Your Essential First Time Buyer Guide
29 April 2026Are you a First Time Buyer thinking about purchasing a new build home? Firstly, congratulations! Reaching this stage, where you’re ready to start researching and potentially reserving a new build home, is an exciting step in your journey.
We understand it can feel a little overwhelming and there’s a lot to take in, but that’s where we come in.
Our Essential First Time Buyer Guide is here to walk you through the process step by step, helping you feel informed, confident and ready to take the next step.
Read on to discover what you need to know and what you can expect when reserving a Devonshire Homes property.
1. Understanding your budget
Before you begin your search, it’s important to understand what you can comfortably afford. Taking the time to plan your budget early will help you feel more in control and avoid surprises later.
When calculating your budget, you’ll need to consider:
- Your deposit
- Mortgage costs (Agreement in Principle, lenders, affordability checks)
- Stamp Duty
- Legal Fees
- Moving costs
- Furnishing your new home
Everyone’s situation is different, but a great place to start is our online budget calculator, which can give you a quick estimate of what mortgage you could afford. Visit the webpage for your chosen development page and follow the calculator link.
At the time of writing, First Time Buyers in England and Northern Ireland pay no Stamp Duty on properties up to £300,000. For properties costing between £300,001 and £500,000, you pay a reduced 5% rate on the portion above £300,000. Standard rates apply for properties over £500,000.
2. What help is available to First Time Buyers?
To help you onto the property ladder in England, there are several ways to make buying your first home more affordable, whether that’s boosting your deposit or reducing your monthly payments.
- Lifetime ISA (LISA) - a lifetime ISA can be a great way to save for your first home. You can save up to £4,000 a year and the government will add a 25% bonus to your savings for a first home worth up to £450,000. Click here to find out more.
- Own New Rate Reducer – available on selected plots, this scheme can help you lower your monthly mortgage payments for a fixed time. Devonshire Homes contributes 3% or 5% of the purchase price of your chosen home, which is paid directly to your mortgage lender. This payment means you’ll receive a lower interest rate. Find out more here.
- Key Worker Scheme – if you are a Blue Light Card holder, we’re pleased to offer you a discount of up to 3% off the purchase price of your new home through our Key Worker Scheme. Find out more here.
3. The Devonshire Homes buying journey
So, you understand your budget and have explored the help available – now comes the big moment: securing your new home.
Here’s what you can expect from your buying journey with Devonshire Homes (please see our full guide here for more details).
- Stage One: Reservation – You’ve found your new home - exciting! Now it’s time to reserve. You will need to complete a reservation form and secure your new home with a reservation fee (which will later go towards your purchase). You’ll then have a 14-day cooling-off period for peace of mind.
At this stage, you’ll also need to appoint a solicitor, and your mortgage broker or lender will begin your full mortgage application.
Our Sales Executive will provide you with an estimated legal completion date. This isn’t set in stone as sometimes timelines can change due to external forces beyond our control, but our Sales Executives will keep you updated regularly with the build progress of your new home.
- Stage Two: Exchange of contracts – During the 42-day reservation period, your solicitors will work with our solicitors to draw up a contract. Your solicitor will contact you prior to the exchange of contracts and arrange a meeting to review the contract and sign the necessary documents. Once contracts have exchanged, the agreement is legally binding. You will then be asked to pay your deposit to Devonshire Homes.
- Stage Three: Legal completion – Today is the day you’ve been waiting for! Legal completion takes place when your home is build complete. Your solicitors will receive formal notice, and completion will typically take place within a 10-day period. You will then officially take ownership of your new home. Before legal completion, you will be invited to a home demonstration, where we’ll show you how everything works, how your appliances operate, and highlight key features.
- Stage Four: Handover – This normally occurs on the day of completion. Following legal completion and receipt of funds, our Sales Executives will arrange for you to collect your keys. We will take meter readings and complete a handover form with you. We’ll also provide a handover pack containing all guarantees, warranties and NHBC/LABC booklets.
Then it’s time to move in and start enjoying your new home!
4. How can you benefit from buying new with Devonshire Homes?
We’re proud to offer a high level of customer service, supporting you every step of the way - from your first enquiry through to moving in and beyond.
Here’s how we help:
- On hand to answer any questions – Buying your first home can feel overwhelming, but you’re not alone. Our experienced team is on hand to guide you, whether you need help understanding a scheme or want an update on your new home, we are just a phone call away.
- Helping you personalise your home – One of the great advantages of buying a new build home is that you can often choose how the inside of your home looks. At selected sites, you can visit our Optional Extras Suites to choose finishes such as kitchen worktops, appliances, flooring, bathroom mirrors and more.
Our Sales Executives will guide you through the process and ensure that your home will look exactly how you want it. You can view our Optional Extras brochure here and our video below:
- Dedicated aftercare – Our support doesn’t stop when you receive your keys.
While every home is thoroughly inspected before handover, it’s normal for a few minor issues (known as snags) to appear once you’ve settled in. That’s why we encourage you to keep a snagging list.
Please report any snags within 7 days of moving in, and our team will arrange to resolve them as quickly as possible.
All our homes also come with a 10-year structural warranty, and 2-year developers' warranty, giving you added peace of mind.
5. Final tips from us
We hope our guide will help you feel more confident about buying your first home.
Here are a few final tips from our team:
- Speak to a financial advisor and get mortgage advice early
- Choose a solicitor with experience in new build purchases
- Ask about available incentives when reserving your home
- Think long-term, will the home suit your future needs?
- Visit the site regularly (by appointment) to see progress
- Keep all your paperwork organised in one place
Ready to get started?
If you’re ready to take the next step with Devonshire Homes, we’d love to help.
Take a look at our current developments here and find a home that’s right for you. Our Sales Executives are always happy to answer your questions and guide you through the process.
We look forward to helping you find your first home.