Are you actually ready to buy your first home?

Most first-time buyers have a vague sense of whether they are ready to buy – a feeling of being “nearly there” or “not quite yet” – without a clear picture of which specific pieces are in place and which are not. The gap between feeling ready and being ready is often smaller than it seems, but it is almost always made up of specific things rather than a general level of preparation.

This quiz assesses eight concrete factors that genuinely determine readiness: deposit size, credit health, income stability, emergency fund, borrowing estimate, process knowledge, buying cost budget, and active search status. Each factor gets a score from 0 to 3, and the total determines which of four readiness bands you fall into – with specific next actions for each band.

The four readiness bands

Not quite yet (0–8) means the foundations are not yet in place. This does not mean the timeline is long – most of the gaps are structural rather than fundamental, and a clear action plan can move someone from “not yet” to “nearly there” within a few months.

Nearly there (9–14) means most of the pieces are in place, but a few specific things are missing – typically a confirmed borrowing figure, a fully checked credit report, or a complete budget for buying costs. These are administrative gaps that can be closed in weeks.

Almost ready (15–19) means the knowledge and savings are there, but the preparation has not quite translated into action – the mortgage in principle has not been obtained, the credit report has not been formally checked, or the deposit is not yet in the optimal account.

You’re ready (20–24) means the foundations are solid. The deposit is saved, the borrowing is confirmed, the process is understood, and the buying costs are budgeted. The job now is to find the right property rather than prepare further.

What this quiz measures – and what it does not

The quiz measures financial and practical readiness – the objective factors that lenders, solicitors and estate agents assess when evaluating a buyer. It does not measure emotional readiness, whether buying is right for your situation versus renting, or whether you have found the right area or property type.

Emotional readiness – the feeling that you are ready to commit to a property and a location – is important but separate. It is possible to be financially ready and not yet certain about the where or the what, and it is possible to feel very ready emotionally but still have significant financial gaps to close.

The most common gaps for each readiness band

Not quite yet: Emergency fund does not exist as a separate pot; credit score has never been formally checked; no sense of what a lender would offer.

Nearly there: Has a rough affordability estimate but not a formal mortgage in principle; credit has been checked, but some issues remain unaddressed; buying cost budget (stamp duty, conveyancing, survey) has not been totalled.

Almost ready: Everything is broadly in place, but the deposit may not be in the optimal account (Lifetime ISA, high-rate cash ISA); a mortgage in principle has not been obtained; process knowledge is partial rather than complete.

You’re ready: The main risk is moving too quickly without doing due diligence – choosing a property or area under time pressure, or skipping a survey to speed the process.

Frequently asked questions

How much deposit do I actually need? The minimum deposit for most residential mortgages is 5% of the purchase price. A 10% deposit gives access to more lenders and lower rates; a 15% deposit is better still; 25% or more gives access to most lenders’ best available rates. The house deposit calculator shows how long your current saving rate takes to reach different deposit targets.

What is a mortgage in principle, and do I need one before viewing properties? A mortgage in principle (also called an agreement in principle or decision in principle) is a written indication from a lender of how much they would be willing to offer, based on a credit check and income verification. You do not need one before starting viewings, but estate agents increasingly ask for one before accepting an offer. Obtaining one before serious searching is sensible – it confirms your budget and makes your offer more credible.

Does the quiz account for Help to Buy schemes? The quiz assesses general readiness rather than eligibility for specific schemes. If you are using the Lifetime ISA, the Help to Buy equity loan (now closed to new applicants), or shared ownership, the principles are the same — deposit size, borrowing estimate, credit health, and understanding of the process. The specific scheme terms may affect your deposit target and eligible property price range.

What if my score puts me in a lower band than I expected? A lower-than-expected score indicates specific gaps — the results page identifies which questions drove the lower score and provides three actions that directly target those gaps. It is more useful to know about a gap before making an offer than after.

How long does it typically take to go from “not quite yet” to buying? The timeline varies enormously. Someone in the “not quite yet” band with a meaningful income and no significant credit issues might be in a position to buy within 18 to 24 months. Someone with a lower income, significant deposit requirements, or credit issues to resolve might need three to five years. The quiz result and actions give a clearer sense of what needs to happen and in what order.

Related quizzes and tools

• What’s your money personality? — understand the saving pattern underneath the readiness score
• What should your next money move be? — Find the priority action for your current position
• Mortgage affordability calculator — estimate your borrowing range
• House deposit calculator — how long to save your target deposit
• Stamp duty calculator — the tax on your purchase
• Are you overpaying on your mortgage? — for when you own and want to manage the mortgage actively