First time buyer mortgage

Search for your perfect property

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?

Of course, price is important. Our mortgage calculator can give you an understanding of how much you may be able to borrow towards your first home.
 

Plan for your deposit

Any mortgage you take out (at least with us) will require you to place 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 5% of the final sale price (a 95% LTV mortgage) to potentially be eligible for one of our mortgages. However, the higher your deposit as a percentage of the price of the property, the less money you will need to borrow, so you may also want to consider a 90% LTV mortgage (10% deposit) or lower.

Some first time buyers may be able to use a gifted mortgage deposit, from a parent or guardian, for example.

Take a look at our guide on how to start saving for a deposit on a house.
 

Get an Agreement in Principle

When you're ready to start viewing properties, it's a good idea to get an Agreement in Principle. This is a free, no obligation, personalised indication of what a bank may be able to lend to you. It can be used with sellers and estate agents to demonstrate that you may be in a financial position to purchase a property. It takes less than 10 minutes and won't impact your credit score.

Find your new home and 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 - you may be able to negotiate a lower price.
 

Prepare what you'll need to apply for your mortgage

There are things you can do ahead of applying to help make the process smoother. Read through our helpful guide about preparing to apply for your mortgage.

Also consider the documentation that you will need to have available when you apply.
 

Offer accepted? - it's time to apply

Once you have agreed on the price, you can complete your mortgage application.

You'll also need to find a conveyancer (solicitor) - a representative who will help you with the process of legal transfer of ownership of the property.
 

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.

With NatWest, a standard mortgage valuation will cost between £250 - £1,500 depending on the price of the property, unless we tell you otherwise when you apply. 

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

Exchange and complete

'Exchange' refers to the exchange of contracts between you and the seller's solicitor, with you paying your mortgage deposit. At this point, both parties are bound to the transaction - if you pull out beyond this point, you'll be at risk of losing your deposit.

'Completion' is the final stage of the transaction. Your mortgage provider will provide the remaining funds for the purchase (this is called 'drawdown' of the mortgage) to the seller's solicitor. Once this is confirmed, you'll receive the keys and are free to access the property and move in.