First-time buyer mortgages

A deposit is only part of the budget

Keep money aside for legal work, a survey, moving costs, applicable property tax and a contingency. The deposit is the part of the price you fund yourself; it is not the same as all the cash you need to buy.

The lender considers income and commitments as well as the deposit. There is no single income multiple that guarantees what you can borrow. Use a repayment illustration to see the effect of different terms and rates, then discuss affordability for your circumstances.

An agreement in principle comes before the final offer

An agreement in principle may help you understand an indicative borrowing amount and demonstrate preparation to an estate agent. It has conditions and an expiry date. Lenders may use different types of credit search; ask what will happen before authorising one.

The full application normally needs more information and property checks. A change in income, new credit borrowing or an unsuitable property can affect the outcome even when an earlier indication was positive.

Check the property as well as the mortgage

The lender's valuation is for its lending decision. It is not a substitute for your own survey or legal advice. Lease length, ground rent, service charges, building safety and construction can affect both the costs of ownership and lender eligibility.

For a new-build home, ask about reservation deadlines, anticipated completion, incentives and what happens if building work is delayed. For shared ownership, budget for rent and service charges alongside mortgage payments; eligibility and available shares depend on the scheme and property.

From preparation to completion

• Set a sustainable budget and document the deposit, including any gift.
• Discuss suitable available products and obtain an agreement in principle where appropriate.
• After an offer is accepted, submit the full application and arrange legal work and any survey.
• Read the mortgage offer and satisfy its conditions before the legal commitment and completion stages.
• Check the first payment date and amount, insurance requirements and your ongoing home budget.

Buying rules depend on where the home is

England and Northern Ireland use Stamp Duty Land Tax; Wales uses Land Transaction Tax; Scotland uses Land and Buildings Transaction Tax. Scottish buying procedures also differ, including Home Reports and missives. Ask the conveyancer to confirm the tax and legal steps for the actual property.

Buying support advertised by a council or housing provider is not automatically available to every first-time buyer. Check the current eligibility and do not rely on an old scheme name or a generic minimum deposit figure.

Documents you'll need

Requirements vary by lender and circumstances, but most applications ask for:

• Photo ID and proof of address.
• Three months' payslips and bank statements, or self-employed accounts.
• Details of your deposit and where it comes from.
• Details of any credit commitments.

Fees

We don't charge a broker fee for mortgage advice. Lenders pay us a procuration fee when your mortgage completes. Lender product fees, valuation and legal costs, and any early repayment charge on an existing mortgage, may still apply. We set out every cost before you proceed.

Does cashback apply?

Cashback may be available on eligible cases once your mortgage completes. The amount depends on the type of mortgage and the loan size, and we confirm it and the conditions in writing before you proceed. Cashback is subject to eligibility and conditions.

Guides and calculators

Read more before you speak to us, or use a calculator to explore the numbers.