeply
• More than a moment – a movement
• The data confirms it: Our community is underserved
• So, what’s next?

1. Understand your budget

The first question most buyers ask is: “How much can I afford?” While it’s tempting to focus on the maximum property value, it’s just as important to think about what feels comfortable for your monthly budget.

Take some time to review:

• Your monthly income.
• Regular expenses and commitments.
• Existing finance agreements or credit card repayments.
• How much you currently save each month.

Remember that buying a home involves more than just the monthly payment. You’ll also need to budget for household bills, council tax, insurance, and ongoing maintenance costs.

It’s also worth knowing that finance providers assess affordability differently from one another. At StrideUp, we consider up to four applicants with all applicants’ incomes taken into account, and we have no minimum income requirement, so households that pool their resources aren’t penalised for it. If your income comes from more than one source, or from self-employment, it’s worth checking criteria before assuming a figure.

2. Build your deposit

Your deposit will play a key role in your homebuying journey. The more you can save, the greater your options may be when it comes to the type of property you can buy.

If you’re still building your savings, consider:

• Setting up a dedicated savings account.
• Automating monthly contributions.
• Reducing unnecessary expenses for a few months.
• Exploring whether family members, or friends may be able to support you with a gift towards your deposit.

Gifted deposits are common and widely accepted, but they do come with some requirements. The person giving the gift will need to provide a letter confirming the money is a non-repayable gift and that they aren’t claiming an interest in the property. If the person gifting the deposit will be living in the property with you, they may also need to take independent legal advice. Knowing this in advance means it won’t come as a surprise mid-application.

It’s also a good idea to keep a clear record of where your deposit funds come from, as you’ll usually be asked to provide evidence during the application process. If your deposit has been built up over time from several sources, start gathering that paper trail early.

Read more about buying with your parents of grandparents.

3. Check your credit profile

Before applying for any type of home finance, it’s sensible to understand what your credit history looks like.

Reviewing your credit report can help you:

• Check that your personal details are correct.
• Spot any errors or outdated information.
• Make sure you’re registered on the electoral roll.
• Identify any missed payments that could affect an application.

If you notice anything unusual, addressing it early can save time later on.

Being on the electoral roll matters more than most people realise. Finance providers use it to verify your identity and address history, and if you’re not registered it can slow down checks considerably. If you’ve recently moved, or moved often, it’s worth making sure your registration is up to date at your current address.

At StrideUp, a historic credit blip doesn’t automatically rule you out either. We look at applications individually rather than relying on an automated score alone, so if there’s something in your history you’re concerned about, it’s worth having the conversation rather than assuming the answer.

4. Organise your documents

One of the easiest ways to speed up your application is to have your paperwork ready before you need it.

Common documents you may be asked for include:

• Proof of identity (such as a passport or driving licence).
• Proof of address.
• Recent bank statements.
• Payslips or evidence of income.
• Self-employed accounts or tax calculations, if applicable.
• Proof of your deposit savings.

A few things that often catch people out: proof of address documents usually need to be recent, typically within the last three months, and mobile phone bills generally aren’t accepted. If you’re self-employed, you’ll usually need at least one year of trading history evidenced through accounts or tax calculations. And if you have an existing mortgage or home finance arrangement, you’ll likely be asked for statements covering the last twelve months.

Creating a folder, either digitally or on paper, can make the process much less stressful when the time comes.

5. Learn about the costs of buying a home

While saving for a deposit is often the biggest hurdle, there are other costs to factor into your budget. Depending on your circumstances, these may include:

• Property valuation fees.
• Product fees.
• Solicitor or conveyancing fees.
• Removal expenses.
• Home insurance.
• Stamp Duty, if applicable.

Two costs worth understanding early. The first is buildings insurance: your property will need to be comprehensively insured for its full rebuild value, with cover in place from the day you complete. Your solicitor will check this before funds are released, so arranging it early avoids a last-minute scramble.

The second is legal fees. Because a Home Purchase Plan involves co-ownership, both you and your finance provider need separate legal representation, which means there’s a legal fee associated with the provider’s side as well as your own. Providers handle this differently, and some contribute towards your costs if you choose a solicitor from their panel. It’s worth asking what applies before you budget.

Having a realistic understanding of these additional costs can help you avoid any surprises later in the process.

6. Think about what you want in a home

Before you start browsing property websites, it can be helpful to make a list of your priorities.

Ask yourself:

• Which areas would I like to live in?
• How important are transport links?
• How many bedrooms do I need?
• Am I looking for a long-term home or a first step onto the property ladder?
• Which features are essential, and which would simply be nice to have?

It’s also worth knowing that not every property is straightforward to finance. Flats above commercial premises, homes of unusual construction, properties with very short leases, and new builds without an appropriate warranty can all be more complicated, or in some cases not possible to finance at all. If you fall in love with something unconventional, it’s worth a quick conversation early rather than finding out after you’ve made an offer.

Having a clear idea of your priorities can help you narrow your search and make decisions more confidently when you start viewing properties.

Read our guide on the common mistakes you want to avoid when looking for a home.

7. Get familiar with the Homebuying Process

For many first-time buyers, the homebuying process can feel unfamiliar. Understanding the key stages before you begin can make the whole experience feel much more manageable.

Typically, your journey will look something like this:

• Complete a Decision in Principle* (DIP).
• Speak to an adviser about your options.
• Submit your full application.
• Receive and accept your offer.
• Complete the legal process.
• Collect the keys to your new home.

Timing point worth holding in mind: With StrideUp, your offer will typically be valid for six months from the date of valuation. That’s usually plenty of time, but if your purchase runs into a chain delay, these are the dates that matter.

Knowing what to expect means you can prepare ahead and avoid unnecessary delays.

Learn how StrideUp’s shared ownership allowed this young family get on the London property ladder.

Your Next Step: Get a Decision in Principle

Once you’ve done your preparation and feel ready to take the next step, completing a Decision in Principle (DIP) is a great place to start. It gives you an idea of how much you may be able to finance and helps you begin your property search with confidence.

The homebuying journey can seem like a big undertaking, but getting organised early can make all the difference. By understanding your budget, building your deposit, preparing your documents, and learning about the process, you’ll be in a strong position to start your journey when the time is right.

And remember, you don’t need to have everything figured out from day one. Every homeowner starts somewhere, and taking the time to prepare is one of the best first steps you can take.

How to choose the perfect time to buy for you? Read our guide here.