Buying your first home

First time buyer mortgage

Helping you take your first step on the property ladder

Taking out your first mortgage is a big step, but our mortgage arrangers are here to help you. To work out how much we can lend you, we'll check:

  • your income and how much you spend each month
  • the value of the property you want to buy
  • how much deposit you have to put down

Use our mortgage calculator to get an idea of how much you could borrow, review our mortgage rates and see what your monthly payments could be.

For properties in the Isle of Man.

Steps to buying your first home

Getting your first mortgage might seem like a fairly complicated process, but there are some general steps you can follow.

For properties in the Isle of Man.

  1. 01

    Consider the mortgage deposit

    Any mortgage you take out with us will require a mortgage deposit. This is an amount of money you pay upfront towards the cost of the property.

    You'll need a deposit of at least 10% of the final sale price to potentially be eligible for one of our mortgages.

  2. 02

    Find out how much you can borrow

    Before you start searching your local property listings, see how much you could afford with our online mortgage calculator. This will give you an idea of how much you could borrow as well as what you monthly mortgage payment could be.

    Our mortgage calculator

    Use our mortgage calculator to get an idea of how much you could borrow, review our mortgage rates and see what your monthly payments could be.
    For properties in the Isle of Man.
  3. 03

    Research properties in your chosen area

    Search the housing market and get an idea of what you are looking for. How many bedrooms do you need? Do you want a garden? What about a garage or off-road parking? Is the school catchment area important to you?

    Register with local estate agents to increase your chances of finding your new home.

  4. 04

    Make an offer

    When you've found a property you want to buy, make an offer through the estate agent. Remember, the asking price is just what the seller hopes to get so you may be able to negotiate a lower price.

  5. 05

    Apply for a mortgage

    Once you have agreed on the price, it's time to arrange your mortgage.

    Your mortgage arranger will complete the application with you and let you know if any additional documentation is needed. Once we have everything and your mortgage is approved, we'll arrange for a valuation of your new home.

    You'll also need to find a legal representative to help you with the process of legal transfer of ownership of the property.

  6. 06

    Valuation and surveys

    When you apply for a mortgage, the lender will ask a surveyor to inspect and value the property. This is to ensure it is worth the amount being paid.

    This is a relatively basic evaluation of the property. You can choose to request other optional checks and surveys. These will carry a cost but could help uncover any potential hidden issues with the property.

  7. 07

    Completing the purchase

    The exchange of contracts happens when the buyer's and seller’s legal representatives swap signed contracts, and the buyer pays the deposit. Both parties are now bound to the transaction so if you pull out, you could be at risk of losing your deposit.

    On the completion day, we'll transfer the remaining funds for the purchase to the seller (the 'drawdown'). You'll receive the keys and are free to access the property and move in.

    Your legal representative will provide you with further details.

First time buyer questions

Mortgage help and support

Take advantage of our mortgage resources which are here to help you better understand the process, the terms, and our available products.