Our first time buyer guide

Before you start looking for your new home, you can use our mortgage calculator to see how much you could borrow and what your monthly mortgage repayments might be.

If you'd prefer to come and see us, you can make an appointment at your local branch.

At a mortgage appointment, we'll:

• Look at your income, financial commitments and other outgoings
• Take into consideration how much of a deposit you've saved or how much equity you have in your existing home
• Give you printed examples of what your monthly repayments might be on various mortgage amounts and discuss any product fees you may have to pay

Once you have a good idea of how much you can afford, you can start looking properly.

Make a list of what’s most important to you and put your requirements in order as buying a home usually involves some sort of compromise.

Here's a few things to consider:

• How many bedrooms would you like?
• Would you prefer to have a garage?
• Are you interested in a garden?
• Do you have a preference for a new build or older property?
• Would you like to live in town or a more rural location?

Your local estate agent should be able to tell you what properties are available to suit your requirements and budget. Local newspapers usually have a weekly property section and you'll also find most properties listed on property websites.

Remember your offer could be lower than the asking price - the price the seller asks for is not always the one they finally accept.

However if there's been a lot of interest in your chosen property, it could be wise to make an offer close to the asking price. Your estate agent can advise you.

Once your offer is accepted it will be confirmed in writing. Remember - making or accepting an offer is not legally binding and does not commit you or the seller to proceed at this stage.

Once you've found the perfect place it's important to move fast.

Mortgages can take a few weeks to sort out. We can arrange an appointment with a Mortgage Arranger who'll keep things moving as quickly and smoothly as possible.

Mortgage appointment checklist

Your Mortgage Arranger will complete the application with you and let you know if there's any additional documentation we need. As soon as we've completed the credit reference agency checks, we'll arrange for a valuation of your new home to be completed.

You’ll need an Advocate to help you buy your home and the best way to choose one is to get some personal recommendations, so ask friends and family.

A qualified Advocate will:

• Carry out the conveyancing - the legal process of transferring a property from one person to another
• Investigate the legal aspects - identifying the property boundaries and what's included in the sale
• Carry out a 'search' - to find anything which could undermine the property value
• Advise on and handle the offer you make to the sellers
• Make sure the sale is completed once legal formalities have been satisfied

Most Advocates charge a fee (this is usually a percentage of the sale price). It's important to get a quote beforehand.

Once you have an Advocate and we've valued your new home, we'll get things moving with your mortgage. Once it's approved, we'll send the mortgage offer documents through to you and your Advocate for you to read and sign.

Before committing to the purchase it's really important to have independent checks made on the property.

A valuation is designed to give you an idea of the property's condition and how much it's worth - we do this before agreeing to your mortgage. 

However, you may arrange directly with a surveyor to have a structural survey carried out; this is a lot more thorough and would highlight any problems with the property.

With almost any mortgage you’ll always need to have buildings insurance to cover your new home. Contents and life cover are optional but are sensible if you also wish to protect you and your belongings.

Home insurance
There are three types - buildings, contents and extra cover for things you take outside your home, like jewellery and laptops.

Like most mortgage providers, we normally ask you to arrange buildings insurance as a condition of the mortgage. Your Mortgage Arranger will be able to provide you with more details.

Life cover
It’s important that you consider taking life insurance to protect your home and family should anything happen to you.

The type of life cover you’ll need depends on how much you’ve borrowed, for how long and what sort of mortgage you have. We don't offer life insurance, so you should speak with an independent adviser to arrange the appropriate cover.

Almost there!

Providing there are no problems with the survey, the Advocate on both sides will draw up formal contracts for you and the seller to sign. These are legally binding so make sure you’re happy to go ahead. Your Advocate will provide you with further details.

On the day agreed by both parties we’ll release the mortgage funds to your Advocate who in turn will transfer them to the seller’s Advocate. At the point the funds are transferred, the property is yours.

Moving day is exciting but it can be a long and stressful day too, so booking a professional removal firm to help might be a good idea - especially if you have a lot of possessions to shift.

Don't forget, lots of people besides friends and family need to know your address:

• Contact the electricity, gas and telephone companies beforehand so you're connected from the day you move in
• Let your bank, building society and credit card companies know
• Make sure your cable or satellite company knows when you're moving
• Tell your car insurance company - it may affect your payments
• Register with a new doctor and dentist if you need to