Woking’s fast trains to London, new town centre developments and leafy suburbs like Horsell and Knaphill make it a hotspot for first-time buyers. But with competition high and lending criteria tightening, knowing how to prepare can be the difference between success and disappointment. This guide explains the full journey — from saving a deposit to securing the keys — in plain English.
Why First-Time Buyers Choose Woking
For many, Woking strikes the right balance: direct trains to Waterloo in under 30 minutes, strong employment opportunities and a growing stock of modern apartments alongside family homes. Recent regeneration has boosted demand, while areas like Old Woking and West Byfleet continue to attract buyers looking for more space without losing commuter convenience.
Step 1 – Budget With Realistic Numbers
Lenders usually offer around 4–4.5 times your annual income, adjusted for credit and commitments. A couple earning £70,000 could borrow roughly £280,000–£315,000. Add a 10% deposit (£31,500) and you’re in the £310,000–£345,000 range — enough for flats near the town centre or starter houses in Knaphill.
To model your own scenario, use our mortgage calculators or see our First-Time Buyer Mortgages page.
Step 2 – Saving the Deposit (and Other Costs)
While 5% deposits are sometimes accepted, a 10% deposit broadens lender choice and improves rates. Don’t forget extras:
- Stamp Duty: First-time buyers pay nothing on the first £425,000
- Solicitor/conveyancing: £1,000–£1,800
- Surveys: £300–£700
- Moving costs: £500–£1,500+
If eligible, a Lifetime ISA could boost your savings with a 25% government bonus.
Step 3 – Prepare Your Paperwork
First-time buyer applications fall through more often due to missing paperwork. Get organised early:
- 3 months’ payslips and bank statements
- Up-to-date ID and proof of address
- SA302s and accounts for self-employed applicants
Clean, complete documents mean faster underwriting and a stronger chance of securing your chosen property.
Step 4 – Choosing the Right Mortgage
Different products suit different circumstances:
- Fixed-rate: Stability for 2–5 years; ideal for budgeting
- Tracker: Follows Bank of England base rate; flexible but variable
- 95% LTV: Good for smaller deposits, but higher rates apply
- Family-assisted: Guarantor or gifted deposit options can help bridge gaps
Step 5 – Explore Schemes and Support
Government and developer schemes sometimes available in Woking include:
- First Homes: Discounted new-builds for local buyers
- Shared ownership: Buy part, pay rent on the rest
- Help-to-Buy ISA / Lifetime ISA: Top up your savings with bonuses
Our First-Time Buyer Mortgages page explains how these schemes work.
Step 6 – Local Market Considerations
Different property types raise different lender issues:
- New apartments near the station: Check lease length, service charges and ground rent clauses
- Period homes in Old Woking: Valuers often flag roof, damp and insulation concerns
- Family houses in Horsell: Highly sought after; expect competition and premium pricing
Step 7 – Get an Agreement in Principle (AIP)
An AIP shows estate agents you’re a proceedable buyer. It also protects you from over-stretching on budget. Have one in place before serious viewings — especially in Woking’s fast-moving market.
Step 8 – Work With the Right Professionals
- Solicitors: Handle contracts and searches
- Surveyors: Assess structural issues and hidden costs
- Mortgage advisers: Compare deals and structure the application
We connect you with FCA-regulated advisers who understand both national lenders and Woking’s local market nuances.
Step 9 – Mistakes to Avoid
- Not budgeting for higher council tax bands in larger Woking properties
- Stretching finances to the limit without a safety buffer
- Overlooking leasehold issues on flats
- Skipping surveys on older homes in Knaphill or Old Woking
Step 10 – Plan Beyond Completion
Think about your next 3–5 years. Fixed rates provide certainty, but consider whether you may move again soon. Products with portability or flexible overpayments may suit better if your career or family situation is evolving.
First-Time Buyer FAQs
Do I need a 10% deposit in Woking?
No — 5% is sometimes possible, but 10% improves rates and lender choice.
How quickly can I buy?
From offer to completion, expect 8–12 weeks. Auction or chain-free purchases can be faster.
Can I buy if I’m self-employed?
Yes — usually with 2+ years of accounts. Some lenders accept 1 year with strong figures.
Do I pay Stamp Duty?
As a first-time buyer, you pay nothing on the first £425,000. Reduced rates apply up to £625,000.
What if my credit isn’t perfect?
Specialist lenders can help, though higher deposits or rates may apply.
Next Steps
Buying your first home in Woking doesn’t have to be stressful. By planning your budget, preparing paperwork, and securing an AIP, you’ll be ready to move decisively. Start by reviewing our First-Time Buyer Mortgages page or request a callback — we’ll connect you with a regulated adviser to help secure the right deal.