First time buyer mortgage

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?

Any mortgage you take out with us requires 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.

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.

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

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

Complete an application and we'll let you know what else is required. Once we have everything and your mortgage is approved, we'll arrange for a valuation of your new home.

You'll need to find a conveyancer or solicitor. This is a representative who'll help you with the legal transfer of ownership of the property.

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 you are paying.

This is a 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.

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

This process will vary depending on your jurisdiction. Your legal representative will provide you with further details.